The Widdershins

Archive for August 1st, 2013

Good Thursday, Widdershins.

Ben Bernanke will soon finish his term as Fed chair.  Depending upon your perspective, he was either a wizard or a failure.  He has presided over a low-interest, jobless recovery that has left the captains of industry flush and everyone else – well, pretty well flushed,

The Prez has not yet named his candidate to the chair, and really does not have to do so for a little while yet, but some of the things coming to light are more than a little disturbing.  First, Let’s start with the incumbent.  Mr. Bernanke is a fellow Georgian by birth who was reared in South Carolina and received the requisite Ivy League education that all good Fed Chairs seem to have.  He was both a tenured professor and chair of the Department if Economics at Princeton when Dubya appointed him to the Fed’s Board of Governors  He served on the Tarp board and eased Wall Street and the upper 1% through a low-interest, high dollar economic recovery valiantly. He has occupied the Fed Chair since 2006, and has proselytized “The Bernanke Doctrine” all the way. Mr. Bernanke will be remembered both for the sadly uneven recovery and his painful difficulties with communication, baffling even Maria Bartolomo at one point,

When his term expires in 2014, Mr. Bernanke will step down.  Two names have been advanced as the top candidates to replace him.  The first is that of Dr. Janet Yellen, the Ivy League-educated Vice-Chair of the Federal Reserve.  Dr. Yellen served as chair of President Clinton’s Council of Economic Advisors, and is Professor emeritus from UC Berkley.  She is considered to be an economic “dove”, or one who is more concerned with unemployment than with inflation.  Dr. Yellen was one of the few economists who saw what was happening with the sub-prime mortgage mess as well.  In other words, a fully qualified woman who appears to be insightful and farseeing,

The other candidate is none other than dear ol’ Larry Summers.  Yes, the same guy who sold Bill Clinton on the theory of deregulation, trashed Glass-Steagall and fought efforts to curb derivatives trading,   Yes, the same guy whose stint as President of Harvard was foreshortened by his unfortunate observation that women’s brains just aren’t quite set up for math and science courses.  THAT Larry Summers.  The really sad part is that he is strongly rumored to be the frontrunner,

The Prez wandered over to the House of Representatives, and Rep. Ed Purlmutter said simply “Larry Summers.  Bad choice”.  Obama was reportedly rather agitated by this, and mumbled something to the effects that poor Larry seems to be “a convenient whipping boy for progressives”,  Undaunted, Rep. Maxine Waters presented him with a petition from roughly half of the Democratic Woman’s Caucus that urged him to select Dr. Yellen.  NOW followed up with a petition of their own, and several Democratic women Senators have chimed in as well.

Say it ain’t so, President Obama.  You begged for women;s votes, and insisted that you are attuned to women’s issues.  Hell, aside from her gender, Dr. Yellen is a much better qualified candidate on merits alone.  The fact that she may be harder to confirm in the Senate is actually a sign of her merits.

This is an open thread.


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