"Yellen Poised to Rival Obama With Financial Power," screams Monday morning's Bloomberg headline. If you were expecting a story about Sen. Rand Paul's threats to block President Obama's nomination of Janet Yellen to replace Ben Bernanke as Fed Chair, you were sorely mistaken. The Bloomberg story is yet another in a long line of essays on what it would mean for the FOMC to be run by a woman for the first time in its 100-year history.
"I don't know if I should smile or kind of puke when I think about that," says Hedgeye CEO Keith McCullough in the attached clip. He says the issue of who becomes head of the FOMC has nothing to do with gender. "We've completely lost touch with where we are in terms of the Constitution, principles of the country, or whether or not the Fed should have a certain amount of unaccountable or unelected control."
By McCullough's and most other accounts, the Fed is to be blamed or credited with controlling the prices of almost all assets over the last six years through Quantitative Easing, Operation Twist, and all other forms of economic stimulus. How Yellen or anyone else goes about unwinding this unprecedented stimulus will do much to determine our economic destiny as a nation.Read More »from Yellen’s Feminist Triumph Threatens Your Economic Future: McCullough