Announcing a new Fed head during a financial crisis has its own benefits for a president who wants to look like the sober steward of the economy. Picking one who became a cause for many liberals — if only, for some, in contrast to the reviled Larry Summers — is another chance for the president to show he’s listening to and connecting with them, even if that meant effectively dictating the choice. That she would be the first woman on the job helps, too. …

That probably won’t reset the relationship forever, but for now, Democrats are enjoying a new unity with the president.

“Oh, absolutely. Yeah,” said Michigan Sen. Debbie Stabenow. She added, “And by the way, the new nominee for Fed chair — everyone’s thrilled about [her], including me. It’s wonderful.”