It came as no surprise that President Obama has nominated Janet Yellen to succeed Ben Bernanke as the Chairperson of the Federal Reserve. I wish to congratulate her and wish to assure her and my readers that nothing that I might say about her in the near future is meant in a personal way. I am aware somewhat of what it takes for gentle ladies to climb the latter of success and it is a difficult road.
When I began my career at the Xerox Corporation in 1995, I started in Corporate Research at the Wilson Center for Research and Technology located at the Webster Campus as a desktop support technician. All of my customers and colleagues except for one were men and the building that I supported had no ladies restroom. Apparently, there was no one to complain about the absence of such accommodations until I arrived on the scene. It is a challenge to work in a cold climate having to take a trip to the next building over when nature calls.
I cannot say whether I had to work harder than anyone else to get ahead, as I think I worked as hard as many of the customers for whom I stayed late many a night. There were occasions where I did feel put down and treated differently but it’s hard to say why. Some people are ruthless and difficult to work with no matter whom they are interacting with. Most people were very professional, however, allowing me come to their offices and do my job without any issue.
But I am about 20 something years younger than she. It was likely older women such as Ms. Yellen who blazed the trail for future generations of young women to make it in a “man’s world.” For that, she should be commended and extended a sincere “Thank you.” But this does not, in any way, mean I think she is the right person for the job. And I am very concerned about what the future will hold given that she will be taking over when monetary policy is in a state of crisis. She is very much an insider who has been following with flock – and this is no time for a Fed Chairperson who is there to have her “card punched.”
Marcus Nunes has post that presents some material from another writer who has read all of Ms. Yellen’s speeches over the last handful of years. I see nothing in the bit of quotes that differentiates her from the rest. I’m very sorry to say that there seems to be no shortage of inflation-obsessed central bankers who are unaware of just how much things have changed over the last five years. To be blunt, the word “clueless” pops into my head when considering the present situation; and I am not expecting any major changes to monetary policy regardless of how sorely they are needed.
I am disappointed in the nomination. I feel we all deserve much better than this, especially our kids.