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October 18, 2013 at 6:55 AM
Yellen across the table on behalf of Main Street America
Now that the federal budget crisis is behind us for a few months, and Washington’s Republican representatives have endorsed the Affordable Care Act, with their support for ending the shutdown, life can return to normal.
Yes, I was surprised to learn of their turnaround on Obamacare too, but all those lunatic fringe emails smoking up the ether say that is exactly what their votes mean. Considering all the attention, deference and credibility so many Republicans granted the tea party and kindred wacko spirits, it must be true.
Meanwhile, those occupying a more lucid universe of political and economic interpretations ought to draw some solace from President Obama’s nomination of Janet Yellen to chair the Federal Reserve for an eight-year term. Yellen, currently No. 2 at the Fed, would replace Ben Bernanke, whose term expires after the first of the year. About the time the whole government-shutdown, debt-ceiling debacles might reignite.
Yellen, whose resume includes leading the Council of Economic Advisers in the Clinton Administration, comes across at an excellent representative for the interests of ordinary Main Street Americans, who need an ally against the banking and securities industries, and global economics.
A New York Times profile of Yellen, and the internal struggle to select a new Fed leader, described her as a vote for continuity. She was an architect of the stimulus plan that moved the country out of recession, and toward stability and lower unemployment.
She would be the first woman to hold the post, and that is another reason to savor her selection, and support her approval.