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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsCBS Just Announced That Obama Will Nominate Janet Yellen Tomorrow
I'm trying to find a link now. Scott Pelley announced it just now as he was signing off.
http://www.businessinsider.com/janet-yellen-fed-chair-obama-larry-summers-2013-10
C_U_L8R
(45,002 posts)Is that the sound of tiny Republican heads exploding?
LuvNewcastle
(16,846 posts)Ohio Joe
(21,756 posts)I gotta go figure out who she is now Also... Nominate her for what?
grantcart
(53,061 posts)Ohio Joe
(21,756 posts)Its not surprising that classmates of Janet Yellen at Fort Hamilton High in the Bay Ridge section of Brooklyn consistently describe her as an overachiever. Under her picture in the school yearbook, The Tower, Yellen is listed as the class scholar and member of the honor roll, the boosters club, the psychology club, and the history club, as well as the editor-in-chief of the Pilot, the school newspaper. When she graduated in 1963, she cleaned up, winning the Phi Beta Kappa award, the Mayors Committee Scholastic Award, the math award, science award, and the overall English department prize, in addition to being class valedictorian. Janet is pretty much now what she was then: a straight arrow, says Charles Saydah, a classmate. She was a classic liberal, which meant you were antiwar, antibomb, but she was never strident about it. She was obviously the smartest person in the classit wasnt even close.
Yellen, currently vice chairman of the Federal Reserve, is the front-runner to replace Ben Bernanke when he steps down as chairman in January. As President Obamas awkward dance played out this summer with his preferred candidate, Larry Summers, Yellen carried on in her nonconfrontational manner, illustrating some of the marked differences between herself and Summers. If you say something incorrect around Larry Summers, what he would say is, Did you go to graduate school? Have you studied economics at all?? says Kevin Hassett, a fellow at the American Enterprise Institute who worked as an economist at the Federal Reserve Board of Governors when Yellen joined the board in 1994. Janet would say, Have you thought about it this way? She has the ability to move toward consensus.
Yellen is characterized by those who know her as a brilliant thinker who focuses on the human side of economics. She looks beyond the technical institutions to how they affect people. That might make her feel sympathetic for the unemployed?
?but is a person whos concerned about human welfare considered weak or dovish? I dont think so, says economist Robert Shiller, whos writing a second book with Yellens husband George Akerlof, an economist and winner of the 2001 Nobel prize for economics. We need a less macho government.
http://www.businessweek.com/articles/2013-09-19/who-is-janet-yellen-a-look-at-the-front-runner-for-the-next-fed-chairman
Nothing bad is jumping out at me so far... Seems like a good choice.
Turbineguy
(37,337 posts)the sudden 180 point swing in the NYSE Futures....