Janet Yellen, vice chairwoman of the Federal Reserve Bank, speaks at the Economic Club of New York (AP Photo/Mark Lennihan)
If appointed, Janet Yellen would be the first woman to head the Federal Reserve. Her detractors claim she lacks the “gravitas” for the job and hint that the markets will become skittish upon her appointment. On the contrary, she would bring a much-needed perspective to a position too often filled by a tight circle of elite men who subscribe to the prevailing wisdom that crashed our economy. While Larry Summers, another top contender for the job, has yet to express regret for his support of the deregulation that ruined our economy, Yellen sounded the alarm about the housing crisis before many were willing to entertain the idea. Moreover, a recent report by The Wall Street Journal revealed that she was the most accurate forecaster in all of the Fed.
The Nation’s William Grieder argues that President Obama should “impose a glass ceiling on the old boys who got it wrong” and choose Yellen over Summers.
On All In with Chris Hayes, Hayes breaks down the crucial differences between Janet Yellen and Larry Summers, and explains what the pick means for the American economy.