Evidence Obama is no thinker---yellen for FED

Discussion in 'Too Hot for Swamp Gas' started by mastoidbone, Sep 16, 2013.

  1. ThePlayer
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    ThePlayer VIP Member

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    Honestly, color me relieved that Larry Summers withdrew.
    He's more like a bull in a china shop than a Fed chairman.
    It would have been a brutal 3-to-5 years with him around.
  2. g8trjax
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    g8trjax Well-Known Member

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    I don't believe he actually knows any straight women.
  3. ncbullgator
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    ncbullgator Well-Known Member

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    And Lew and Warren.

    Left wing morons.

    :zombie:
  4. dangolegators
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    dangolegators Well-Known Member

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    Such over-the-top hysteria. I'm liking Yellen more and more.
  5. nlsfive
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    nlsfive Member

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    She appears to be well qualified according to Row's link:

    1) She'd be the most qualified Federal Reserve chair in memory. Ben Bernanke had three years on the Federal Reserve's Board of Governors when he was named chairman. Paul Volcker had four years leading the New York Federal Reserve before he got the call. Alan Greenspan had never worked at the Fed at all.

    On sheer Fed experience, Yellen blows them out of the water. She led the San Francisco Federal Reserve from 2004 to 2010 and has been Vice Chair of the Fed since then. So she's served across multiple chairmen, in multiple positions, during good economic times and during the depths of the financial crisis. Experience isn't everything, of course, but it matters — particularly when the Fed is in such uncharted waters.
  6. fredsanford
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    fredsanford VIP Member

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    Anyone the right is screaming about, I'm all for.
  7. Row6
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    Row6 New Member

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    Yeah, I forgot that the crash was caused by a classic real estate bubble and not the bundling of toxic assets purchased by Wall Street and that everYone but Yellen knew this in 2005.

    No one knew that in 2005 and if it had been a classic real estate bubble it would have hurt but Wall Street wouldn't have had its worst crash since 1929. I don't see anyone on this thread qualified to judge who the "thinkers" are.
  8. GatorFanCF
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    GatorFanCF Premium Member

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    I agree w/ Row6: there's probably no one on THFSG that's qualified to know who the "thinkers" are - it's very easy to see things in retrospect. And, in the same vein, it's my contention that neither are there qualified folks to properly manage and take care of the financial machinery we've created in this country. IOW, no one really has a freakin' clue of what's going on and whether Right/Left, Bear/Bull, et al. simply BECAUSE no one is qualified to manage this deal it will blow up again...and again...and again because you don't put a 16-year old boy in a Ferrari w/ rocket boosters even if his father is the scientist who designed it. I know that's not positive - and I don't blame Obama...it's all of them. We live in a highly leveraged world and sooner or later we have to pay the price.
  9. gator996
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    gator996 New Member

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    http://www.publicintegrity.org/2013/06/28/12898/yellen-fed-chair-would-be-tougher-banks

    Yellen as Fed chair would be tougher on banks

    Positions 'miles away' from Greenspan's


    By Alison Fitzgeraldemail

    6:00 am, June 28, 2013

    The Center interviewed Yellen and reviewed her career through two stints on the Federal Reserve Board and as president of the San Francisco Fed Bank — including speeches, meeting transcripts, government testimony and reviews of bank failures.

    The picture that emerges is of an overseer who tried to point out dangers in the banking system before the situation came to a crisis in 2008, but who didn’t act forcefully against banks that she saw taking excessive risk because she didn’t believe she had adequate authority.

    After working through the depths of the crisis and having a hand in closing more than a dozen failed banks — including Washington Mutual, the largest bank failure in U.S. history — Yellen now appears determined to ensure that banks fortify themselves against financial shocks and that regulators have the power to police the system.

    Yellen is unlikely to push for revolutionary change, such as breaking up the biggest banks.

    The Fed so far “has taken the view that we need the rules not to change too much,” said Simon Johnson, a professor at the Massachusetts Institute of Technology, who supports making banks smaller.

    However, many expect her to be a tougher regulator than the current Fed chairman, Ben Bernanke, and she appears more willing to take strong action to stop banking giants from putting taxpayers at risk. But even so, the power of the Fed has its limits.

    “They can’t stop all future crises, but it’s up to the Fed to make these crises more or less severe,” said Johnson, author of "13 Bankers: The Wall Street Takeover and the Next Financial Meltdown."

    Bernanke’s term ends at the end of this year and President Barack Obama has suggested that he may replace him.

    Yellen wants to require big banks to hold more capital, to boost the margin requirements on derivatives trades and to require foreign banks that do business in the U.S. to hold capital in the U.S.

    “We would expect her to toughen rules for the biggest banks,” said Jaret Seiberg, analyst at Guggenheim Strategies in New York, in a client report. “We believe her elevation to chairman would be negative for the mega banks.”

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