I think the Dems on the Senate banking committee had better give her nomination some very careful vetting. Look at some of the things she backed, back in the day. (Back then, even Paul Krugman backed NAFTA. But still.)
Janet Yellen is not a progressive
yeah but how many of those issues are something that the chair of the federal reserve has any decision making power on? The Fed doesn’t have anything to do with the levels of social security benefits, or trade agreements like NAFTA. The key reason that Yellen is a good choice is that she seems to actually take the Fed’s dual mandate seriously. By law, the fed is supposed to use its powers over the monetary supply and interest rates to keep both unemployment and inflation under the control. Lately however, all the fed chairmen have ignored half of their mandate and concerned themselves almost entirely with inflation. Yellen, at least, is willing to use the powers of the fed to try to help the employment situation, and that’s what we need in a fed chair. Who cares what she thinks about other stuff. She could be a creationist for all I care. I just want her to consider unemployment an actual problem.
Nobody in the 1% is a Progressive. Some are less a Capitalist than are others, but that’s a difference without a distinction. Hell, very few people who call themselves Democrats are all that Progressive. Should we discuss what a Leftist is?