federal reserve chair
There is so much to say about the United States government not defaulting.
I'd like to start with a thank you.
It isn't easy, but I'll try.
Thank you, Congress, for showing the world there's nothing wrong with the full faith and credit of the United States... and for showing the world that having full faith and credit in the United States government is a total bust.
An extension? Really? So, we go through this again in a matter of weeks?
But let's move on. Let's talk about Janet Yellen. She's far more relevant.
She's about to become the most powerful person in the United States - in the entire world, for that matter.Here's the first thing Yellen could do with all that power - if she wants to save America...
Top 5 Choices for the Next Fed Chief Leave Much to Be Desired
After President Barack Obama all but fired U.S. Federal Reserve Chairman Ben Bernanke in a recent television interview, everyone's been trying to figure out who the president will name as the next Fed chief next year.
Of course, Money Morning has long been critical of the Bernanke-led Fed, and in particular its easy money policies of recent years -- namely its zero interest rates and waves of quantitative easing (QE) that have added trillions to the Fed's balance sheet.
That debt, the asset bubbles it has created and the Fed's too-cozy relationship with the Big Banks, has prompted the experts at Money Morning to question whether the Federal Reserve should exist at all.
"I believe the Fed is outmoded and should be disbanded," said Money Morning Chief Investment Strategist Keith Fitz-Gerald, who recently wrote about whether the Fed is necessary. "It's a financial body that has outlived its usefulness and is merely causing us to lurch from crisis to crisis. Barring any change in the notion of what it's there to do, get rid of it."
Still, for the time being, we're stuck with the Federal Reserve. And the next Fed chief - whoever President Obama appoints in January -- will be setting monetary policy for at least the next four years.
One thing's for sure: Anyone who dislikes how Bernanke has run the central bank probably won't be happy with the next Fed chairman either.
As confounding as it seems now, it was not the liberal Democrat President Obama, but Republican President George W. Bush who first appointed Bernanke to head the Federal Reserve in 2006.
That Obama re-appointed Bernanke in 2010 made sense, as they share a similar Keynesian economic philosophy. That is, they both think the best way to help a weak economy is through massive government spending no matter how much debt piles up.
So while Bernanke may be on his way out the door, you can bet that whoever President Obama chooses as the next Fed chief will be just as much of a Keynesian as Bernanke has been - and maybe more so.
Heaven help us.
Different Fed Chairman, Same Bad Monetary Policy in 2014
One of these economic alchemists may likely assume the job of Ben Bernanke. If so, pray for us.
Last week, President Obama indicated that Federal Reserve Chairman Ben Bernanke will likely step down in January when his term ends. After taking office in 2006 under then-President George W. Bush, Bernanke has facilitated the greatest economic transfer of wealth from America's grandchildren to banks and foreign nations in the name of sustaining the Keynesian vision of the economic stimulus.
But with Bernanke's departure, it is unclear just who will take the reins of the Federal Reserve, and what policies they will seek to maintain or discard five years after the height of the financial crisis.
Here are the five top contenders that we expect to make Obama's shortlist for next Fed Chairman. And each one of them should give us a great deal of concern due to their commitment to the same tired economic theory and policies that they are convinced will eventually work if we just keep doubling down.