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Janet Yellen nominated for next Federal Reserve Chair

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    Today President Obama nominated Janet Yellen as the next Fed Chair. The move was widely anticipated, and she is expected to be easily approved by the Senate.

    There are many articles out on Ms Yellen, but I'll just extract a couple of lines from the New Yorker.

    New Yorker, October 9, 2013: Janet Yellen: A Woman Atop the Fed

    A former professor of economics at Berkeley, she has extensive experience at the Fed: since 2010, she’s been Bernanke’s deputy as its vice-chair.

    For now, though, let’s dwell for a moment on the fact that she will be the first woman to lead the Fed. Indeed, if you don’t count Russia as part of the West, she will be the first woman to head a central bank in any big Western nation.

    “Tonight, I feel reassured that my daughter’s economic future is in good hands,” Justin Wolfers, an economist at the Brookings Institution, wrote in a Bloomberg column hailing Yellen’s appointment. “I also plan to tell her that she, too, can grow up to become the most powerful economist in the world.”

    It is indeed quite an achievement to rise to be nominated to the top economic job in a male dominated world. She has earned it. I wish her well and a speedy approval of her nomination in the Senate.
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    I think she should get the position with very few arguments against her ,outside of the obvious opposition party politics, ,the position is going to be very important in the ensuing months ahead, what the debt limits debates coming up and the fact we still don't have a Budget, not a Continuing Resolution but a real budget. I wish her well and also Congratulations, I think.
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    I am absolutely ecstatic that President Obama nominated Ms. Yellen to be the next fed chairperson. She is highly qualified and a true liberal voice in an otherwise conservative and right wing Federal Reserve board. It is said that the Fed Chair is the second most powerful person in the world behind the US President and her confirmation could set national monetary policy for years to come.

    Ms. Yellen's nomination is huge for a variety of reasons. First and foremost, she will be the first female to head the notoriously male dominated Federal Reserve board. Outside of that, the Federal Reserve has been pushing far right monetary policies since Greenspan took over in 1987. Having a voice for the "small man" at the helm of our Federal monetary policy could have an immeasurable impact for America as we try to dig ourselves out of our current economic struggles.

    And the reason we "still don't have a Budget" is because the Republican House refuses to enter into a budget conference with the Senate. They have now voted 21 times to not enter budget negotiations with the Senate.
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    I am not going to comment on that bit of nonsense about the republicans when for the last 4 years the senate has not passed a budget at all, and when in fact the President has submitted his budget to the Senate ,it was voted down unanimously by his own party, I have said many times before that our leaders are no longer concerned with governing but with maintaining their own power base, and this what happens , pure gamesmanship by both parties is what is driving this mess, along with big dose of ego's.
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    johnnycee Wrote: I am not going to comment on that bit of nonsense about the republicans when for the last 4 years the senate has not passed a budget at all,
    The Senate couldn't pass a budget because the Republican's filibustered everything. The red state Democrats were too scared to vote for a Federal budget because their states were red and they might as well have been Republicans. They are done with that now and proved it when they passed a budget. I now ask how the House has any bargaining chip? The Senate has voted on a budget and has continuously voted to go to conference, 21 times, with the House of Representatives. Please inform me how the House is in the right here, especially when the Senate has set no preconditions in their negotiations with the House.
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    As I said I am not going to comment on that nonsense to try and assess blame on one party, when it's both of them at fault, when they stop with the name calling and power playing and get down to business then I will try to take them seriously, until then I am going to reserve my judgment until I am in the voting booth come this Nov.. there is no point in debating a point when both sides of the subject debate are wrong.
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    Could be worse could be the big banks leading this and puppeteering like reagan

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    The republicans are spoiled kids knowing that their version of america is not as perfect as adloph reagans bankers taught him ...sometimes america is not perfect care has taught us that long as we think we are the only elite the world is going to laugh at us when such childish fits occur and i ask where is capitolism in the constiution seems to me they used the communist fear to maximize profitability to the fearing masses
    the world roles on and learns and we all get fat on hotdogs and apple pie ..what a world what a world
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    sorry i suck at punctuation
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    not boths fault , i do not blame obama for not negotiating on this one term it in minimum wage terms ..bout time us liberals got balls instead of being too pacifist and always negotiable
    the republicans are not dumb enough to let the country default and if they are ..after we vote them out of congressional power i think the world and the wise business leaders will forgive us for not getting tea party members mental health care sooner
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    Not sure how I feel about Yellen. Obviously, she's better than Larry Summers.

    Also, it's not clear what she thinks. They all credit her with being an architect of QE. If that's the case, and she thinks it 'works,' we're still in bad hands.

    She seems to think that large gov't deficits can't cause inflation, but can raise long interest rates, which is a Monetarist view and completely wrong (see this link).

    What raises interest rates is the FED threatening to raise interest rates and then actually raising interest rates, which can be highly inflationary. As it adds to net-interest incomes, increases the indebtedness of the nongovernment, and raises the cost of money.

    Gov't deficits, with no other intervention by government, create excess reserves in the banking system, which would push the minimum interest in the economy all the way down to zero. And it's the practice of selling government securities (intervention) that drives interest up higher than they would otherwise be. So all these Republicans who say interest rates should be higher are really stating that they want gov't to intervene in the economy and fix an interest rate that they approve.

    And gov't deficits can cause inflation to the extent that they contribute to spending in the economy beyond what we can produce.

    So Yellen has got that all backwards. Monetarists think deficits can't cause inflation because the practice of selling bonds 'crowds out' that amount of investment spending on other things, when in fact deficits add to the total amount of dollars in the economy, and form the net-equity stock of dollars held by the nongovernment.

    All QE does is trade cash for Treasury securities held by the nongovernment. So it's like changing funds from savings accounts to checking accounts. No dollars are added to the economy. In fact, because the non-government is losing interest income, dollars are leaving the economy, and we know this because the FED turns over nearly $90 billion in profits a year to the Treasury.
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    I see the economy this way ..the whole thing is a dozen donuts right now where half of which is sitting in bank accounts as bragging rights going stale, i here all these rich bastards and republicans all proud about the common man dieing for his country over in wars , in wars that usually are fought over his view of evil , the basic ways and means for this country to profit is the capitolist theory but it only works when the money flows and is not stagnant,, ticks me off when i hear these people support the troups but they do not support their country . some people give lives the rich need to pay a guy a couple bucks more give him some health care ...we need the patriotism of our successful suppposed patriots to sacrifice for ther country ..capitolism should be based upon money being circulated and if you have a good product it comes back ..not a quick crap product that hoards the profit before we realize we bought crap..what a country we have become ..greedy computer generated angry people ..ok last drink off to bed getting married to a brit and bringing her here and ya know ..i dont know why most days ..cheers and god save those that still live 2000 years ago with their parents ..night all
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    and yet we sit quiet as republican states divide inner city vote to make sure the rural votes are maximized..we could take the gerrymandering of some states to the supreme court yet we dont ...why?
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    The Senate just voted to confirm Janet Yellen as the next Federal Reserve Chairperson by a vote of 56-26. She is set to take over when Ben Bernanke retires on January 31st.