My concern about Ms. Yellen is that she advocates intervening where the Fed should not, and abdicates the responsibility of intervening where the Fed should. Lawrence Summers has been a strong advocate of approaches to economic growth that emphasize real investment, productivity, education and infrastructure, instead of encouraging monetary distortions. While his advocacy of deregulation in the banking sector (particularly the repeal of Glass-Steagall) raises some reservations, his approach to monetary policy seems less interventionist than Yellen's. In my view, a better, if unlikely, candidate for Fed chair would be Thomas Hoenig, the former head of the Kansas City Fed, a former voting member of the [Fed's Federal Open Market Committee], and a director of the FDIC. In my view, Hoenig has been a far better advocate for policies that would, in hindsight, have reduced the risk of financial bubbles and improved the ability of the economy to withstand their collapse.