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Janet Yellen, Federal Reserve Board
Janet Yellen
President Barack Obama nominated Federal Reserve Board vice chair Janet Yellen Wednesday to replace chairman Ben Bernanke on the board when his term expires January 31. Yellen was appointed as one of the seven FRB members and as vice chair simultaneously in 2010. Her term as a member of the board runs to 2024. If she is confirmed by the Senate, she would serve as chairwoman for four years.

In making his announcement, Obama praised Bernanke for his "strong leadership" and "wisdom" in guiding the Fed in rough times over the past eight years. He called Yellen "exceptionally well-qualified for this role" and "renowned for her good judgment." She "knows how to build consensus." America's workers and their families will have a "champion" in her.

The 67-year-old Yellen is professor emeritus of business and economics at the University of California, Berkeley, where she has been on the faculty for 33 years. For two years, she was an economist with the Fed, and for six years was president and CEO of the Twelfth District Federal Reserve Bank of San Francisco. She served on President Clinton’s Council of Economic Advisers. She has economics degrees from Brown and Yale universities and has written widely on macroeconomics with a focus on the implications of unemployment.

Her nomination culminates a conflict between the White House and  liberals in the Senate and in the grassroots over who would chair the central bank. When, starting in May, report after report pointed to the abrasive, arrogant, sexist, deregulation-happy, my-way-or-the-highway Larry Summers as the president's favored choice for the post, opposition swiftly grew.

Twenty senators wrote a letter to Obama urging him to nominate Yellen, and various progressive organizations, including Daily Kos, joined in a petition drive urging the president not to appoint Summers. Not all Summers' foes endorsed Yellen.

The president, reportedly angered by much of the criticism of Summers, offered a vigorous defense of him in July. But when it became clear that his chances of being confirmed were slim at best, Summers withdrew his nomination. Shortly thereafter, Obama urged Democratic senators to unite behind Yellen.

She can expect some tough questioning at her confirmation hearings in the Senate. That's partly a function of Republican desires to mess with anything President Obama tries to do and partly GOP disaffection with Federal Reserve policy in general. There will be calls for a deep audit of the Fed, first pushed by libertarian-when-it-suits-him Sen. Rand Paul of Kentucky, but now the general Republican perspective. That's "audit" in the loosest meaning of the word. More like a fishing expedition and general attack, which a few on the left also support.

Patrick Reis at the National Journal expects she will be confirmed but the "path will neither be quick nor painless." You can read more analysis of the nomination below the fold.

On the left, some have argued that Yellen is just a polite version of Summers in terms of policy. Certainly, she is an establishment figure, no advocate of leftist Modern Monetary Theory. If she were, she'd have no chance of confirmation no matter how valuable having an MMT-favoring chief at the helm of the Fed might be.

Left critics offered other choices as Fed chief: the combative Sheila Bair who used to head the FDIC; James Fisher, president of the Dallas Fed who believes in breaking up the big banks; Christina Romer, who headed Obama's Council of Economic Advisers but was hamstrung in her advice by Larry Summers, who served as gatekeeper for what ideas did and did not reach the president.

In terms of monetary policy, it's no doubt accurate that Yellen will be much like Bernanke has been and Summers would have been. She seems likely to continue the easy money policy that now has the Fed making $85 billion a month in bond purchases as long as the unemployment rate remains at a high level. Critics on the right see that policy as inflationary while some on the left see it as a gift to the banks because it keeps their borrowing costs low with profit made from lending at higher rates. But Yellen has made clear that she puts the Fed's focus on unemployment ahead of inflation.

Yellen has also been criticized on the left for favoring the 1990s repeal of the New Deal era Glass-Steagall Act that separated commercial from investment banking. She has, however, seemingly changed her mind on that score and favors stricter regulations. Under the Dodd-Frank Act, the Fed will develop new banking restrictions. As with her underestimate of the impact of the housing bubble, Yellen seems able to learn from her mistakes.

That alone is the reason that scarcely anyone on any side of the spectrum is lamenting the fact that Summers will not be in a position to screw things up again.

Originally posted to Meteor Blades on Wed Oct 09, 2013 at 12:28 PM PDT.

Also republished by Daily Kos.

