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The Fed's Janet Yellen and optimism about the future were hot topics at American Banker's Women in Banking awards dinner on Thursday.
October 11 -
Janet Yellen is expected to take a more hands-on role in bank regulation than her predecessors if she is confirmed to be the next chairman of the Federal Reserve Board.
October 9 -
Members of the Senate Banking Committee quickly took sides in the brewing battle over the nomination of Janet Yellen to head the Federal Reserve Board, but it was already apparent that she was ultimately likely to win confirmation.
October 9 -
Janet Yellen shouldn't have needed anyone's help to be nominated to lead the Fed. Her tortuous path underscores the importance of rallying around qualified women candidates for industry leadership positions.
October 9 -
The distinguished economist will have to make monetary policy a priority during her tenure as Fed chair. But Yellen wont forget about her financial regulatory role and is likely to support stricter capital requirements along with enhanced nonbank supervision.
October 9
American Banker's editors recently hosannaed the prospect of a woman chairing the Federal Reserve Board.
Janet Yellen's candidacy to replace Ben Bernanke "
Nary a word on her monetary policy views in these articles.
The Yellen idolatry can hardly be based on her votes and public statements as vice chairman of the Fed, and earlier as president of the Federal Reserve Bank of San Francisco.
With Yellen's support, the central bank has been printing money recklessly, attempting (unsuccessfully) to offset growth-stifling fiscal and regulatory policies.
The monetary base has mushroomed a mind-boggling 424%, from $
With 15 million more Americans now than in November 2007, there are 4 million fewer full-time workers. The 58.6% employment-to-population ratio is hovering
Marc "Dr. Doom" Faber
Yellen represents continuity.
For anyone thinking real interest rates should be positive or worried about the central bank printing trillions of dollars, there were attractive alternatives for the job, including Stanford economist John Taylor, Dallas Fed president Richard Fisher, Philadelphia Fed president Charles Plosser, and former Kansas City Fed president Tom Hoenig not that President Obama would ever have nominated any of them.
Sarah Chang, Midori Goto, Hilary Hahn and Anne Sophie Mutter are sublime violinists who happen to be women. Margaret Thatcher was one of Britain's two outstanding prime ministers of the last century. Neither her admirers nor detractors focused on her second X chromosome.
The Fed chairmanship is the second most consequential economic job on the planet. Its occupant should be selected based on experience, temperament and policy considerations. Yellen's policy views are worrisome.
Monetary policymakers are better evaluated on whether they are inflation hawks or doves than whether they are from
The dollar is a unit of account, store of value and medium of exchange. Nobody would argue a 36-inch yard today, 39 inches next year and 48 inches the following year would be a good thing. The dollar has plummeted in value. From 2001 and 1985 to 2012
Interest rates are the price of present versus future consumption and investment, the economy's most important price. Keeping them artificially low punishes savers, distorts decision-making and causes
While Obama's Fed board appointees have been doves, many presidents have appointed dove Fed chairmen disguised as hawks, such as "Maestro" Alan Greenspan and "Helicopter" Ben Bernanke. Yellen, however, is an unabashed dove. She studied under Nobel Prize-winning economist, and dove, James Tobin. "It's appropriate for progress in the labor market to take center stage in the conduct of monetary policy," Yellen has said.
Economist Evan Soltas has called her a "
Decision Economics president Allen Sinai has observed that "
The Wall Street Journal
Tea Party heartthrob Sen.
Astoundingly, given his subsequent unprecedented money-printing binge, Bernanke wisely wrote in 1999, "
As I've previously argued,
Eric Grover is a partner at Intrepid Ventures, a financial services and payments consulting firm in Minden, Nev.