Yesterday, Larry Summers took himself out of the running to head the Federal Reserve. Summers, who served as an economic advisor to Presidents Clinton and Obama, was believed to be Mr. Obama's favorite to run the Fed.
But progressives blame Summers for pushing deregulation they believe was responsible for the financial melt-down in 2008. After three Democratic senators on the Banking committee announced their opposition to his nomination, Summers stepped aside.
That leaves the number two at the Fed, Janet Yellen, as the new leading candidate. National Journal chief correspondent Michael Hirsh says most believe Yellen will continue the policies of the current Fed Chair, Ben Bernanke.