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Comment Preferences

  •  Win! nt (14+ / 0-)

    While you dream of Utopia, we're here on Earth, getting things done.

    by GoGoGoEverton on Wed Oct 09, 2013 at 12:40:09 PM PDT

  •  Finally--some progress. (8+ / 0-)

    Warren is neither a Clintonesque triangulator nor an Obamaesque conciliator. She is a throwback to a more combative progressive tradition, and her candidacy is a test of whether that approach can still appeal to voters.-J. Toobin "New Yorker"

    by chuck utzman on Wed Oct 09, 2013 at 12:42:52 PM PDT

  •  Proud of the President today (19+ / 0-)

    ...and prouder of Progressives for scuttling Summers and demanding Yellen's nomination.

    I'm just Double Tapped the hell out.

    by pajoly on Wed Oct 09, 2013 at 12:44:00 PM PDT

    •  What's There to be Proud Of? Obama Vigorously (3+ / 0-)
      Recommended by:
      LilithGardener, cybrestrike, corvo

      defended Summers per the diary. He was Obama's first choice.

      "The problem with posting quotes off the Internet is you never know if they're genuine."--Gen. George Washington at the Battle of Gettysburg, February 30, 1908

      by Aspe4 on Wed Oct 09, 2013 at 01:01:51 PM PDT

      [ Parent ]

      •  Even if he was 'Obama's first choice' (11+ / 0-)

        which of course is an unacknowledged assumption on your part, the fact that he was responsive to his base and Congress on this one definitely deserves recognition.

        While you dream of Utopia, we're here on Earth, getting things done.

        by GoGoGoEverton on Wed Oct 09, 2013 at 01:13:01 PM PDT

        [ Parent ]

        •  I'm Arguing Within the Context of the Diary (1+ / 0-)
          Recommended by:
          corvo

          The diary states that Obama was angered over the opposition to Summers and that he vigorously defended his nomination. Are you saying that the diarist is incorrect? Summers withdrew his nomination on his own accord from all the available evidence. Supposed he hadn't?

          "The problem with posting quotes off the Internet is you never know if they're genuine."--Gen. George Washington at the Battle of Gettysburg, February 30, 1908

          by Aspe4 on Wed Oct 09, 2013 at 01:27:14 PM PDT

          [ Parent ]

          •  You say Obama (7+ / 0-)
            vigorously defended his nomination
            but Summers was never nominated.  He vigorously defended the man--which was his right, though something most of us on the left strongly disagreed with--but no nomination was made until now.  It's an important distinction.  

            If Summers had not withdrawn his name from possible candidates, the President might have nominated him, or might have decided, with the huge outcry against it, not to do so.

            "It ain't right, Atticus," said Jem. "No, son, it ain't right." --Harper Lee, To Kill a Mockingbird

            by SottoVoce on Wed Oct 09, 2013 at 02:25:37 PM PDT

            [ Parent ]

          •  the diary is a bit misleading (1+ / 0-)
            Recommended by:
            middleagedhousewife

            yes Obama was angered by the personal attacks on Summers and defended Summers on those grounds. He never nominated Summers, never said he would. People here expected and assumed he would just is entirely different.

            Der Weg ist das Ziel

            by duhban on Wed Oct 09, 2013 at 04:59:36 PM PDT

            [ Parent ]

      •  The nomination today (5+ / 0-)

        Not the misguided loyalty of mid-summer. Sometimes it really is ok to just celebrate a win.

        However small you may perceive it to be, the nomination of Yellen is a HUGE win.

        "They did not succeed in taking away our voice" - Angelique Kidjo - Opening the Lightning In a Bottle concert at Radio City Music Hall in New York City - 2003

        by LilithGardener on Wed Oct 09, 2013 at 01:16:29 PM PDT

        [ Parent ]

      •  Bernie Sanders is my first choice for POTUS, (7+ / 0-)

        VPOTUS, Governor of all 50 States, every Secretary position in the Cabinet and the next member of SCOTUS. Sadly, 1) we don't yet have the cloning technology and 2) I am not yet Queen of the World.

        Reality sucks sometimes.

        Ho'oponopono. To make things right; restore harmony; heal.

        by earicicle on Wed Oct 09, 2013 at 01:16:36 PM PDT

        [ Parent ]

      •  I didn't need the diary (0+ / 0-)

        to inform me Summers was his first choice, nor that Obama vigorously tried to defend him. If that's all news to you, you've not been paying attention.

        First choice or not, when nomination time came he chose Yellen. The fact he did so being reflective of the pressure applied by the Left (center and Right and citizen's advocacy groups, by the way) and Summer's subsequent withdrawal from consideration shows he at least listened, for once. That alone is worth praising.

