Larry Summers is the ultimate insider and one of the most respected personalities in the Keynesian economic world. In 2013 he was the far and away favorite to become the next Federal Reserve president as Ben Bernanke’s successor. For some reason he declined the coveted and most powerful position in economics opening the door for Janet Yellen. This is his statement for declining the nomination: "I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interest of the Federal Reserve, the Administration or, ultimately, the interests of the nation's ongoing economic recovery."