Keynesian Socialist in Line for Federal Reserve Chairman

Obama will appoint another socialist nutbag to help with his ‘fundamental transformation’ of America. We’re approaching a $17 trillion debt and ObamaCare is already having bad side effects. If you think Bernanke was bad, get ready for fresh hell.

Up for consideration is Janet Yellen, who thinks government should act as a Nanny State regulator of business.

Obama on Wednesday will nominate Janet Yellen, a loyal lieutenant of Federal Reserve Chairman Ben S. Bernanke and an economist dedicated to improving the nation’s job prospects, to become the first woman to head the century-old central bank.

She will be nominated while the White House and congressional Republicans remained locked in a monumental battle over the nation’s debt limit, which is roiling global markets and depressing an already tepid economic recovery. That creates a particularly challenging economic environment to inherit when Mr. Bernanke retires at the end of January.

The threat to economic growth from the budget standoff likely was a factor swaying the president to forward the nomination long urged by liberals in his own party, who preferred Ms. Yellen and her commitment to increasing employment over the seemingly more hawkish views of former White House economic adviser Lawrence H. Summers, Mr. Obama’s first choice for the job. Mr. Summers cited opposition from Senate liberals and the brewing confrontation with Congress over the budget in withdrawing from the running last month.

Because Ms. Yellen was the preferred candidate of more than a third of the Senate’s Democrats, her nomination likely faces smooth sailing, although her liberal views supporting Mr. Bernanke’s use of extraordinary and unconventional Fed powers to juice the economy rankle many Republicans.

If it rankles them so fucking much, then block her confirmation. Somehow, I don’t see that happening.

She was on Bernanke’s team, and she helped push the terrible policies that have resulted in America’s economic downfall.

A summary from The American Spectator:

But aside from the choir of voices calling out for Yellen’s coronation, what can we expect in terms of monetary policy out of a Yellen-helmed Federal Reserve? Well, Yellen has declared that she is not afraid of inflation, and that she would like to see even-easier monetary policies than those under Bernanke. She can be classified as a neo-Keynesian, meaning that she sees government spending as an appropriate means of softening a recession, while quixotically admitting that the central bank is most likely responsible for the creation of the very business cycles that it exists to counteract. And she’s not as prescient as some would have us believe—as late as April of 2007, she was praising federal efforts in low-income community engineering, particularly the Community Reinvestment Act, which many believe was a major cause of the housing bubble. In 2005 she acknowledged the bubble, but advocated that the Fed limit its efforts to counteract it.

David Stockman, former director of the Office of Management and Budget under President Ronald Reagan, is blunt about Yellen’s cluelessness:

The  reason our economy is in such crappy shape, is because of the wild-assed spending that keeps busting through whatever debt ceiling we have, from administration to administration.  Obama took our country to hell in a socialist handbasket with hostile government-forced takeovers of 2/3rds of the auto industry and the engineered collapse of the banking infrastructure.

He took a bad economy and made it worse by destroying America’s financial stability.  To justify his tactics, he holds up seniors and the disabled as a fear factor. His visceral hatred for successful entrepreneurs and support for union thugs—not the working people who struggle through life under the strain of increasing government intrusion—is reflected in every one of his domestic policies.

We are saddled with a $16+ trillion debt, uncontrolled borrowing and spending, higher taxes on the horizon, the economy in a nosedive, high unemployment, a lengthy history of government mismanagement, and a Marxist regime that refuses to stop gouging people for their class war. The unemployment rate was 7.2% when the Anointed One took office.  The current official number is 7.3%.  But when you figure in all the people who stopped looking for work and ran out of unemployment benefits, it’s around 13.7%.

Obama’s entire economic strategy is based on his hatred and demonization of free market enterprise.

He owns this economy.

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