Tuesday 1 March 2011

"A man in a suit"

This is how Jim Grant described either Ben Bernanke or Alan Greenspan. Was he putting them down? Not really, just explaining that their powers of controlling an economy through an interest rate, for a desired outcome were not superhuman - more importantly that they were probably subject to flaw. Mr Williams is probably a nice guy - never forget he is just a man in a suit. 
http://www.bloomberg.com/news/2011-03-01/san-francisco-fed-names-research-head-williams-president-to-succeed-yellen.html

John C. Williams, research director for the Federal Reserve Bank of San Francisco, was named as the bank’s new president to succeed Janet Yellen, who became the Fed board’s vice chairman in October.
The move is effective today, said bank spokeswoman Carol Eckert. Williams, 48, has served as executive vice president and research director since 2009.
The economist, who has worked in the Fed system since 1994, joins the central bank’s efforts to bolster growth and reverse a jobless rate stuck at 9 percent or more since May 2009. He represents a nine-state western region that accounts for 20 percent of the economy and has had 73 commercial banks fail since 2004.

1 comment:

  1. "He represents a nine-state western region that . . . has had 73 commercial banks fail since 2004."
    Dunno that you want that on your CV

    ReplyDelete