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Janet Yellen – not quite Karl Marx's ideal Fed boss Janet Yellen – not quite Karl Marx's ideal Fed boss
(about 9 hours later)
Age: 67.Age: 67.
Appearance: All woman with a thatch of white hair, glasses and rosy cheeks – a little like Margaret Mountford from The Apprentice minus the sexy eyes.Appearance: All woman with a thatch of white hair, glasses and rosy cheeks – a little like Margaret Mountford from The Apprentice minus the sexy eyes.
So, how are those remedial sexism awareness classes going? Badly. Then again, even the New York Times called her "a small lady with a large IQ."So, how are those remedial sexism awareness classes going? Badly. Then again, even the New York Times called her "a small lady with a large IQ."
Why are we writing about her? Barack Obama is nominating her to become the first female chair in the 100-year history of the Federal Reserve, the US central bank. From January, it's very likely she will be one of the world's most powerful women.Why are we writing about her? Barack Obama is nominating her to become the first female chair in the 100-year history of the Federal Reserve, the US central bank. From January, it's very likely she will be one of the world's most powerful women.
What are critics saying about her? "A client said to me a few weeks ago that if Karl Marx was in charge of the world, he'd have Janet Yellen as his central bank governor," said Bob Janjuah, global head of tactical asset allocation for the Japanese Nomura Group.What are critics saying about her? "A client said to me a few weeks ago that if Karl Marx was in charge of the world, he'd have Janet Yellen as his central bank governor," said Bob Janjuah, global head of tactical asset allocation for the Japanese Nomura Group.
Isn't that absurd? Yes – she's hardly going to nationalise Wall Street or break up the big banks, but some bankers fear she will be a tougher regulator than current Fed boss, Ben Bernanke or his predecessor, Alan Greenspan.Isn't that absurd? Yes – she's hardly going to nationalise Wall Street or break up the big banks, but some bankers fear she will be a tougher regulator than current Fed boss, Ben Bernanke or his predecessor, Alan Greenspan.
So why did Obama appoint her? She has 13 years of Fed experience and a remarkable academic record (LSE, Berkeley, Harvard). What's more, she was one of the few who sounded the alarm bells on the property market bubble early on.So why did Obama appoint her? She has 13 years of Fed experience and a remarkable academic record (LSE, Berkeley, Harvard). What's more, she was one of the few who sounded the alarm bells on the property market bubble early on.
Tough job? "Yellen will have to convey that she has the head of a hawk and the soul of a dove," argues Business Week.Tough job? "Yellen will have to convey that she has the head of a hawk and the soul of a dove," argues Business Week.
Meaning? The hawk worries about inflation and stands for sound money. The dove wants maximum employment.Meaning? The hawk worries about inflation and stands for sound money. The dove wants maximum employment.
What's her inclination? Dove-like. "The toll is simply terrible on the mental and physical health of [jobless] workers, on their marriages, and on their children.", she said earlier this year. What's her inclination? Dove-like. "The toll is simply terrible on the mental and physical health of [jobless] workers, on their marriages, and on their children," she said earlier this year.
Are there any parallels between Yellen and the new Bank of England governor Mark Carney? Like him, she favours transparent monetary policy, public targets, more and better communication. But Yellen goes further than Carney: Last year, for the first time, the Fed announced targets for inflation and unemployment rates on the recommendation of the committee she headed.Are there any parallels between Yellen and the new Bank of England governor Mark Carney? Like him, she favours transparent monetary policy, public targets, more and better communication. But Yellen goes further than Carney: Last year, for the first time, the Fed announced targets for inflation and unemployment rates on the recommendation of the committee she headed.
Isn't she married to winner of the 2001 Nobel prize for economics, George Akerlof? Apparently, they fell in love in the cafeteria of the Fed. Like you do. The fruit of their passion, son Robert, is now assistant professor of economics at the University of Warwick.Isn't she married to winner of the 2001 Nobel prize for economics, George Akerlof? Apparently, they fell in love in the cafeteria of the Fed. Like you do. The fruit of their passion, son Robert, is now assistant professor of economics at the University of Warwick.
Do say: "It's taken too long to break that glass ceiling."Do say: "It's taken too long to break that glass ceiling."
Don't say: "Isn't that Christine Lagarde?"Don't say: "Isn't that Christine Lagarde?"
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