Skip to comments.S&P near record after Larry Summers' withdrawal
Posted on 09/17/2013 5:32:12 AM PDT by SeekAndFind
The S&P 500 is once again close to a record high, as investors welcomed the withdrawal of Larry Summers from the race to become next chairman of the Federal Reserve.
Investors are excited at the prospect of top contender Janet Yellen taking over from current Fed chairman Ben Bernanke, since she is widely expected to pursue a similar policy of stimulating the economy to bring the unemployment rate down. Yellen is currently the Fed's vice chair.
(Excerpt) Read more at money.cnn.com ...
Let the party continue now that the party pooper has been shown the exit.
$85 billion a month buys a lot of booze.
Not surprising that S&P would blossom with the prospect of access to more tax dollars. That does not make it good for America, though.
While Summers and Yellen are both doves who feel growth is a bigger risk than inflation, Yellen played a key part in designing the central bank's quantitative easing program and more recently, was a big advocate of forward guidance," said Kathy Lien, managing director at BK Asset Management.
It amazes me that nobody seems to point the finger at obama and his ‘economic’ team when talking about the need for growth. Onerous taxes, mindless regulations, selectively enforcing the law, uncertainty surrounding obamacare, all have nothing to do with the Fed.
Sure, the excessive money printing is irresponsible, but there’s much more to the story than Uncle Ben (soon to be Aunt Janet).
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