Must-Read Pre-Liftoff Lollapalooza: How much of the current diversion between the views of Yellen and Summers is due to the drip-drip-drip of banking-sector opinions that have excessive voice in the Eccles Building?

Jeff Spross: Don't do it, Fed! It's a trap!: "The first thing is for voters, activists, and politicians to treat monetary policy with the seriousness it deserves...

...One of the greatest failures of Obama's presidency was failing to staff the Fed, allowing positions on its decision-making board to run vacant for long periods. Had Obama made this a political priority, he could have given doves like Bernanke and Yellen far more clout in the Fed's internal politics.... Perhaps we should also reform how the Fed does business. Of the 17 members at the top of the Fed, 12 vote on monetary policy. But only seven of them are appointed by the president and the legislature. The rest are drawn from the banks. This should change: All 12 voting members should be answerable to the democratic process.