Skip to comments.Senate confirms Yellen to chair Federal Reserve
Posted on 01/06/2014 4:15:59 PM PST by markomalley
The Senate confirmed Janet Yellen on Monday as the first woman to lead the Federal Reserve, elevating an advocate of fighting unemployment and a backer of the central bank's efforts to spur the economy with low interest rates and massive bond purchases.
Yellen, 67, will replace Ben Bernanke, who is stepping down after serving as chairman for eight years dominated by the Great Recession and the Fed's efforts to combat it.
Senators confirmed her by 56-26, with numerous absences caused by airline flight delays forced by arctic temperatures around much of the country. All 45 voting Democrats were joined by 11 Republicans in supporting Yellen, while 26 Republicans voted "no."
(Excerpt) Read more at news.yahoo.com ...
She’ll make Dr. Bernanke look like a skinflint curmudgeon.
Let the funny money roll!
The nation had best take a deep seat.
even most of the 26 who voted NO did not really give a crap
My point: They'll BLAME her when the inevitable financial debacle occurs.
And thus doubling down on the Keynesian policies that make the ‘rich richer’. If only someone could reach the dumb masses with the truth about how QE created the current ‘income inequality’ thanks to Democrat Party ideology.
Sold the American people down the river again. See a pattern here?
no wonder the market was down
Listen for that giant sucking sound Ross was always telling us about.
The Federal Reserve makes my head hurt trying to make sense of it. Please advise when we should start stuffing cash in our mattresses withdrawn from our banks.
Lindsey Graham voter for her. Hand in hand with the likes of Susan Collins. And Huckabee DARES call Graham “a great conservative?” Graham is already toast, shame on Huckabee!!!!
How does the Fed 'fight unemployment'?
And massive bond purchases, $85 billion a month, are only going to be bought back by the banks under new Fed regulation to have more liquid asset on hand, as I recall an article I've read here.
Fed Unanimously Adopts Bank Liquidity Proposal
The banks would hold a buffer of liquid assets - such as government bonds - to draw on to ensure they can meet withdrawals by depositors, to post collateral due to credit rating downgrades and to meet other needs.
U.S. government debt and excess reserves held at the Fed are deemed the most liquid under the Fed's proposal, while claims on government-sponsored enterprises, such as mortgage finance giants Fannie Mae and Freddie Mac, are less liquid and may make up only 40 percent of the buffer.
“Please advise when we should start stuffing cash in our mattresses withdrawn from our banks.”
Limiting the business you transact with banks is a good idea anytime.
Here is what you need to understand about being a depositor at a bank: you’re an unsecured creditor. That means that if the bank goes bankrupt, you’re last in line to get paid. That’s where the FDIC comes in with deposit insurance. The FDIC protects your deposits. The problem is that the total amount in the FDIC insurance fund is $25 Bil. The total amount of deposits in commercial banks is $9.3 tril (or $9300 Bil). So, the FDIC can cover less than 3/10 of one percent of bank deposits in the case of widespread bank defaults.
OK. So let’s say that we have a situation where there are widespread bank defaults. That came very close to happening in 2008. It’s assumed that FDIC would be backed by the Federal government if the insurance fund were to go bust. That’s assuming of course that dear leader, nancy pelosi, john boehner, and harry reid would all go along with that.
Is it worth the less than 1% interest you get on bank deposits to take that risk?
Who were the 11 GOP's that voted for her? Any idea?
Yellen was picked because she is female. First sentence in the AP report highlights that as her first qualification.
But she will not get the blame for the trainwreck. She is part of team demonrat.
It will be Bush’s fault.
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