The Federal Reserve’s Captive Minds
The appointment of Vice Chair Janet L. Yellen to succeed Ben Bernanke as Chair of the Federal Reserve highlights an important point: What used to be a technical appointment, of interest only to nerdy economists, has now become a major cause of political tension. That may not be a bad thing.
CHICAGO – Before the US government shutdown took center stage in American politics, all attention was focused on President Barack Obama’s likely pick as next Chair of the Federal Reserve. Indeed, the appointment of Vice Chair Janet L. Yellen to succeed Ben Bernanke highlights an important point: What used to be a technical appointment, of interest only to nerdy economists, has now become a major cause of political tension, not only dividing Republicans and Democrats (it does not take much to do that), but even splitting the Democratic Party.
CHICAGO – Before the US government shutdown took center stage in American politics, all attention was focused on President Barack Obama’s likely pick as next Chair of the Federal Reserve. Indeed, the appointment of Vice Chair Janet L. Yellen to succeed Ben Bernanke highlights an important point: What used to be a technical appointment, of interest only to nerdy economists, has now become a major cause of political tension, not only dividing Republicans and Democrats (it does not take much to do that), but even splitting the Democratic Party.