The real lesson of the past few months, however, is that the Fed chairmanship should never become a political football. If Obama wanted to nominate Summers, he should have just done so, rather than raising a trial balloon in July and then letting it slowly deflate. Both Alan Greenspan and Ben Bernanke were nominated by a Republican and then renominated by a Democrat. That, above-politics status, is exactly as it should be. I hope that Washington will learn from this debacle and that if the Republican candidate wins the next presidential election, he or she will feel free to renominate Janet Yellen. That would be the sign we all need that the Fed chair is a technocratic position, not a political one.

-- Written by Felix Salmon in New York.