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Why You Should Not Be Enthusiastic About Janet Yellen as Fed Chairman

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While it's a relief to have Larry Summers out of the running for the Fed chairmanship, it's also important not to labor under any delusions about Janet Yellen, the nominee presumptive. Larry Summers set a very low bar to beat.

The modern Fed has become a citadel for orthodox-thinking, meaning entirely mainstream economists. And even though the global financial crisis revealed mainstream economics to be intellectually bankrupt and worse, affirmatively destructive, it has lost no hold over policy. It's hard to imagine that a keen empiricist and original thinker like Marriner Eccles, the Fed chairman from 1934 to 1948, would have a snowball's chance in hell of being appointed to any important position at the present-day Fed.

Obama embraces and will continue to perpetuate the conservatism of our central bank. He reappointed Bernanke, who has continued the policies of the Greenspan Fed

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