So right now, the question is this: How long can we stomach a virtually leaderless and directionless Fed?
The answer is not long. And perhaps the solution — and I say perhaps — is Obama-favorite Tim Geithner.
Conservatives have never trusted Geithner because of a late-tax-payment problem that surfaced during his Treasury-confirmation period. But he has long apologized for that and has paid his liabilities. Bigger problems for Geithner include his participation in the Wall Street bank bailout and his continued advocacy of the unpopular Dodd-Frank regulatory law.
While I completely disagree with the former Treasury man on Too Big to Fail and tax hikes on the rich, he’s a very bright guy who understands financial markets, and who has always been accessible to conservatives like myself who may disagree with him.