Janet’s Yellen at Ben for quitting the Bernanke; Shalom….

The big Jewish reshuffle at the Federal Reserve sure is exciting stuff! We were all holding our breaths, wondering who the Jews would pick!

Janet Yellen, a Jewess, is now officially the pick of the litter, since Larry Summers (another Jew) withdrew from contention last month. Yellen will be replacing Jew, Ben Shalom Bernanke, and continuing the tradition of Jews occupying the position of Fed Chairman. Bernanke took over from Alan Greenspan in 2006, and Greenspan took over from Paul Volcker in 1987 (both are Jews of course). Even though the Chairman of the Fed is just a figurehead position, it shows how the Jews only trust their own tribe to occupy the leadership role. It is interesting to note that the real rich and powerful Jews who own the Fed are confident enough of their power, to not feel the need to put a token ‘Goy’ in the Chairman role.

From the Jew Yorker:

Janet Yellen: A Woman atop the Fed

yellen-fed-obama.jpg

It isn’t exactly news that President Obama will be nominating Janet Yellen to replace Ben Bernanke as head of the Federal Reserve. (The official announcement will take place on Wednesday afternoon.) Since Larry Summers withdrew his name from contention last month, Yellen has been the prohibitive favorite to get the job. 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.

In the coming days, there will be much more to say about Yellen’s economic beliefs, her approach to monetary policy, and the challenges she will face in taking over from Bernanke next February. (Earlier this year, when her name surfaced as a serious candidate, I took a quick look at her background.) 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.

That matters in a number of ways.

On a trivial, but not entirely inconsequential, level, Yellen’s extra X chromosome will ensure that she receives more public attention than your average gray-haired, male central banker would. People who work in the financial markets hang on every word that a Bernanke or a Greenspan mutters. But most regular folk don’t take much notice of central bankers except when they raise interest rates or bail out a stricken financial firm. Yellen, like Christine Lagarde, the Frenchwoman who took over the International Monetary Fund, in 2011, will be looked at a bit differently. However much she tries to avoid it—and she will probably try pretty hard—she will be regarded as something of a celebrity.

And there’s nothing necessarily wrong with that: she deserves the attention. Ever since 1962, when she graduated from Fort Hamilton High School, in Bay Ridge, Brooklyn, she has been leaving her mark in fields that traditionally have been heavily male-dominated: the economics profession, the world of offering policy advice to politicians, and, finally, central banking.

In all of these areas, Yellen has made significant contributions that amply qualify her for the Fed post. This doesn’t mean that she has hitherto been an absolute standout in every area. As a professor, she wrote some innovative and influential papers about unemployment and other subjects, bravely resisting the conservative orthodoxy that conquered U.S. economics in the nineteen-eighties and nineties. Still, purely in terms of academia, her husband and occasional co-author George Akerlof, who shared the 2001 Nobel Prize, partially eclipsed her. When it came to gaining the ear of Presidents and other powerful politicians, Summers and others have (until recently) often proved more adept. Inside the Fed, Yellen has long been widely respected for, among other things, her smarts, her relatively early recognition of the dangers of the housing bubble, her forecasting record, and her ability to translate complicated issues into readable speeches and presentations. Inevitably, though, she has been overshadowed a bit by Bernanke and his predecessor, Alan Greenspan, who was chairman of the central bank back in the mid-nineties, when she was first appointed to its board of governors.

In a way, though, these things just add to Yellen’s achievement, and to the significance of her appointment. Yellen isn’t Wonder Woman. But by dint of her intelligence, her technical expertise, her judgement, her creativity, her work ethic, and her willingness to coöperate with people rather than elbow them aside, she has risen to the top of the one of the most demanding professions there is. That, surely, makes her a role model for all women.

“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.”

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Why Justin Wolfers at Bloomberg is ‘Very Happy about Janet Yellen’:

President Barack Obama plans to nominate Janet Yellen as the next chairman of the Federal Reserve Board. In doing so, he will promote the pre-eminent policy economist of her generation to the role of the most powerful central banker in the world.

