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Stocks soar on Larry Summers withdrawal [W:48]

Moot said:
Running a bank is business experience.
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She didn't run a bank. She was a chairperson of a several banks. That's not an officer charged with running the operations.
 
PirateMk1 said:
Its policies effect business. Therefore I would to have someone who has been on that side.
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Its policies affect all of the US (not just business) and affect macro-economics. Therefore the person running it should be a macro-economist. A business manager without a sound grasp of macro-economics is completely unqualified.
 
Artevelde said:
In your pening post you wrote that she was the only qualified person. 'm glad you now realize that was pretty ridiculous.

Obviously the US has many people who would be qualified if they were chosen. Janet Yellen is hardly the most distinguished economist the US has, although she does have a strong reputation and track ecord. But so do dozens of other people.

Personally I feel Timothy Geithner would be the best person for the job. But he apparently doesn't want it. Up to the President to decide if he wants to look to other qualified people.

Personally I doubt Yellen would be a good choice. She's seems to be too ready to keep inflating things.
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Timothy Geithner? Really? I would dissolve the Fed before I picked him.
 
Artevelde said:
The Federal Reserve is NOT a business.
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I know, it's a bank. Yellen was president and CEO of the regional San Fransico Federal Reserve Bank, which is "structured just like a private corporation so that it can provide the necessary revenue to cover operational expenses and implement the demands of the board."
 
Moot said:
I know, it's a bank. Yellen was president and CEO of the regional San Fransico Federal Reserve Bank, which is "structured just like a private corporation so that it can provide the necessary revenue to cover operational expenses and implement the demands of the board."
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No, the Federal Reserve is not a bank either. It's a reserve bank.
 
Artevelde said:
Its policies affect all of the US (not just business) and affect macro-economics. Therefore the person running it should be a macro-economist. A business manager without a sound grasp of macro-economics is completely unqualified.
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I don't want somebody who has always been JUST an academic. I want somebody whose played in the real world as well. I want somebody who knows theory and reality are NOT the same.
 
PirateMk1 said:
I don't want somebody who has always been JUST an academic. I want somebody whose played in the real world as well. I want somebody who knows theory and reality are NOT the same.
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The reality of running a business has absolutely nothing to do with the reality of running something like the Federal Reserve.
 
Artevelde said:
The reality of running a business has absolutely nothing to do with the reality of running something like the Federal Reserve.
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Wrong. It has everything to do with it.
 
PirateMk1 said:
The Chair is equivalent to a CEO. Further their word has significant weight.
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You simply don't have a clue as to what the Federal Reserve is, nor what the role of the Chair of the Board is.
 
Moot said:
What a wonderful day it was. First, Larry Summers withdraws from consideration to be chairman of the Federal Reserve.....

Larry Summers withdraws name from Fed consideration - The Washington Post

Then the stock market soars world wide on the good news...

Stocks surge after Larry Summers exits Federal Reserve race (+video) - CSMonitor.com

That leaves the only viable and qualified person left for the job..Janet Yellen. Assuming Obama picks her, she will be the first woman to head the Federal Reserve. I couldn't more happy than if it was my birthday. Oh wait, it was. lol

Janet Yellen - Wikipedia, the free encyclopedia


Yellen's creditentials are impeccable and she truly is the most qualified for the job. If Obama doesn't nominate her, I'll gladly help to get him impeached.
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what a poser.

you don't have the intellectual capacity to make the claims you are trying to make. who do you think you are fooling here?
 
The markets like Yellen because they feel she would take it slow and not do anything drastic. IOWs status quo....
 
WCH said:
The markets like Yellen because they feel she would take it slow and not do anything drastic. IOWs status quo....
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They like her because she'll keep pumping more and more cheap money int the system. That is very short-sighted however and will eventually just create an ever bigger bubble.
 
Artevelde said:
In your pening post you wrote that she was the only qualified person. 'm glad you now realize that was pretty ridiculous.
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Imo, she is the most qualified person in the world....and I"m not alone in my assessment.

Obviously the US has many people who would be qualified if they were chosen. Janet Yellen is hardly the most distinguished economist the US has, although she does have a strong reputation and track ecord. But so do dozens of other people.

Personally I feel Timothy Geithner would be the best person for the job. But he apparently doesn't want it. Up to the President to decide if he wants to look to other qualified people.

Personally I doubt Yellen would be a good choice. She's seems to be too ready to keep inflating things.
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Oh right, inflation.


Inflation is the lowest it's been in fifty years.....

Inflation at 53-Year Low Belies U.S. Demand Vigor - Bloomberg


FYI, the Feds try to keep inflation around 2%. I highly suspect Yellen will do the same since that is the job of the feds. However she will probably focus more on unemployment than any of her predessors have and that is what makes her uniquely qualified. The other is that she has earned the respect of her collegues on the board and they trust and like her. You won't find many with those qualifications and that is one of the reasons Larry Summers dropped out. There is just too much uncertainty with him and the markets don't like uncertainty....which is why the markets soared on the news of his withdrawal.
 
Artevelde said:
They like her because she'll keep pumping more and more cheap money int the system. That is very short-sighted however and will eventually just create an ever bigger bubble.
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Well the IMF has directed the FED to do just that in order to not further destabilize the rest of the world's economies. So the elitist world governing body has spoken.
 
ARealConservative said:
what a poser.

you don't have the intellectual capacity to make the claims you are trying to make. who do you think you are fooling here?
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I'll bet I know a helluva lot more than you.
 
Moot said:
Imo, she is the most qualified person in the world....and I"m not alone in my assessment.

Oh right, inflation.


Inflation is the lowest it's been in fifty years.....

Inflation at 53-Year Low Belies U.S. Demand Vigor - Bloomberg


FYI, the Feds try to keep inflation around 2%. I highly suspect Yellen will do the same since that is the job of the feds. However she will probably focus more on unemployment than any of her predessors have and that is what makes her uniquely qualified. The other is that she has earned the respect of her collegues on the board and they trust and like her. You won't find many with those qualifications and that is one of the reasons Larry Summers dropped out. There is just too much uncertainty with him and the markets don't like uncertainty....which is why the markets soared on the news of his withdrawal.
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I'm talking about inflating the amount of currency by continually pumping more and more liquidity into the system. Are you really completely clueless about economics?
 
@moot

Judging by the price of everything we buy, I'd say the Feds are lying their asses off about inflation. [least where we live]
 
Moderator's Warning:
OK, infractions have been levied. Cease the personal attacks or I will start giving them out like Halloween candy.
 
WCH said:
@moot

Judging by the price of everything we buy, I'd say the Feds are lying their asses off about inflation. [least where we live]
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When measured for inflation, food and gas aren't usually included in the basket of goods because of their high volatility. But you're right that does seem rather deceiving not to include them.
 
Moot said:
When measured for inflation, food and gas aren't usually included in the basket of goods because of their high volatility. But you're right that does seem rather deceiving not to include them.
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It extends to other items I've had to purchase lately like tires and a battery. I have a friend who recently moved to CA. and it's more ridiculous there.

This economy is resting on a precipice. No one is fessing up to how it got that way.
 
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