Now that President Obama has officially nominated Janet Yellen to be the next Fed chair, there are a few things you should know about her. For instance, she was the overwhelming choice of both Congressional Democrats and Wall Street bankers. Get ready for this:
Wall Street will love Janet Yellen even more than Helicopter Ben...
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In one of the most highly anticipated releases of the year, the Federal Open Market Committee (FOMC) meeting minutes from July 30-31 were released today (Wednesday).
They will be picked apart for days - but here's what you need to know.
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After the two-day FOMC meeting, the committee just backtracked on all the previous taper talk - here's why the Fed might be "winging it."
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Says Obama:
Larry Summers for Fed Chief... He's got my vote. Absolutely!
Why? You just have to get to know the guy and you'll see he's perfectly qualified to head the Federal Reserve.
Here's just part of his resume.
From 1982-1983, Larry Summers was on staff at Ronald Reagan's Council of Economic Advisers. That's where Lawrence of Enablers earned his "Deregulate Everything" T-shirt.
After his brief stint on the Gipper's Council, where he was taught how real pros corral free markets for personal profit, the Enabler headed back to Harvard to teach kids (and himself) how to squeeze personal wealth out of mere economic theory.
He got his next shot at stardom as Chief Economist of the World Bank in 1991. He was there until 1993.
While there he wasted no time shining a light on himself.
In a 1991 interview he famously said:
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The likely choice for the next Fed head is between an enabler of the financial crisis, Larry Summers, and an economist who’s never met a printing press she didn't like, Janet Yellen…
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