Janet Yellen, the Federal Reserve's powerful vice chair, is by far the most likely candidate to replace Ben Bernanke when his second term at the helm of the U.S. central bank ends early next year, according to a Reuters poll of economists...
Yellen, a 66-year old economist who is seen as a monetary policy dove, has ... been a forceful advocate of the aggressive steps taken under Bernanke to spur U.S. economic growth and boost employment.Yellen is the former chairman of the Council of Economic Advisers (under Clinton*) who left Washington in '99 to head back to Cal Berkeley. She went from there to the San Fran Fed and then came back to DC as The Ben Bernanke's inflationary wingman. If Bernanke is a monetary dove, then based on this morning's sample, Yellen would be a dove thirty-five feet long, weighing approximately six hundred pounds.There has possibly never been a more fervent believer in the efficacy of Ecclesiastes 10:19.***
Surely there will plenty of opportunities to hear our new boss say, as she did immediately prior to the recession of 2000: “There's more of the same on the horizon of good times. There's no obvious reason for the good times to end.”
At least not for those who have the power to print as much money as they wish from nothing and lend it to the rest of us.
* not literally**
** At least we hope not.
*** "A feast is made for laughter, wine makes life merry, and quantitative easing is the answer for everything." New Fed Translation