        I'm just Double Tapped the hell out.

        by pajoly on Wed Oct 09, 2013 at 01:18:57 PM PDT

        [ Parent ]

        •  I'm sorry, but if Yellen is the best (0+ / 0-)

          "the Left" could do, then I'm not celebrating.

          Although, in all fairness, there really are only two things she can do: Print money (okay, buy conjured Treasury money via Goldman Sachs) for the banks so that they can sock it away, or not print said money.  Neither will do squat for the 99.9% of us.

          The problem is the Fed; it needs to go away.

          Dogs from the street can have all the desirable qualities that one could want from pet dogs. Most adopted stray dogs are usually humble and exceptionally faithful to their owners as if they are grateful for this kindness. -- H.M. Bhumibol Adulyadej

          by corvo on Wed Oct 09, 2013 at 02:11:27 PM PDT

          [ Parent ]

          •  Never quite good enough, huh? (3+ / 0-)
            Recommended by:
            rabrock, duhban, middleagedhousewife

            Who was your preferred nominee? Who would have given you cause to celebrate?

            “Texas is a so-called red state, but you’ve got 10 million Democrats here in Texas. And …, there are a whole lot of people here in Texas who need us, and who need us to fight for them.” President Obama

            by Catte Nappe on Wed Oct 09, 2013 at 03:16:58 PM PDT

            [ Parent ]

            •  Summers, of course. (0+ / 0-)

              A fundamentally wrong entity deserves a the most discredited leader possible.

              But really, it hardly matters.  See the last line of the comment you replied to.

              Dogs from the street can have all the desirable qualities that one could want from pet dogs. Most adopted stray dogs are usually humble and exceptionally faithful to their owners as if they are grateful for this kindness. -- H.M. Bhumibol Adulyadej

              by corvo on Wed Oct 09, 2013 at 03:18:57 PM PDT

              [ Parent ]

          •  You do not seem to understand the requirement... (2+ / 0-)
            Recommended by:
            Amber6541, middleagedhousewife

            ...of the Fed under Dodd-Frank to be much more involved in regulatory changes. The chair and other board members will be doing more than merely printing or not printing money.

            To be sure, Dodd-Frank is a pale shadow of what stricter banking restrictions should be, with far too unbalanced an approach to regulating small banking institutions and too little regulating of the big guys. But it does nudge us in the right direction—except, of course, for those who believe, as you do, that the Fed should be abolished outright.

            And if abolished, with what would replace it? Nothing? Should we then just reimpose the gold standard?

            Do economics as opposed to polemicists on the left, as opposed to the right, think that social democratic and socialist countries have no central banking apparatus? Or that they shouldn't have? Modern Monetary Theorists don't say there should be no Fed, or Fed-like authority. Neo-Marxists don't either.

            The Fed is flawed, to be sure. As is the corporate system that gives the 1% tier of the nation 99% of the clout about how the surplus created by the 99% tier is divvied up. But, as screwed up as the current system is, abolishing the Fed without a suitable replacement would screw it up worse. And since it's not going to be replaced anytime soon, we should fight to make it work at least a little more in the interests of the 99%.

            Don't tell me what you believe, show me what you do and I will tell you what you believe.

            by Meteor Blades on Wed Oct 09, 2013 at 09:34:28 PM PDT

            [ Parent ]

    •  translation: Proud Obama isn't capitulating to WS (0+ / 0-)

      This is a (small) progressive victory.

      --
      Make sure everyone's vote counts: Verified Voting

      by sacrelicious on Wed Oct 09, 2013 at 01:12:13 PM PDT

      [ Parent ]

    •  Progressives did not demand her, they offered (0+ / 0-)

      better candidates instead of more of the same.

      Obama: self-described Republican; backed up by right-wing policies

      by The Dead Man on Wed Oct 09, 2013 at 02:37:05 PM PDT

      [ Parent ]

  •  Go Status Quo! nt (3+ / 0-)
    Recommended by:
    Aspe4, cybrestrike, corvo

    Obama: self-described Republican; backed up by right-wing policies

    by The Dead Man on Wed Oct 09, 2013 at 12:47:03 PM PDT

  •  Glad she changed her mind on the Glass-Steagall (4+ / 0-)

    A top Wall Streeter warned me about this when it was repealed.  It's clear now that it lead to the 2008 debacle and near collapse of the US and world economy.  I didn't understand then the role that greed played it high level financial systems, I do now.

    She is certainly a better choice than Summers as many prominent Kossacks and many in DC indicated over the last months.  Thankfully it got to Obama's ear.

