"Obama leans toward Summers not on the merits but because the Wall Street bankers want him. Summers is one of the boys, and the bankers know that Summers will do their bidding, at the expense of everybody else."
"Yellen correctly foresaw the risks of the 2008 financial meltdown, while Summers famously missed it. She, not Summers, has hands-on experience running the Fed."
"Yellen has advocated tough regulations since her time at the San Francisco Fed. She is credited for issuing early warnings that the housing bubble and unregulated financial practices threatened the economy...As the Fed's vice chairwoman she has called for additional financial system safeguards."
"Yes, the total earnings tally reached a new quarterly record in Q2 and the rest of the aggregate metrics like growth rates and beat ratios look respectable enough. But all of that was solely due to one sector only: Finance."Excluding Finance, total earnings for the remainder of S&P 500 companies that have reported would be down -2.9% from the year-earlier period. [But] earnings growth was particularly strong at the large national and regional banks, with total earnings at the Major Banks industry, which includes 15 banks like J.P. Morgan and Bank of America."
- Conducting the nation's monetary policy by influencing the monetary and credit conditions in the economy in pursuit of maximum employment, stable prices, and moderate long-term interest rates;
- Supervising and regulating banking institutions to ensure the safety and soundness of the nation's banking and financial system and to protect the credit rights of consumers;
- Maintaining the stability of the financial system and containing systemic risk that may arise in financial markets; and
- Providing financial services to depository institutions, the US government, and foreign official institutions, including playing a major role in operating the nation's payments system.