After a summer in which war was waged by factions opposing Lawrence Summers and those promoting Yellen, with the President a prominent figure in the background, Obama will announce Yellen’s appointment on Wednesday.  Obama has admitted to knowing little about finance and economics.  He came to trust Summers whose cleverly bewitched the President.  Jamie Dimon was another member of this charmed circle.

Poor judgment on the American public’s reaction to war with Syria, limited as it might be, and a seeming difficulty in negotiating with the other side on any issue have weakened Obama.  It is fortunate that someone as talented as Yellen has emerged from the fray. Where she will take stands is not clear, but she is a firm supporter of the middle class.  Janet Yellen