The Fed and the Treasury: Heads Should Roll

Krugman's “one cheer for Bernanke” notwithstanding, I think some heads have to roll here. Any favorites to replace him?

I've heard Blinder, Yellin, and Volcker mentioned.

And at Treasury, am I wrong to dream of a team featuring Brooksley Born, formerly of the CFTC, Elizabeth Warren of the TARP oversight office, and maybe Sheila Bair of FDIC? Make Born the Treasury Secretary, Bair the Comptroller of the Currency, and Warren the head of what should be a new Financial Product Safety Commission.

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