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Politics & MoneyMortgage

Janet Yellen is not a guaranteed Fed Chair pick

Even though Larry Summers is out and will not be serving as the next Federal Reserve Chairman, one commentator with CNBC believes this still does not guarantee Janet Yellen a position.  

Yellen still has support in the industry.

"Well, until a few days ago, I said both Janet Yellen and Larry Summers would be good Fed chairs and I could support either one, now that Summers has pulled out, I think the president should choose Yellen. She's an excellent choice," Senator Chuck Schumer, D. N.Y., said.  

But these nods of approval do not overpower the reason to doubt.

The first is that Obama's inner circle waged a campaign to keep her out of the position. They painted her as someone who wasn't a team player. They described her as someone who couldn't think on her feet. On policy, they said she wasn't concerned enough about financial bubbles.

It seems odd that an administration that highly prizes loyalty would appoint someone who has very good reason not to feel very loyal to Obama.

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