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When Wall Street predicts something will happen in Washington, it is often wise to bet on the opposite. Multiple polls show Janet Yellen, vice-chair of the US Federal Reserve, as the strong favourite to be named Ben Bernanke’s replacement as chair – an announcement that is likely by September.
Such certainty is puzzling: there is no evidence President Barack Obama sees Ms Yellen as a shoo-in. Nor does his likely shortlist – which includes two former Treasury secretaries, Larry Summers and Tim Geithner; and a former vice-chairman of the Fed, Donald Kohn – suggest Ms Yellen as the inescapable choice. Each is an impressive name, as are possible outsiders such as Stanley Fischer, governor of the Bank of Israel (who holds dual nationality). Mr Obama has a deep bench from which to choose.
It is my bet he will settle on Mr Summers. ...
The word among Federal Reserve watchers right now is that the choice is down to Janet Yellen or Larry Summers as Ben Bernanke’s replacement. I can’t find anyone who really thinks it’ll be Roger Ferguson, Tim Geithner, Alan Blinder, or some other dark horse.
People dismissed Summers’s chances a month or two ago, but he’s increasingly viewed as the leading candidate today — and opinions on this, for reasons I don’t fully understand (though I suspect have to do with a bunch of elite trial balloons going up at the same time), have really hardened in the last 72 hours. So after conversations with plugged-in sources both inside and outside the process, here’s what’s behind the changing odds:
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... Duke will leave her position around Aug. 31, she said in a letter to the White House released by the Fed. ...
After months of speculation, it's official: Janet Yellen will be the next chair of the Federal Reserve, succeeding Ben Bernanke, the White House said late Tuesday.
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http://www.zerohedge.com/news/2013-...ndgame-total-collapse-higher-diving-board-nowMarc Faber said:"She will make Mr. Bernanke look like a hawk. She, in 2010, said if could vote for negative interest rates, in other words, you would have a deposit with the bank of $100,000 at the beginning of the year and at the end, you would only get $95,000 back, that she would be voting for that. And that basically her view will be to keep interest rates in real terms, in other words, inflation-adjusted. And don't believe a minute the inflation figures published by the bureau of labor statistics. You live in New York. You should know very well how much costs of living are increasing every day. Now, the consequences of these monetary policies and artificially low interest rates is of course that the government becomes bigger and bigger and you have less and less freedom and you have people like Mr. De Blasio, who comes in and says let's tax people who have high incomes more. And, of course, immediately, because in a democracy, there are more poor people than rich people, they all applaud and vote for him. That is the consequence."
She's in favor of negative interest rates ...
October 29, 2013
Dear Senate Majority Leader Reid,
I am writing to convey my objection to floor consideration of the nomination of Dr. Janet Yellen to Chair the Board of Governors of the Federal Reserve without also considering legislation to bring much-needed transparency to the Fed.
As the Senate debates the nomination of the next head of the Federal Reserve, there is no more appropriate time to provide Congress with additional oversight and scrutiny of the actions and decisions of the central bank. Therefore, I request that my bipartisan legislation, S. 209, the Federal Reserve Transparency Act, be scheduled for an up or down vote concurrently with the Yellen nomination. Similar legislation passed 327-98, with bipartisan support, in the House of Representatives on July 25, 2012. This same bill has been stalled in the Senate for nearly three years.
Accordingly, I will object to any unanimous consent agreement or the waiver of any rule with respect to the nomination of Dr. Yellen without a vote on S. 209. I know you have been a supporter of similar legislation in the past, and I hope that we can work together to pass this important legislation.
Sincerely,
Rand Paul, M.D.
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Paul has said he will block Yellen unless the Senate takes up his legislation to audit the Federal Reserve. But he said he will likely fail to stop her.
“In all likelihood, yes," Paul said in an interview on Bloomberg's "Political Capital with Al Hunt," which will air Friday night. "But I want to draw attention to the fact that Audit the Fed has been held hostage by [Senate Majority Leader Harry] Reid for three years. And once upon a time, he was for Audit the Fed. We had floor speeches all through the '90s, he would come down here with Sen. [Byron] Dorgan, and they were for auditing the Fed. My question is, let us have at least a vote on this.”
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The benefits for whom?
lol... Devil is in the details...
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