How I Learned to Stop Worrying and Support Janet Yellen For Fed Chair!
As regular readers of Jr Deputy Accountant already know, I'm not a huge fan of Janet Yellen. OK, let's be honest, I can't stand the shriveled old troll. I can't help but think my cat who sometimes shits directly in front of instead of inside the litter box has more economic sense than she does (sorry to humiliate you, there, Cash Money).
Thing is, chances are I'm not going to be a fan of any Fed chair nominee, least of all that bloated pig Larry Summers. Talk about lesser of two evils...
JDA's opinion aside, that dried-up old dipshit Janet sure has a fan club, and though most of them are establishment hacks (big shock there), maybe they know something I don't know:
More than 400 U.S. economists have signed an open letter initiated by the Institute for Women’s Policy Research urging President Barack Obama to select Janet Yellen as the next chairman of the Federal Reserve.
As of Thursday the roster of letter signers included such prominent names as Nobel Prize winner Joseph E. Stiglitz of Columbia University, Christina Romer, a former chair of the Council of Economic Advisers in the Obama administration, and former Fed vice-chairmen Alan S. Blinder, now at Princeton University, and Alice Rivlin, now a senior fellow at the Brookings Institution.
A spokesman for the Institute for Women’s Policy Research, a Washington, D.C.-based advocacy group, said economists from 40 states, 172 colleges and universities and 17 companies, centers and institutions have signed the letter.
Well whooptie fucking do! It's not really hard to be more well-liked than that blowhard Summers, that's like me preferring the company of the cat who shits on the floor every now and then over the one who is a total bitch and scratches me for absolutely no reason.
The real reason Janet is the best person for the job has been captured in a note to clients from Bank of America Merrill Lynch economist Michael Hanson:
First, Yellen isn’t the perma-dove that some think. She has a centrist’s record through both easing and tightening cycles. When times called for tighter policies, Yellen supported them — she has never cast a dovish dissent. Indeed, former Fed governor Meyer has written that he and Yellen attempted — unsuccessfully — to convince then-Chairman Alan Greenspan to raise rates in the fall of 1996 due to inflationary concerns. She was also early at the Fed in citing risks from the over-heating housing market, which is hardly an “easy at all costs” position.
Yes, Yellen is very much on the dovish side right now, but that is because the economy arguably warrants it: both inflation and employment growth are too low relative to the Fed’s dual mandate. Her position also reflects less conviction of a rapid recovery than many of her Fed peers; a recent WSJ analysis showed Yellen has been the most accurate forecaster on the FOMC since the crisis began.
Read that very carefully. That crazy old bat Janet isn't as stupid as she looks. Just like my cat who shits on the floor, Janet knows exactly what she's doing. And if anyone is going to help the Fed continue to "play handmaiden to the US Treasury," it's definitely her.
Think about it: if there's no way out but devaluation (and, by all appearances, the exit is looking harder and harder for these idiots to find, as in my dumbass cat will figure out how not to shit on the floor before these assclowns find a way out), then don't you want the Fed's resident easy money maniac heading up the operation?
Too bad, looks like Obama might go forward with a Summers nomination. Go long popcorn.