According to various reports, Obama’s pick to replace Donald Kohn as the #2 at The Fed is Janet Yellen, who is currently the President of the San Francisco Fed.
Liberals will probably applaud the pick. Already the supply-siders, the Kudlows, and the WSJ editorial-boarders are sharpening their knives, because Yellen is a dove who would rather sacrifice price stability, if it means lower unemployment.
Given the pro-money stance of the Fed for all these years, this doesn’t sound like much of a change.
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