Sunday, July 27, 2014
YOLO COUNTY NEWS
99 CENTS

Yellen is natural choice to head Fed

By
From page A14 | September 22, 2013 |

The issue: Presidents don’t get easy choices very often; this is one

President Barack Obama has been criticized fairly for dithering over critical decisions and then not fighting hard for them.

Circumstances have conspired to make one of the most important decisions of Obama’s second term for him. Thankfully, it’s the right one, and the president may not even have to fight hard for its approval.

LAST SUNDAY, Larry Summers — Obama’s first choice to lead the Federal Reserve Board, one of the most powerful jobs in Washington — withdrew from consideration. The former Treasury secretary badly wanted the job and Obama badly wanted him to get it.

Summers would have been a hard sell to the Senate. He’s brilliant, knows it and doesn’t mind letting others know it. He has a combative personality combined with a knack for unfortunate phrasing, as when he suggested there might be inherent gender reasons for the disparity between men and women in the sciences. That, and his awkward attempts to explain his way out of the situation, cost him his job as president of Harvard.

Moreover, Summers was opposed for the job by a handful of Democratic senators on the left, who thought he was too averse to financial regulation. Obama seemed disinclined to bring them around.

Summers’ withdrawal puts Janet Yellen at the head of the line for the Fed chairmanship. Vice chair of the central bank, she has more experience there than the last three chairmen did when they were named. Washington Post columnist Ezra Klein recently described her as being “the most qualified Fed chair in memory.”

And prescient, too. Recently declassified transcripts of Fed meetings from February 2007 show she foresaw the coming recession when many of her fellow board members did not.

Yellen is also one of the board’s strongest voices for fighting unemployment, a too-often-forgotten element of the Fed’s mandate.

FOR WHATEVER REASON, she gets lukewarm support from the White House, which recently floated the name of former Treasury Secretary Tim Geithner. He has emphatically said he doesn’t want the job.

However, support for Yellen is strong outside the White House, in Congress and the financial community. Not only would she be the first woman to hold the Fed job, she would be the first Democrat since 1987.

Obama has known since at least June that current chairman Ben Bernanke plans to leave when his second term expires in January. It’s now September and time for the White House to get moving.

Presidents don’t often get easy choices. This is an easy one.

Comments

comments

.

News

Community gardens stretch food dollars, study finds

By Special to The Enterprise | From Page: A1 | Gallery

 
Zombies by rail: It’s not just a show, it’s a trip

By Evan Arnold-Gordon | From Page: A1 | Gallery

Fatal Covell Boulevard crash recalled in court

By Lauren Keene | From Page: A1

 
Humphrey Fellows will host Global Forum

By Enterprise staff | From Page: A1 | Gallery

Wildfire spurs evacuation of 700 homes

By The Associated Press | From Page: A2

 
State can’t say if it’s meeting drought goal

By The Associated Press | From Page: A2

 
Rairdan joins race for Davis school board

By Enterprise staff | From Page: A2

Ukraine launches offensive to retake Donetsk

By The Associated Press | From Page: A2

 
Israel extends Gaza truce through Sunday

By The Associated Press | From Page: A2

New ordinance aims to prevent nut thefts from orchards

By Anne Ternus-Bellamy | From Page: A4

 
Biggest book sale to date opens Friday at Davis library

By Enterprise staff | From Page: A4

Luna family matriarch turns 100

By Enterprise staff | From Page: A4 | Gallery

 
 
Discussion of oil by rail EIR planned Sunday

By Enterprise staff | From Page: A5

 
Mace Innovation Center is focus of meeting

By Enterprise staff | From Page: A5

Freeway crash injures two drivers

By Lauren Keene | From Page: A5

 
Museum wants your old Davis High School yearbooks

By Enterprise staff | From Page: A5

Affordable housing forum planned in Davis

By Special to The Enterprise | From Page: A5

 
Protesters gather at Primate Center

By Tanya Perez | From Page: A8

 
State awards $40,000 for historic property survey

By Lily Holmes | From Page: A8

Free blood pressure screenings offered

By Enterprise staff | From Page: A9

 
Vanguard hosts economic development director

By Enterprise staff | From Page: A9

Get a sneak peek at documentary trailer

By Enterprise staff | From Page: A9

 
Davis Chamber Choir sings short summer program

By Jeff Hudson | From Page: A9

Tasting event benefits Yolo Land Trust

By Lily Holmes | From Page: A9

 
At the Pond: From Davis, it’s easy to get back to nature

By Jean Jackman | From Page: A10 | Gallery

Tickets on sale now for DHS Hall of Fame dinner

By Enterprise staff | From Page: A11

 
.

Forum

Feels like a million miles away

By Creators Syndicate | From Page: A7

 
Here’s what you need for a perfect wedding

By Marion Franck | From Page: A7

 
Check doctors’ vitals before they check yours

By The Associated Press | From Page: A7

Husband’s let himself go

By Creators Syndicate | From Page: A14

 
Questions on water rights

By Letters to the Editor | From Page: A16, 1 Comment

Campus turns on the tap

By Our View | From Page: A16

 
So, what’s in a week’s worth of waste?

By Michelle Millet | From Page: A16

Pat Oliphant cartoon

By Debbie Davis | From Page: A16

 
Golf tourney was a big success

By Letters to the Editor | From Page: A16

We can do more to help

By Letters to the Editor | From Page: A17

 
New playground is wonderful

By Letters to the Editor | From Page: A17

Just Us in Davis: Little Rock Nine hero to celebrate with Davis youths

By Jann L. Murray-Garcia | From Page: A17 | Gallery

 
.

Sports

Sutherland presents 1st clinic; golf column on its way

By Bruce Gallaudet | From Page: B1 | Gallery

 
New Korematsu teacher is an American Ninja Warrior

By Bruce Gallaudet | From Page: B1 | Gallery

Furyk opens 3-shot lead in Canadian Open

By The Associated Press | From Page: B1

 
Gray wins 6th straight, A’s 4 HRs beat Texas 5-1

By The Associated Press | From Page: B1

Kershaw throws 2-hitter as Dodgers beat Giants 5-0

By The Associated Press | From Page: B1

 
Nibali set to cruise to Tour victory

By The Associated Press | From Page: B2

Area sports briefs: River Cats take Game 1 of doubleheader

By Special to The Enterprise | From Page: B4

 
.

Features

.

Arts

.

Business

Companies will collaborate on crop insect control

By Enterprise staff | From Page: A13

 
Developer’s commitments: affordable and green

By Special to The Enterprise | From Page: A13 | Gallery

Go back to school with Great Clips

By Enterprise staff | From Page: A15

 
Lagerstrom represents Davis at Mary Kay seminar

By Special to The Enterprise | From Page: A15

UC Davis Health System earns ‘Most Wired’ award

By Charles Casey | From Page: A15

 
Bartholomew hires new associate

By Enterprise staff | From Page: A15

Yolo County real estate sales

By Zoe Juanitas | From Page: A15

 
.

Obituaries

Carlton Hope Meister

By Special to The Enterprise | From Page: A4

 
Jonathan Eric Hollander

By Special to The Enterprise | From Page: A4

.

Comics

Comics: Sunday, July 27, 2014

By Creator | From Page: A6