Thursday October 10, 2013, 2:04 am
The Chair of the Federal Reserve is one of a President’s most important appointments, because unlike agency appointments, the appointment continues into the next administration. For that reason, I strongly suspect that Hillary was behind Obama’s initial preference for one of the infamous three blind mice, Larry “Always Wrong” Summers, because he is one of her advisers. Progressive rejected that, in favor of Janet Yellen. We won this one!
Thursday October 10, 2013, 8:06 am
Yellen took the full first page of the economy section of our newspaper yesterday and her nomination was mentioned on the national news last night, so that might give you an impression of how important her nomination is to the rest of the world. The financial experts seem to be in favour of her because she's smart, perceptive but also knows how to handle delicate situations. That she is an "inflation dove" doesn't seem to bother any one here much, as she rather have a little inflation against more jobs. Inflation here is very low, unless governments crank it up themselves with higher levies and taxes, and the job market is still very much in a pickle, so at least some Europeans like her attitude. The best thing mentioned about her: you get what you see. I like that very much.
Thursday October 10, 2013, 2:06 pm
"As speculation swirled about the appointment, much of the debate revolved not around economic policy but gender."
Why do so many things come down to gender? The discussion should be about qualifications and experience, which she has in spades! That is where the discussion should be centred because that is where the decisions will emanate from — knowledge and experience. If people really want to look at gender, then look at the records of Bernanke and Summers. Did they rely on being male to form their policies and advice? No, they relied on knowledge and experience (presumably).
Given the history and the extremism of the Republicanus/Teabaggers, although Yellen is fully qualified and then some, I fully expect that her nomination will face challenges from Republicanus/Teabaggers, if for no other reason than she is Mr Obama's choice. Reid needs to grow a big pair of brass cojones right now and just nuke the filibastards at the outset. Why wait for spring, do it now!
Thursday October 10, 2013, 6:01 pm
Lynn S. put it so well!
At the same time , we might need someone who will move us towards a post-capitalistic place, and out of the system that keeps seeding its own cyclical ups and downs, as per "Capitalism Hits the Fan," by Richard Wolff.
"President Obama has formally unveiled Janet Yellen as the next chair of the Federal Reserve. Yellen currently serves as the Fed’s vice-chair under current head Ben Bernanke, whose term ends in January. On Wednesday, Obama praised Yellen’s track record while Yellen vowed to assist those hardest hit by the economic recession."
"President Obama: "You know, Janet is renowned for her good judgment. She sounded the alarm early about the housing bubble, about excesses in the financial sector, and about the risks of a major recession. She doesn’t have a crystal ball, but what she does have is a keen understanding about how markets and the economy work, not just in theory, but also in the real world.""
"Janet Yellen: "I think we all agree, Mr. President, that more needs to be done to strengthen the recovery, particularly for those hardest hit by the Great Recession. We have made progress. The economy is stronger, and the financial system sounder.""
"Yellen will be the first woman to serve as Federal Reserve chair. Although she has been described as a progressive nominee, Yellen previously supported the repeal of the Glass-Steagall Act that separated commercial and investment banking. She also backed the 1993 North American Free Trade Agreement, which critics say has undermined worker and environmental rights."