Anonymous wrote:Powell is going down as the one of the greatest public servants of the last half century.
They will be writing books about him for a century to come.
Anonymous wrote:Why?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Bumping to give my guy his flowers.
The most powerful man in town since 2018.
If Biden doesn’t te-nominate due to woke pressures, he’s confirming that he’ll be a one term president
What would be wrong with Lael Brainard? She would be an amazing pick, and her policy would be very mainstream. Not woke, whatever that means.
She will be Vice Chair of Supervision, once Quarles’s Vice Chair term ends this fall.
She won’t be Chair.
Why should Lael Brainard take vice chair for supervision? Vice chair of the Board (more generally) is more prestigious, especially for an economist like her. The term as governor for the current occupant, Richard Clarida, ends in January, so vice chair for the Board opens soon.
Agree it woulld take an awful lot to dislodge Powell as chair, although Brainard is well-qualified.
Brainard is not a monetary economist, she’s a foreign aid/trade economist. The Vice Chair is usually a monetary expert and needs to counterweight the President of FRBNY in the FOMC meetings. Especially when you have Powell, who is a lawyer & ex-banker.
Anonymous wrote:It's easy to be great when you can put trillions into the economy and never worry about inflation.
Bernanke, Yellen, and Powell are all OK, but like I said it's not hard to flood the economy with money.
Greenspan opined on a lot of things that turned out to be wrong, and one of them was fundamental to the job: the idea that markets self-regulate.
Volker was the real deal. He had to crush inflation during high unemployment. The rest of these guys are just praying they never run into that situation, ever.
Anonymous wrote:I find him not as scholarly as Bernake or Yellan. But meh, he’s ok. I say this as someone who has a family member who sat on the Kansas City Fed.