Saturday, September 07, 2013
Coming up: Head of the Fed
Joseph Stiglitz, among other things a Nobel Prize economist, has an absolutely superb column explaining why Janet Yellen really is the clear choice over Larry Summers as the next head of the Federal Reserve Board. It will be interesting to observe Congress's behavior in light of the President's stunningly inept presentation of his Syria policy (and, for that matter, his toleration of a perjurious Director of National Intelligence and general lack of openness, even to members of Congress, on vital matters of intelligence. See, e.g., Alan Grayson's excellent column in the Times.) As a formal matter, there is obviously no direct connection between these decisions. But, as Mark Twain once quipped, the 13th chime of a clock puts into doubt the previous twelve. The President is rapidly losing whatever charisma remained after his re-election (which one might argue was the result of an almost futuristic get-out-the-vote campaign than anything he particularly said). And policies inevitably get intertwined because of political realities, even if the punditry can properly separate them. So I would expect that a greatly weakened President Obama, having been repudiated by significant numbers of his own party (and base) would have a harder time explaining why Wall Street's favorite is his pick to head the Fed. One might even see a filibuster made up of other than obstructionist Republicans (e.g., Bernie Sanders).
"which one might argue was the result of an almost futuristic get-out-the-vote campaign than anything he particularly said"
I would argue it was more about what Willard Romney said, especially the bit where he hired all of Cheney's favorite neocons to be on his war cabinet.
In fact, while I oppose action in Syria, I still thank the American voters every day for not returning the neocon cabal to the White House. What Obama is doing (like handing the matter of to congress, where it belongs) is so much better than what those bastards would be doing it's hard to even calculate.
What Scott Supak said, plus Romney's 47 percent comment.
As for Obama's resigning, I tend to agree that a parliamentary system would be better than what we have--it could hardly be worse. But we don't have one, and if everyone whom Obama nominates and everything he proposes gets voted down 435-0 in the House and 100-0 in the Senate, he won't resign, anymore than he'll start prosecuting war criminals and torturers instead of whistleblowers.
Why would any sane Senate confirm the appointment of either Yellen or Summers?
Both would continue the same Fed policies of printing massive amounts of fiat money which have grossly inflated the prices of world equity and commodity markets, setting both up for crashes. Yellen has championed this madness during her tenure with the SF Fed.
They both would continue the current unsustainable government borrowing and spending, which Summers helped design in the Obama administration.
They only differ in degree in advancing policies more familiar to Argentina than the United States.
Our SALADISTA, libertarian that he (on occasion) is, apparently yearns for an Ayn Rad-y head of the Fed in the nature of an Alan Greenspan who lost his economics embouchure long before his term expired, or who never really had the chops for the job.
There is a reason why Greenspan served five terms as a bipartisan Fed Chair across nearly all of the Reagan Prosperity (1983-2007) - the Fed stayed within its proper role and competence of maintaining a sound currency.
Methinks our SALADISTA is a tad "irrationally exuberant" about the accomplishments of Alan Greenspan as Fed Chair and his not observing the "bubbles" he was blowing out of his economic sax with joyous refrains of markets in admiration of Ayn Rand, finally shrugging when an obvious bubble burst. OOPS!
Hope everything will turn for the better and the country is and will be in good hands.
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Both would continue the same Fed policies of printing massive amounts of fiat money which have grossly inflated the prices of world equity and commodity markets, setting both up for crashes. Yellen has championed this madness during her tenure with the SF Fed.LOL排位赛代练 cheap lol boosting Cheap Fifa 15 Coins Elo boostPost a Comment