The Fed Succession

[DGuller]

Not really. It's like saying certain security policies prevent terrorist attacks, as is demonstrated by the lack of terrorist attacks. Which seems reasonable to me.

Homer: Not a bear in sight.  The Bear Patrol must be working like a charm.
Lisa: That's spacious reasoning, Dad.
Homer: Thank you, dear.
Lisa: By your logic I could claim that this rock keeps tigers away.
Homer: Oh, how does it work?
Lisa: It doesn't work.
Homer: Uh-huh.
Lisa: It's just a stupid rock.
Homer: Uh-huh.
Lisa: But I don't see any tigers around, do you?
Homer: Lisa, I want to buy your rock.

[The Minsky Moment]

He didn't even mention it once in A General Equilibrium?

?
General Theory?

Walras and Arrow were the general equilibrium guys,

[Admiral Yi]

My bad.

[The Minsky Moment]

Summers withdrew.

It is sad in a sense as I think he is an impressive person.  However, the campaign for him revealed 2 things: the usual ineffectiveness of this WH in building support for appointees, and the fact the Summers himself lacks any real support base either inside or outside Washington.

In this case, IMO it is a good result as the Fed job was not really a good fit for him.

[Caliga]

He's an... abrasive person.

[Ideologue]

Summers withdrew.

It is sad in a sense as I think he is an impressive person.  However, the campaign for him revealed 2 things: the usual ineffectiveness of this WH in building support for appointees, and the fact the Summers himself lacks any real support base either inside or outside Washington.

In this case, IMO it is a good result as the Fed job was not really a good fit for him.

So it'll be Yellen, right?  I've trusted to Paul Krugman that she was always the right technocrat for the job.

[The Minsky Moment]

So it'll be Yellen, right? 

She is on the inside track.  Her only problem is lack of any personal contacts at the WH.  A bunch of other former vice-chairs - Blinder, Kohn, Ferguson - are also in play. 

[DGuller]

I think Summers is a cautionary tale for really intelligent people like me.  He shows that even very intelligent people can fuck things up big time if they lack humility or appreciation for the limits of their intelligence.

[Ed Anger]

I think Summers is a cautionary tale for really intelligent people like me.  He shows that even very intelligent people can fuck things up big time if they lack humility or appreciation for the limits of their intelligence.

Humility, thy name is DGuller.

[MadImmortalMan]

AFAIK, Yellen hadn't even been vetted yet. So Summers withdrawal might have been a great big monkeywrench in the original plan.

[citizen k]

"For my own part," Ms. Yellen said, "I did not see and did not appreciate what the risks were with securitization, the credit ratings agencies, the shadow banking system, the S.I.V.'s — I didn't see any of that coming until it happened."

[Ideologue]

So she's honest.  PAUL KRUGMAN SAID GIVE HER THE FUCKING JOB.

[Ed Anger]

Klugman eats feces

[Ed Anger]

KRUGMAN YOU STUPID AUTOCORRECT

[derspiess]