Wednesday, October 9, 2013

Will calamity Janet join the rogues gallery?

Will calamity Janet(Yellen) join the rogues gallery? FED has had some interesting characters as Chairman.There was Eugene Meyer,chairman of FED from 1930 to 1933.He was Woodrow Wilson believer,it was in War World One that after very successful business career Meyer become a dollar a year government official as director of the War Finance Corp. Undoubtedly became an admirer of Herbert Hoover,who strangely enough just like F.D.R was in a way,a political child of Wilson.
Anyway Meyer became Hoover's point for economy in the depression,not only FED Chairman but also organizing the Reconstruction Finance Corp and became its first chairman.Left government when F.D.R became President,thought he treated Hoover shamefully.Bought the Washington Post(family recently sold it) and 1946 President appointed him first President of World Bank.
Marriner Eccles chairman of FED from 1934 to 1948 was a Republican,Mormon and one riches man in West.Yet he was most Left-Wing radical person to Chairman of FED.He believe in huge government spending and taxing heavy the wealthy.He give FED more power by creating the Open Market Committee(it became into effect with the Banking Act of 1935).Truman fired him as Chairman in 1948 although he stay on board until 1951.He didn't trust Truman to kept New Deal Economic program.
William Martin chairman from 1951 to 1970.His father was one the author of the FED.Martin was first paid President of NYSE.Work in Treasury during Truman Administration then Truman appoint him to the FED as Chairman.One more successful runs until in 1966 when inflation began raise it's ugly head.Nixon blame him for his defeat in 1960 because tight money policy.Nixon fired him in 1970.
Paul Volcker chairman from 1978 to 1987 the inflation tainer maybe best of FED Chairman him and President Reagan took us of darkness and hopeless of 1970's into bright world of low inflation and high growth.

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