(CNN) -- Before the story sinks beneath the waves, a few more words are in order about the recent selection process for a new chief for the Federal Reserve: It stinks. The chairmanship of the Federal Reserve Bank is probably the second most powerful job in the United States. In combating the financial crisis and the slow recovery, it has often been more important than the presidency. Indeed, many in other countries believe it has become the most important job in the world. Selecting a chairperson is thus a solemn, crucial undertaking. I have only participated once -- during the process when President Reagan decided to reappoint someone first named by his Democratic predecessor, President Carter. Reagan thought long and hard and, putting aside all partisanship, wisely asked Paul Volcker to stay on. Everyone at the White House and in Congress understood how big that decision was.
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Larry Summers has dropped out of contention to head the Federal Reserve
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David Gergen: Process of filling the crucially important job has been shameful
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He says Summers' reputation has been trashed and his merits ignored
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Gergen: President Obama should now nominate Janet Yellen for the post
Both @placeholder and Yellen are superbly qualified to lead the Fed.