    Saw he give her acceptance and she sounded alright.

    Let's see how it goes in the dysfunctional Congress.

    Daily Kos an oasis of truth. Truth that leads to action.

    by Shockwave on Wed Oct 09, 2013 at 12:55:01 PM PDT

    •  I don't even want to have to care (2+ / 0-)
      Recommended by:
      The Dead Man, maryabein

      if her "change of mind" on Glass-Steagall was sincere or opportunistic.  I just wish we'd had a better candidate, period . . . or no Fed to start with.

      Dogs from the street can have all the desirable qualities that one could want from pet dogs. Most adopted stray dogs are usually humble and exceptionally faithful to their owners as if they are grateful for this kindness. -- H.M. Bhumibol Adulyadej

      by corvo on Wed Oct 09, 2013 at 02:13:06 PM PDT

      [ Parent ]

      •  There were better candidates... (0+ / 0-)

        ...I named some. But none of them anywhere on the White House radar. Defeating the worst of the lot was the objective, except, of course, for people like yourself who believe in the approach to politics that putting the worst types in power will persuade everyone how bad they are and push them to choose far far better next time. No evidence of that historically, but people keep making the argument nonetheless.

        Don't tell me what you believe, show me what you do and I will tell you what you believe.

        by Meteor Blades on Wed Oct 09, 2013 at 09:38:43 PM PDT

        [ Parent ]

    •  But she's also Wall Street approved. /confused (0+ / 0-)
      •  confused? how so? n/t (0+ / 0-)

        Dogs from the street can have all the desirable qualities that one could want from pet dogs. Most adopted stray dogs are usually humble and exceptionally faithful to their owners as if they are grateful for this kindness. -- H.M. Bhumibol Adulyadej

        by corvo on Wed Oct 09, 2013 at 02:28:21 PM PDT

        [ Parent ]

        •  We'll find out soon enough when she starts (1+ / 0-)
          Recommended by:
          corvo

          her job.  Though I'm betting on more Wall Street asskissing instead of main street triage.

          Obama: self-described Republican; backed up by right-wing policies

          by The Dead Man on Wed Oct 09, 2013 at 02:41:59 PM PDT

          [ Parent ]

          •  Main Street triage? (0+ / 0-)

            The nation's corporation-friendly politics have been triaging Main Street to death lo these past few decades.  I certainly expect that to continue!

            Dogs from the street can have all the desirable qualities that one could want from pet dogs. Most adopted stray dogs are usually humble and exceptionally faithful to their owners as if they are grateful for this kindness. -- H.M. Bhumibol Adulyadej

            by corvo on Wed Oct 09, 2013 at 02:56:53 PM PDT

            [ Parent ]

  •  Very Disturbing Obama Vigorously Defended Summers (2+ / 0-)
    Recommended by:
    YucatanMan, corvo

    It shows where his politics are really at.

    "The problem with posting quotes off the Internet is you never know if they're genuine."--Gen. George Washington at the Battle of Gettysburg, February 30, 1908

    by Aspe4 on Wed Oct 09, 2013 at 01:00:47 PM PDT

    •  Summers is NOT the nominee. Yellen IS. (7+ / 0-)

      Get over it, and get over yourself. Obama is not the radical Marxist Leninist Commie Anarchist Radical Socialist Kenyan of our inner dream life projections. Welcome to the Real World!

      Can you accept winning with slightly more grace?

      Ho'oponopono. To make things right; restore harmony; heal.

      by earicicle on Wed Oct 09, 2013 at 01:12:29 PM PDT

      [ Parent ]

      •  Summers Was Going to be the Nominee Per (1+ / 0-)
        Recommended by:
        corvo

        the diary. Can you also accept that this win was gained by progressives fighting against Obama? Summers withdrew his nomination on his own accord unless you have evidence to the contrary. But for that, the diary suggests Obama would have pursued Summer's nomination.

        "The problem with posting quotes off the Internet is you never know if they're genuine."--Gen. George Washington at the Battle of Gettysburg, February 30, 1908

        by Aspe4 on Wed Oct 09, 2013 at 01:30:53 PM PDT

        [ Parent ]

    •  Where his politics are really at? (2+ / 0-)
      Recommended by:
      rabrock, Meteor Blades

      President Obama cannot run for re-election to the White House. Perhaps you live in Illinois and perhaps he might run for another office there.
      That said, I have wished President Obama would listen more to Paul Krugman. What we can do is support Democratic Senate candidates who have a good grounding in economics and are employment-oriented.

