Obama is said to be considering a number of monetary experts for the job, including Fed Vice Chair Janet Yellen, former U.S. Treasury Secretary Lawrence Summers, and former Treasury Secretary Timothy Geithner.The Huffington Post
An announcement could come as early as this fall, to give the Fed nominee time to get through Senate confirmation by the time Bernanke's term ends.
Obama Says Bernanke Has 'Stayed A Lot Longer' Than He Wanted
Reuters
Summers? Geithner? Say it isn't so.
12 comments:
Now Obama is just mocking us.
How much does it really matter?
"How much does it really matter?"
Well, it just drives home the point that the Democrats don't give a shit about us 99%'ers...and they were our last hope...pretty sad.
The present 2 party system is a mockery of democracy.
So is the present electorate.
Ya gotta wonder if the only reason for the NSA domestic spying program is to help screenwriters develop dumber talk shows!
"How much does it really matter?"
I'd say that's a true statement when it comes to a whole wack of economic positions, including SoT, chair of CEA and other WH advisers.
But on the Fed board, a single person can make a big difference. In the 90s, Yellen (as FOMC member) had a really important role to play in steering the Fed away from its wrong-headed pursuit of strict inflation targeting. That helped tens of thousands of workers keep their jobs. At the time, she was alone (with Blinder) to recommend against a rate hike when unemployment fell below the "natural rate of unemployment". The dominant belief then was that the Fed should hike rates, even in the face of non existent inflation.
I think Janet Yellen would be a good choice.
"alone with Blinder" ?
sounds like a groping session;
were they in the dark too? :(
"I think Janet Yellen would be a good choice."
Sure, much better than the other two (paid shill) clowns...but who knows.
What we know is that Bernanke understands the system quite well and he had zero influence...
He begged the adults to do what needed to be done...fiscal...
...fell on deaf ears. That tells us a lot about what the administration is thinking.
The board generally follows the lead of the chair, who traditionally "gets what he wants" after the committee "deliberates."
There would be a difference that would matter among Yellin, Summers and Geithner.
Yves Smith says that the grapevine favors Timmy. As Wall Street's choice?
"Yves Smith says that the grapevine favors Timmy. As Wall Street's choice?"
No surprise there...still, it's a stick in the eye for the average citizen.
Timmy G. represents the worst of the worst as a placeholder...these f'kers ARE commodities...rent-a-crooks.
Both parties are dead to me.
Just imagine if John Taylor was chairman right now. He'd be openly supporting austerity, as if the fiscal drag it creates was a good thing.
Well I guess if Timmy gets the job, I guess that sends the signal that the pre-2008 era of bubbles, fraudsters and looking the other way is back on. Let the good times roll!
What's idiotic is that the PRIVATE money system, which is INHERENTLY UNSTABLE, has a SINGLE failure point too!
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