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(Well-deserved) Nobel Prize or no, as Confucius pointed out, the market reaction would be severe, and whether we like it or not, the selection of Treasury Secretary is much more geared towards who the markets will be comfortable with than what the impact will be on regular folk.
Oh, I realize that that's why it won't happen; I was saying that's why it should happen! It's high time that the markets' "shock therapy" or "shock doctrine" (a la Naomi Klein) is turned right back around at them. Bringing in Summers means that any sort of progressive reform of the financial markets will be DOA, and that will be a disaster. But, this country seems unwilling to abandon its economic and financial theology, even after it's been shown to be a rank failure, so I'm not expecting much from the new Treasury Dept!
