Yellen confirmed as Fed chair

posted at 8:01 am on January 7, 2014 by Ed Morrissey

The Senate didn’t get much business done yesterday, thanks to travel difficulties from the Great Global Warming Freeze that is now spreading outward from the north. The one piece of business accomplished by the upper chamber was the confirmation of Janet Yellen to replace Ben Bernanke at the Federal Reserve, which didn’t exactly come as a full-throated endorsement:

Eleven Republicans joined Democrats present on Monday in voting to confirm Yellen, who will face more scrutiny than perhaps any central bank leader before her when she formally takes the reins this month from the retiring Ben Bernanke.

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Yellen will be in control of an institution that has just begun unwinding years’ worth of unprecedented stimulus for the economy while seeing its regulatory workload explode under the Dodd-Frank financial reform law.

Actually, it’s not unwinding anything. The qualitative easing, which at first came in stages and then became the New Normal, hasn’t stopped at all — it has only slowed slightly.  Calling that “unwinding” is akin to calling a reduction in the rate of federal budget growth a “cut” in spending. To actually unwind that stimulus, the Fed would have to stop its qualitative easing, and then allow the money supply to dwindle back down to pre-QE levels.

Will Yellen do that? I’d guess that it’s not high on her list of priorities. She got picked not to be an innovator, but to be a consistent hand on the rudder after Bernanke exits the Fed. Larry Summers probably would have been a little more innovative, but his candidacy got torpedoed by progressives. Barack Obama needs an activist Fed to counteract the consequences of his economic policies, and the Fed has had little choice but to go along over the last few years. The economy’s real growth remains mired in the mid-2% range (the 4.1% of Q3 GDP was in large part due to inventory expansion), and that’s not enough to encourage the kind of investment that leads to job creation. The Fed keeps pressing QE in order to get some incentive for expansion, and even the “taper” continues to feed that policy. Don’t expect that to change with Yellen.


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Keep her under close scrutiny…

OmahaConservative on January 7, 2014 at 8:05 AM

did anyone in the gop give even a peep of dissent?

renalin on January 7, 2014 at 8:05 AM

…why does just looking at the thread…make me feel like I am in the Soviet Union?

KOOLAID2 on January 7, 2014 at 8:12 AM

SSDD

cmsinaz on January 7, 2014 at 8:15 AM

Yellen has beaten HilRod,……to the Glass Ceiling Thingy!!

canopfor on January 7, 2014 at 8:18 AM

Eleven Republicans joined Democrats present on Monday in voting to confirm Yellen

…gee…wonder who!

KOOLAID2 on January 7, 2014 at 8:19 AM

To QE Infinity and Beyond!

Johnnyreb on January 7, 2014 at 8:21 AM

More money printing so the Wall Street limousine liberals will be richer than ever… Printing trillions of dollars to buy the mortgage security toxic assets of wall street, to lend the money to the liberal bankers at zero interest and then these bankers will lend the money to customers at much higher interest… Never before in history of the country that the wall street bankers, most of them are liberals, have made so much profit, and all the severe expense of Americans…

mnjg on January 7, 2014 at 8:22 AM

To actually unwind
====================

Democrats need UnWinding from Office-(s)!!!

canopfor on January 7, 2014 at 8:23 AM

…why does just looking at the thread…make me feel like I am in the Soviet Union?

KOOLAID2 on January 7, 2014 at 8:12 AM

Because she’s a spitting image of Boris Yeltsin?

bigmacdaddy on January 7, 2014 at 8:25 AM

Eleven Republicans joined Democrats present on Monday in voting to confirm Yellen

…gee…wonder who!

KOOLAID2 on January 7, 2014 at 8:19 AM

KOOLAID2:You Rang:)
==================

U.S. Senate Roll Call Votes 113th Congress – 2nd Session

as compiled through Senate LIS by the Senate Bill Clerk under the direction of the Secretary of the Senate

Vote Summary

Question: On the Nomination (Confirmation Janet L. Yellen, to be Chairman of the Board of Governors of the Federal Reserve System )

Vote Number: 1 Vote Date: January 6, 2014, 05:30 PM
Required For Majority: 1/2 Vote Result: Nomination Confirmed
Nomination Number: PN921
Nomination Description: Janet L. Yellen, of California, to be Chairman of the Board of Governors of the Federal Reserve System for a term of four years
Vote Counts: YEAs 56
NAYs 26
Not Voting 18

