Yellen likely to succeed Bernanke

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President Obama will pick the first woman to head the Federal Reserve — one of the world's most powerful jobs -- over a veteran Washington insider, economists surveyed by USA TODAY predict.

Thirty-two economists said they expect Fed Vice Chairwoman Janet Yellen to succeed Chairman Ben Bernanke next year. Four predicted Obama will nominate Larry Summers, his former economic adviser and President Clinton's Treasury secretary.

The survey was done last week amid a flurry of media reports suggesting that the field was narrowing to a choice between Yellen and Summers or that Summers was the front-runner.

The White House has said only that a decision will be made in the fall. In an interview with The New York Times published over the weekend, Obama said he has narrowed his choice to "some extraordinary candidates." Treasury Secretary Jack Lew declined to express a preference in an interview on ABC's This Week on Sunday.

Yellen is "extremely well-qualified and she's been there through the (financial) crisis," says Diane Swonk, chief economist of Mesirow Financial. "We need continuity."

Vincent Reinhart, chief U.S. economist of Morgan Stanley and former head of monetary affairs at the Fed, thinks Obama will pick Summers.

"The president really has tended to reward loyalty," Reinhart says, "and Summers has that history with the president that Yellen doesn't."

The presumptive horse race between Yellen and Summers to be the nation's top economist has transfixed Washington in a uneventful political summer even though the White House says a nominee won't be announced until fall.
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http://www.usatoday.com/story/money/business/2013/07/28/economists-yellen-frontrunner/2590289/
 
Rana said:
I know nothing about this woman, time to educate myself.
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About as solid a choice as he is going to have... definitely like it if it was indeed between her and Larry Summers. A little like Bernanke with monetary policy in that she leans towards the looser side like him (and I mean that only in the strictest fiscal sense). She has the educational background and experience to be a good fed chief. My only concern with her is the same as it would be for anyone... do she maintain this insanely loose monetary policy or not? Has Bernanke painted the next fed chief into a corner?
 
Superfreak said:
About as solid a choice as he is going to have... definitely like it if it was indeed between her and Larry Summers. A little like Bernanke with monetary policy in that she leans towards the looser side like him (and I mean that only in the strictest fiscal sense). She has the educational background and experience to be a good fed chief. My only concern with her is the same as it would be for anyone... do she maintain this insanely loose monetary policy or not? Has Bernanke painted the next fed chief into a corner?
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Basically, your only concern is whether she thinks it's a good time (now or in the near future) for a FED induced recession or not.
 
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