The SF Fed's Big Decision: Continuing the Yellen Legacy or Actually Removing Their Heads From Their Asses
pic credit: Ari via Flickr
I mean does a headline like that need explanation?
And though the most important role of regional Fed bank chiefs is arguably their input into national monetary policy, the San Francisco Fed's board of directors may not view a particular policy bent as an over-riding factor in their choice for a new chief.
"There's a fork in the road -- they have to decide if they are largely happy with the organization that Janet built, and happy with the staff there and want to see a continuation there, or if they want to try to get someone who has already got an independent high profile," said Anil Kashyap, a professor at the University of Chicago's Booth School of Business.
Yellen's successor will help shape policy at the Fed, which has kept short-term interest rates at near zero since December 2008 and has vowed to keep them there for an extended period.
If the SF Fed were feeling ambitious or looking to sway, say, certain self-employed capitalists in the 12th District who drive the San Francisco economy by bringing in ad revenue and writing income who do not hold the Bank in very high regard *cough cough*, they might try involving public comment in their decision.
They wouldn't even be expected to listen to what the 3 or 7 members of the public they'd be able to solicit opinions from have to say, just the act of asking might appear as though what their District thinks matters.
Or we can continue the legacy of picketing in front of their buildings with offensive t-shirts and signs. Up to SF Fed board of directors, who will probably stick with the opinions of the same asshats who put Janet in there.
If you missed it, I honored Janet Yellen last week and as far as I'm concerned, I hope the Board loooooves having her.