      Censorship is rogue government.

      by scott5js on Wed Oct 09, 2013 at 01:20:17 PM PDT

      [ Parent ]

  •  I think that this bit: (8+ / 0-)
    There will be calls for a deep audit of the Fed, first pushed by libertarian-when-it-suits-him Sen. Rand Paul of Kentucky
    is something of a neoliberal meme used to deflect any criticism of the FED. It was controversial when proposed, when enacted & ever since, with frequent cries for audits, restrictions & abolition well predating Mr. Paul.

    I know that is not the case here, but I feel boligated to defend criticism of the FED whenever I see this type of statement.

    That, in its essence, is fascism--ownership of government by an individual, by a group, or by any other controlling private power. -- Franklin D. Roosevelt --

    by enhydra lutris on Wed Oct 09, 2013 at 01:04:19 PM PDT

    •  Audit (0+ / 0-)

      Anything which is supported by congressional appropriations has to be audited.

      The FRB doesn't get appropriations, which is one reason that it's good -- maybe the only reason that it's good -- that lender-regulation  was pushed under the Fed. Still, there is no reason to not actually audit it.

    •  Totally agree the Fed deserves ample criticism... (4+ / 0-)

      ...But the deep audit Paul and many other Republicans seek is more of a fishing expedition than merely a serious examination of policy. They're looking for anything they believe could help them cripple the Fed not reform it. On much of the right, it must never be forgotten, the critique of monetary policy is buried neck deep in gold-buggery. That doesn't mean neoliberal policy is the proper alternative.

      Don't tell me what you believe, show me what you do and I will tell you what you believe.

      by Meteor Blades on Wed Oct 09, 2013 at 01:28:56 PM PDT

      [ Parent ]

      •  If it's possible to get a real audit (1+ / 0-)
        Recommended by:
        enhydra lutris

        that serves also as a silly fishing expedition for the Issas of the world, well, I'm okay with that, frankly. That's what transparency is, and it always comes with the risk that people are stupid about what they see.

        Not to dismiss the risk that it could, like the Benghazi matter, be all but derailed by the GOP sideshow so that the real issues don't get any air.* But if there's a chance for greater transparency, I think it's a worthwhile risk.

        * METAPHOR x3 COMBO

        Code Monkey like freedom / Code Monkey like peace and justice too
        Code Monkey very nerdy man / With big warm fuzzy bleeding heart
        Code Monkey like you!

        Formerly known as Jyrinx.

        by Code Monkey on Wed Oct 09, 2013 at 01:39:33 PM PDT

        [ Parent ]

  •  Looks good (4+ / 0-)
    Recommended by:
    earicicle, Matt Z, KayCeSF, rabrock

    She looks like a great choice.

  •  Interesting husband (and his close friend)... (4+ / 0-)
    George Akerlof, Yellen's husband, is a really accomplished economist in his own right. He shared the 2001 Nobel prize for his work on asymmetric information, and has written really interesting stuff on the financial crisis and banking regulation (particularly regulation in cases where the incentives of managers are misaligned with those of the firm - as was arguably the case at banks during the subprime debacle). You can read more about his academic work here, but for now let me give you two fantastic personal anecdotes about the guy:

    • Akerlof and Yellen are close friends of Joseph Stiglitz, who shared the 2001 Nobel with the former. At one point, Akerlof had to mail Stiglitz back some of his clothes. Hilarity ensued:

    Some years ago, the economist George Akerlof found himself faced with a simple task: mailing a box of clothes from India, where he was living, to the United States. The clothes belonged to his friend and colleague Joseph Stiglitz, who had left them behind when visiting, so Akerlof was eager to send the box off. But there was a problem. The combination of Indian bureaucracy and what Akerlof called “my own ineptitude in such matters” meant that doing so was going to be a hassle — indeed, he estimated that it would take an entire workday. So he put off dealing with it, week after week. This went on for more than eight months, and it was only shortly before Akerlof himself returned home that he managed to solve his problem: another friend happened to be sending some things back to the U.S., and Akerlof was able to add Stiglitz’s clothes to the shipment. Given the vagaries of intercontinental mail, it’s possible that Akerlof made it back to the States before Stiglitz’s shirts did.
    Taken from - Nine amazing facts about Janet Yellen, our next Fed chair

    http://www.washingtonpost.com/...

