Tim Hoenig For Treasury

The White House is floating, ever so gently, the notion that they are open to nominations for the position of "Tim Geithner's Successor."

It's not clear if they mean this job is likely to be advertised formally sometime in 2012 or 20 minutes after the November midterms.  Nor is it obvious if this is a real request for proposals - it could be just an effort to make critics "put up or shut up."

Fortunately, there is an entirely plausible successor already in waiting, ready now or whenever the president finally realizes the need to fundamentally change banking policy.

Tom Hoenig, president of the Kansas City Fed, is best known for three things...