Yellen is quite simply more qualified for the job than any of her predecessors. She’s an imaginative and technically adept economist possessed of a brilliant and precise mind. As a researcher, she has made fundamental contributions to our understanding of unemployment and the importance of smoothing out the ups and downs of the economy. She has demonstrated an ability to navigate political corridors, having served successfully as the chairman of President Bill Clinton’s Council of Economic Advisers.

She’s also battle-tested, having worked in key policy roles through both the Asian financial crisis and the recent global financial crisis. She has spent most of the past two decades as a leading voice within the Fed, initially as a member of the Federal Reserve Board of Governors, then as president and chief executive officer of the San Francisco Federal Reserve Board, and over the past four years as vice chairman of the Federal Reserve.

No Fed chairman has ever been subject to as robust a public vetting as Yellen has over the past two months. It’s notable that through the drawn-out public debate over who should replace current Fed Chairman Ben Bernanke, not a single economist who has ever worked with Yellen has had a bad word to say about her.

Historic Moment

Yellen’s appointment is also a historic moment: If confirmed by the Senate, she will be the first woman ever to lead the Fed. Economics remains an excessively male-dominated field, and this is particularly evident among the world’s central bankers. The European Central Bank’s governing council, for example, counts no women among its 23 members. Likewise, there are no women on the Bank of England’s Monetary Policy Committee.

On a personal note, I’ve known Janet Yellen and her husband George Akerlof, a Nobel laureate in economics, for more than a decade. They are both deeply passionate about the capacity for economics to improve people’s lives, and are also refreshingly human. Yellen shares the ability of her doctoral adviser, the late Nobel laureate James Tobin, to translate dry economic data into an understanding of the lives that those numbers depict. Hence, her appointment reflects concern for Main Street, though it comes with a deep understanding of Wall Street.

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Finally, 9 thrilling facts about Janet Yellen:

Janet Yellen will be appointed Fed chair tomorrow. Neil and Ylan already wrote the definitive profile of her, but here are the main things you ought to know going into her confirmation hearings.

1. She is perhaps the most qualified Fed chair in history.

Paul Volcker (center, between Elizabeth Warren and Gary Locke) is the only Fed chair who even comes close to Janet Yellen’s level of experience. (Chip Somodevilla-Getty Images)

Just look at the competition. When he was appointed chairman, Ben Bernanke’s only prior government service was three years on the Fed board and six months as chair of the Council of Economic Advisers (CEA). Alan Greenspan had three years as CEA chair.

Yellen, by contrast, has served for three years as vice chair, headed up the San Francisco Fed for six years, ran the CEA for two years, and before that did a three year stint on the Fed Board of Governors. She also did a stint as an economist at the board in the late 1970s, for good measure.

Only Paul Volcker — who had a multi-decade career at the New York Fed and the Treasury — even comes close to that, and he had nowhere near as much exposure to the highest echelons of the Fed system as Yellen has. If experience is your main criterion, Yellen is hard to beat.

2. She’s been a powerful voice for the unemployment hawks on the Fed.

Yellen speaks at an AFL-CIO event; at right is Richard Trumka, the federation's president. (REUTERS/Kevin Lamarque)

Yellen speaks at an AFL-CIO event; at right is Richard Trumka, the federation’s president. (REUTERS/Kevin Lamarque)

In various speeches — perhaps most notably at the AFL-CIO — and in Fed deliberations, Yellen has been clear that she thinks subpar growth and too high unemployment are the biggest problems facing the Federal Reserve. “Maximum employment,” she has emphasized, is the main goal of the Fed at this point in time. In her words, “With employment so far from its maximum level and with inflation currently running, and expected to continue to run, at or below the [Federal Open Markets] Committee’s 2 percent longer-term objective, it is entirely appropriate for progress in attaining maximum employment to take center stage in determining the Committee’s policy stance.”

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Well, I’ve had enough of this Jewy affair for now, although it is entertaining! You gotta laugh sometimes. The Jewish control of U.S. Finance, and therefore the entire country, is so obvious, it is beyond belief that people can’t work this out! It would be funny if it weren’t so sad.

Wake up!

– BDL1983

One thought on “Janet’s Yellen at Ben for quitting the Bernanke; Shalom….

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