    Glenn Greenwald promotes far-right fringe extremist group The Oath Keepers - https://twitter.com/ggreenwald/statuses/377787818619064320

    by Jacoby Jonze on Wed Oct 09, 2013 at 01:32:02 PM PDT

  •  Audit the fed (1+ / 0-)
    Recommended by:
    corvo

    Yes, audit the fed - it is the most powerful, undemocratic (lower case d) in our nation - and if the american people knew what they did worldwide they would be shocked and demand change.

    •  I agree. There's bipartisan support for it, too, (0+ / 0-)

      if only we can make enough noise to push it through.  Unfortunately the fact that Ron Paul is one of its main proponents scares away a lot of people on both sides of the political spectrum, which is a shame, given the importance of the issue as a whole.

      Here's a press release from back in 2011, and things have only gotten worse since then: Bernie Sanders on the Fed Audit

  •  First Women Prez to come next? (0+ / 0-)

    just sayin

    "You can't think and surf at the same time" Yogi Surfdog

    by surfdog on Wed Oct 09, 2013 at 02:01:07 PM PDT

  •  What are the odds the very public push for Yellen (0+ / 0-)

    by the liberal wing of the party will be the impetus the GOP needs to block her?  With a "If Warren, Sanders and Brown are pushing so hard for her it must mean she's a secret librul"?

    Though in the very least she's be acting fed chair once Bernanke retires regardless of confirmed or not.  

    Glenn Greenwald promotes far-right fringe extremist group The Oath Keepers - https://twitter.com/ggreenwald/statuses/377787818619064320

    by Jacoby Jonze on Wed Oct 09, 2013 at 02:05:28 PM PDT

    •  What's your point? (2+ / 0-)
      Recommended by:
      rabrock, Meteor Blades
      What are the odds the very public push for Yellen by the liberal wing of the party will be the impetus the GOP needs to block her?  
      So what if it is? I could have swore we won the election. It's not like the GOP has ever needed a good reason to try and block his appointments.

      I hope you're not implying that liberals/progressives should just sit down and shut up because if we push for anything the Republicans will say mean things about us.

      Banking on the American people to be able to sort all this out and declare the adult in the room the winner is a very big bet. -Digby

      by Boogalord on Wed Oct 09, 2013 at 02:21:13 PM PDT

      [ Parent ]

      •  We didn't win the election; (1+ / 0-)
        Recommended by:
        The Dead Man

        Barack Obama did.  

        I voted for the guy, but based on most of his policies, I really don't feel like I won.

        Dogs from the street can have all the desirable qualities that one could want from pet dogs. Most adopted stray dogs are usually humble and exceptionally faithful to their owners as if they are grateful for this kindness. -- H.M. Bhumibol Adulyadej

        by corvo on Wed Oct 09, 2013 at 02:27:36 PM PDT

        [ Parent ]

  •  And Republicans are NOT happy (4+ / 0-)
    Sen. John Cornyn is among Republicans decrying the president’s nomination of Janet Yellen as the chair of the Federal Reserve.

    “Ms. Yellen subscribes to a liberal school of thought that the best way to handle our nation’s fiscal challenges is to throw more money at them,” Cornyn said in a statement.

    Apparently these are bad things to spend time on, in some people's views
    Many believe Yellen would spend her time as the head of the Fed working to decrease unemployment and to strengthen financial regulations. A profile in The New York Times suggested she might push more aggressively than predecessor Ben Bernanke to expand stimulus efforts at the Fed.
    http://trailblazersblog.dallasnews.com/...

    “Texas is a so-called red state, but you’ve got 10 million Democrats here in Texas. And …, there are a whole lot of people here in Texas who need us, and who need us to fight for them.” President Obama

    by Catte Nappe on Wed Oct 09, 2013 at 03:12:19 PM PDT

  •  "If she is confirmed by the Senate . . . " (0+ / 0-)

    And what, seriously, are the chances of that? I think the Fed is going to be chairless until the recess.

    "The great lie of democracy, its essential paradox, is that democracy is the first to be sacrificed when its security is at risk. Every state is totalitarian at heart; there are no ends to the cruelty it will go to to protect itself." -- Ian McDonald

    by Geenius at Wrok on Wed Oct 09, 2013 at 04:26:35 PM PDT

  •  I'm waiting on all the people that (0+ / 0-)

    proudly proclaimed this would never happen to actually admit they were wrong.

    Der Weg ist das Ziel

    by duhban on Wed Oct 09, 2013 at 04:57:36 PM PDT

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