In an Economic Democracy, Stiglitz and Reich Would Be Contenders for Fed Head

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http://www.thenation.com/blog/175511/economic-democracy-stiglitz-and-reich-would-be-contenders-fed-head#axzz2aYXlnCa1


Joseph Stiglitz (Courtesy of Wikimedia Commons)

The big election race of 2013 is for the position of Federal Reserve chairman.

The United States is not an economy democracy, however. So there will be no popular vote on who will make the most critical decisions on jobs, investments, interest rates and a host of other defining issues for working families, communities, states and the nation.

But there is a campaign going on. In order to influence the selection of a new chair by President Obama and the Senate confirmation process: Contenders are positioning. Camps and caucuses are organizing. Endorsements are being made. Issues are being placed on the table.

So let's invite the American people into the process.

Let's tell them how powerful the Fed is, and what it could do to address poverty, unemployment and the economic challenges faced by cities like Detroit.



Read more: In an Economic Democracy, Stiglitz and Reich Would Be Contenders for Fed Head | The Nation http://www.thenation.com/blog/175511/economic-democracy-stiglitz-and-reich-would-be-contenders-fed-head#ixzz2ae8SKrwU
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[ananda]

2. That's quite a fantasy.

Would it could be true.

[LWolf]

3. As John Nichols concludes,

"Urging the selection of Stiglitz or Reich might not lead to the actual choice of a progressive-populist as Fed chair. But it could turn the tide against Summers. It might help Yellen. And it would almost certainly create pressure on whoever takes charge of the Fed to recognize and embrace the full potential of the Federal Reserve."

Edited to add:

This is what so many Democrats who reject the best candidates for everything because they are "unelectable" just don't get. Winning sometimes doesn't mean winning the race, but the conversation.