Vote Summary By Senator Name By Vote Position By Home State
=========

Alphabetical by Senator Name
Alexander (R-TN), Yea
Ayotte (R-NH), Yea
Baldwin (D-WI), Not Voting
Barrasso (R-WY), Nay
Baucus (D-MT), Yea
Begich (D-AK), Not Voting
Bennet (D-CO), Yea
Blumenthal (D-CT), Yea
Blunt (R-MO), Nay
Booker (D-NJ), Yea
Boozman (R-AR), Nay
Boxer (D-CA), Yea
Brown (D-OH), Yea
Burr (R-NC), Yea
Cantwell (D-WA), Yea
Cardin (D-MD), Yea
Carper (D-DE), Yea
Casey (D-PA), Yea
Chambliss (R-GA), Yea
Coats (R-IN), Yea
Coburn (R-OK), Yea
Cochran (R-MS), Nay
Collins (R-ME), Yea
Coons (D-DE), Yea
Corker (R-TN), Yea
Cornyn (R-TX), Nay
Crapo (R-ID), Nay
Cruz (R-TX), Nay
Donnelly (D-IN), Yea
Durbin (D-IL), Not Voting
Enzi (R-WY), Nay
Feinstein (D-CA), Yea
Fischer (R-NE), Nay
Flake (R-AZ), Yea
Franken (D-MN), Yea
Gillibrand (D-NY), Yea
Graham (R-SC), Not Voting
Grassley (R-IA), Nay
Hagan (D-NC), Yea
Harkin (D-IA), Not Voting
Hatch (R-UT), Not Voting
Heinrich (D-NM), Yea
Heitkamp (D-ND), Not Voting
Heller (R-NV), Nay
Hirono (D-HI), Yea
Hoeven (R-ND), Nay
Inhofe (R-OK), Nay
Isakson (R-GA), Nay
Johanns (R-NE), Nay
Johnson (D-SD), Yea
Johnson (R-WI), Nay
Kaine (D-VA), Yea
King (I-ME), Not Voting
Kirk (R-IL), Yea
Klobuchar (D-MN), Yea
Landrieu (D-LA), Yea
Leahy (D-VT), Yea
Lee (R-UT), Nay
Levin (D-MI), Yea
Manchin (D-WV), Yea
Markey (D-MA), Not Voting
McCain (R-AZ), Not Voting
McCaskill (D-MO), Yea
McConnell (R-KY), Not Voting
Menendez (D-NJ), Yea
Merkley (D-OR), Yea
Mikulski (D-MD), Yea
Moran (R-KS), Not Voting
Murkowski (R-AK), Yea
Murphy (D-CT), Yea
Murray (D-WA), Yea
Nelson (D-FL), Yea
Paul (R-KY), Not Voting
Portman (R-OH), Not Voting
Pryor (D-AR), Yea
Reed (D-RI), Yea
Reid (D-NV), Yea
Risch (R-ID), Nay
Roberts (R-KS), Nay
Rockefeller (D-WV), Yea
Rubio (R-FL), Nay
Sanders (I-VT), Not Voting
Schatz (D-HI), Yea
Schumer (D-NY), Yea
Scott (R-SC), Nay
Sessions (R-AL), Nay
Shaheen (D-NH), Not Voting
Shelby (R-AL), Nay
Stabenow (D-MI), Yea
Tester (D-MT), Yea
Thune (R-SD), Not Voting
Toomey (R-PA), Nay
Udall (D-CO), Yea
Udall (D-NM), Yea
Vitter (R-LA), Nay
Warner (D-VA), Yea
Warren (D-MA), Not Voting
Whitehouse (D-RI), Yea
Wicker (R-MS), Nay
Wyden (D-OR), Yea
=================

http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=113&session=2&vote=00001

canopfor on January 7, 2014 at 8:29 AM

Again I ask….whatever happened to PAYGO dems?

cmsinaz on January 7, 2014 at 8:29 AM

…why does just looking at the thread…make me feel like I am in the Soviet Union?

KOOLAID2 on January 7, 2014 at 8:12 AM

KOOLAID2: Are you drinking vodka!!!
(sarc)

canopfor on January 7, 2014 at 8:31 AM

There is no way the Fed can stop QE at this point. They will talk about tempering QE or slowly pulling back, but it will never end. It has become baked into the market pie and is now a permanent part and the Bond market cant survive without it. Just like the stimulus has now become a permanent part of the Federal budget. They cant be separated without really bad things happening to the economy.

