Krugman: Freedom’s Just Another Word For Nothing Left To Lose

[ProSense]

Freedom’s Just Another Word For Nothing Left To Lose

So Larry Summers has withdrawn from the Fed race. No profound thoughts here, except that it’s really, really hard to see how Obama can justify not picking Janet Yellen at this point. Nobody else is as qualified; any other choice would look like spite.

Just a personal reaction: I’ve known Larry for all our adult lives, and looking at this sad play I realize how lucky I am to have reached a place where I’m no longer in the rat race. Obviously I’m plenty combative, and in a way still ambitious too; I do track my Twitter followers, wonder how each column will do on the most-emailed list, and all that. But there are no promotions I’m seeking, no honors I desperately desire that I don’t already have.

Nobody’s life feels from the inside the way it looks from the outside. But at least as far as career goes, I’m wonderfully relaxed: no more steps to climb, no more boxes to check. I just do what I feel I should, and try to have some fun along the way.

I’m a very lucky guy.

http://krugman.blogs.nytimes.com/2013/09/15/freedoms-just-another-word-for-nothing-left-to-lose/

Given that Obama nominated Janet Yellen to serve as Vice-Chair of the Fed, why would anyone believe he wasn't seriously considering her over other potential candidates?

On April 28, 2010, President Obama nominated Yellen to succeed Donald Kohn as vice-chair of the Federal Reserve System.[9] In July, "[t]he Senate Banking Committee voted 17 to 6 to confirm her, though the top Republican on the panel, Senator Richard C. Shelby of Alabama, voted no, saying he believed Ms. Yellen had an 'inflationary bias.'" At the same time, on the heels of concerned testimony by Fed chair Bernanke, FOMC voting member James B. Bullard of the St. Louis Fed made a statement that the U.S. economy was "at risk of becoming 'enmeshed in a Japanese-style deflationary outcome within the next several years.'" Bullard's statement was interpreted as a possible shift within the FOMC balance between inflation hawks and doves. Yellen's pending confirmation, along with those of Peter A. Diamond and Sarah Bloom Raskin to fill vacancies, was seen as possibly furthering such a shift in the FOMC. All three nominations were seen as "on track to be confirmed by the Senate."[10]

On October 4, 2010, Yellen was sworn in for a 4-year term ending October 4, 2014. Yellen simultaneously began a 14-year term as a member of the Federal Reserve Board that will expire January 31, 2024.

http://en.wikipedia.org/wiki/Janet_Yellen#Vice_Chairwoman

[DreamGypsy]

1. Well, Paul, down here in Baton Rouge ...

...we're pretty much busted flat...waiting for a train...feeling nearly faded as our jeans (or should that be genes??).

Janet Joplin...sorry, I mean Janis Yellen, could be just the one to keep us from the cold.

[gopiscrap]

2. I tend to agree with you

[adirondacker]

3. Not arguing your point, but I thought this was an interesting bit of another NYT article..

"The withdrawal of Mr. Summers also leaves great uncertainty around the selection of a new Fed chairman, one of the most important economic policy decisions Mr. Obama will make in his second term. The successor to Ben S. Bernanke, the current chair, will shape how much longer and harder the Fed pushes to boost economic growth and reduce unemployment. The next Fed chairman will play a leading role in determining how forcefully the government seeks to constrain the financial industry.

White House officials have described Janet Yellen, the current vice chairwoman, as a finalist, and her candidacy has received widespread attention, but it remains unclear how seriously Mr. Obama is considering her. He does not know her well and White House aides have seemed unenthusiastic about her, despite the substantial support she enjoys from Democrats and outside economists."

http://www.nytimes.com/2013/09/16/business/economy/summers-pulls-name-from-consideration-for-fed-chief.html?pagewanted=1&_r=1&hp&target=comments

I wonder how they came up with their assessment?

[Hekate]

4. Krugman sounds like a happy man.

And his proposal certainly sounds valid. We know from experience that President Obama never has just one good candidate lined up for a job.

[Cha]

5. Kick for Janet Yellin.. thanks

ProSense.

[Aerows]

7. Are we purposefully misspelling her name?

I don't know. I thought it was Yellin, too, but I keep seeing Yellen, and if we aren't spelling the lady's name correctly, that is wrong.

[Cha]

8. Why would I purposely spell her name wrong? I just bungled it..

thanks for the heads up, Aerows.

Janet Yellen!

[Aerows]

9. Just thought I would point it out, Cha

It was starting to get on my nerves, and you aren't the first. I have no idea how her name got so bungled up in the first place.

No offense was intended, just correcting a mistake

[Cha]

10. Glad you did.. I don't like spellng anything wrong..

much less her name.

[Aerows]

11. I know it wasn't intentional

It was just starting to drive me nuts LOL. I think she's a great fit, and it was driving me bananas seeing her name not spelled correctly .

Sorry I'm too anal.

[Aerows]

12. One of the best tweets I saw was that

Obama should nominate someone named Screaman for the Treasury, too.

[Aerows]

6. Kicking for Janet Yellen

She's a great nominee.

And you all know I'm not part of the Amen choir. She is genuinely someone I can support.

[ProSense]

13. Yes. n/t