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.

  • that would certainly be a dream team

    and probably not one Obama would ever go for, but I would love to see it happen. Pushing Volcker aside was a big mistake.

    Elizabeth Warren would be qualified to replace either Bernanke or Geithner.

    As long as we're in fantasy world, bring Robert Reich into the economic team, either as Treasury secretary or to replace Summers as chief economic advisor.

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