WTF? SF Fed's Janet Yellen for Fed Chair(wo)man? OH NOES!
This is worth repeating simply because of the nerd reference. For the record, I don't watch movies and even if I did, I probably wouldn't watch nerd ones. Just sayin. Bernanke as Frodo with a half-eaten finger? OK.
At least EconoSpeak's Barkley Rosser agrees with me on this, I'd take fifteen Ben Bernanke terms over a single second with that slimy prick Larry Summers at the helm of the Fed. Just sayin:
[M]aybe he [Bernanke] is damaged goods, kind of like Frodo after Gollum bit his finger off when getting the Ring of Power into Mount Doom, and he should retire into the West.
If so, the two candidates people are mostly talking about to replace him are Larry Summers and Janet Yellen. I will not say anything about Summers other than to say I would far prefer Bernanke to him. But Janet Yellen is quite another matter, a worthy rival to Bernanke for the position. She is certainly more progressive, and also has lots of personal cool and common sense, as well as being exceptionally intelligent and knowledgeable. She currently serves as president of the San Francisco Fed, second most important after the New York one, and is a voting member of the FOMC. She was on the Board of Governors under Greenspan in the early-mid 90s but left to serve as CEA Chair from 97-99. Long at Berkeley, and married to Nobelist George Akerlof, with whom she has coauthored some innovative and influential papers on macroeconomics, she also was on the Board of Governors staff in the late 70s in the international finance division. In short, she knows her way around the place, including the basements where all the wonks and geeks hang out, and I have heard personally from people at the SF Fed that she is a great boss whom they all can say nothing but the most admiring things about.
Granted, back when I was with the FedEx, we spent more time talking about his troublesome addiction to role-playing games (resisting the "epic mount" joke here) than we did discussing how he felt his Fed President treated the serfs of the SF Fed but I have to say I haven't heard anything about Janet Yellen being a great boss. And even if that is the case, micromanagement and monetary policy are two completely different things, and unfortunately Janet has the stench of misguided Keynesian delusion following her around like Pigpen's flies.
Also isn't there a requirement somewhere that says Fed Chairmen must be at least 5 feet tall and sort of gangsta? Yellen is neither, surely. Ok, that was a little dirty, we promise to play nice from now on...
We also point out here that Yellen's macroeconomic masterpiece (written with ex Fed vice chair Alan Blinder, another of our favorite Fed asshats) "The Fabulous Decade" paints the 1990s as a time of unprecedented prosperity as only an inflationary madwoman possibly could. Yellen of course forgot the post script which reads:
Oh shit! Looks like we got this one wrong. And for some strange reason, we can't get our bubble machine back online to just inflate our way to the next boom of prosperity and awesomeness. Guess it's the breadline for you bitches!
As stated in our July 24th Creepy Bacterial Computers for Federal Reserve Chair 2010!!! (and Why Ben Bernanke is Secretly a Hipster), we would rather see robots heading up the Fed than Larry Summers and certainly over Janet Yellen any day.
Listen, I'm sure Janet is a very nice person. She's probably all whacked out in the most awesome sense of the word from her life in the San Francisco Bay Area and would probably be fun to get wasted with. That being said, there is no way in hell this woman should go anywhere near the Fed crown. PLEASE.