And Politicians are not going to fix that because if they did, they would not be voted back into office during the next election. Things are really that bad.

Johnnyreb on January 7, 2014 at 8:31 AM

The Dems are clearly the party of fat, old, ugly white women.

hip shot on January 7, 2014 at 8:31 AM

Yellen has beaten HilRod,……to the Glass Ceiling Thingy!!

canopfor on January 7, 2014 at 8:18 AM

Doesn’t that glass ceiling thingy only apply to women?

Happy Nomad on January 7, 2014 at 8:33 AM

No surprise. We’ll probably see five dollar a gallon gas in every state on her watch, per inflation. Obama’s got three years left and his health-care disaster is just getting started.

rickv404 on January 7, 2014 at 8:41 AM

canopfor on January 7, 2014 at 8:18 AM

Doesn’t that glass ceiling thingy only apply to women?

Happy Nomad on January 7, 2014 at 8:33 AM

Happy Nomad:Hmmmm,..I think Elana Kagen makes the list too!!:)
(i kid)

canopfor on January 7, 2014 at 8:46 AM

canopfor on January 7, 2014 at 8:29 AM

Thanks.

Jaibones on January 7, 2014 at 8:50 AM

There is no way the Fed can stop QE at this point. They will talk about tempering QE or slowly pulling back, but it will never end. It has become baked into the market pie and is now a permanent part and the Bond market cant survive without it. Just like the stimulus has now become a permanent part of the Federal budget. They cant be separated without really bad things happening to the economy.

And Politicians are not going to fix that because if they did, they would not be voted back into office during the next election. Things are really that bad.

Johnnyreb on January 7, 2014 at 8:31 AM

The limousine liberals who control wall street would destroy the stock markets in two weeks if the Feds stop printing the trillions of dollars… And because no politician is going to risk the destruction of the markets then the printing of trillions of dollars will continue so it would be given to wall street liberal bankers at zero interest and to for the tax payers to buy these bankers mortgage toxic assets…

The limousine liberals of wall street now control America and the world…

mnjg on January 7, 2014 at 8:54 AM

The GOP Left, as predictable as rain in the spring:

Alexander
Ayotte
Burr
Chambliss
Coats
Coburn
Collins
(Thad Cochran is under threat of primary challenge – he’ll be back in the fold in a year)
Corker
Flakey
(ditto Miss Lindsey – did not vote)
(ditto McConnell – did not vote)
Kirk
Mrozinski

Jaibones on January 7, 2014 at 8:59 AM

Mark Kirk is now owned by Dick Durbin. Basically, Illinois has one Senator who votes twice. It’s pathetic.

Yellen’s definitely and the activist Obama needs/wants:

WASHINGTON — The Senate confirmed Janet Yellen on Monday as the first woman to lead the Federal Reserve, elevating an advocate of fighting unemployment and a backer of the central bank’s efforts to spur the economy with low interest rates and massive bond purchases.

Fallon on January 7, 2014 at 9:01 AM

Johnnyreb on January 7, 2014 at 8:21 AM

mnjg on January 7, 2014 at 8:54 AM

Yup… more free funny-money for Wall St., which provides more ammo for the LSM to say: “The economy is doing GREAT… all hail Dear Leader!”

CPT. Charles on January 7, 2014 at 9:08 AM

Obama, the Fed, and the Phony Economic Recovery

…Diamond and other critics call Federal Reserve Chairman Ben Bernanke the “day trader Fed chairman” and “Magic Ben,” for his ability to print money and propel stocks to record levels. He is leaving office on January 31, to be replaced by Janet Yellen, who promises to continue the controversial policies that have given unprecedented monetary power and influence to America’s central bank.

Fallon on January 7, 2014 at 9:09 AM

The Fed’s holdings have reached $4 trillion, more than quadruple their level before the financial crisis hit in late 2008.

Another 4 Trillion Dollars worth of debt that is not officially on the books.

So the total debt Obama has made or caused since he has been in office is over $9 Trillion and counting.

Johnnyreb on January 7, 2014 at 9:14 AM

canopfor on January 7, 2014 at 8:29 AM

Thanks.

Jaibones on January 7, 2014 at 8:50 AM

Jaibones:—:)

canopfor on January 7, 2014 at 9:30 AM

canopfor on January 7, 2014 at 8:29 AM

…as always my Canadian brother…is on top of it!

KOOLAID2 on January 7, 2014 at 9:50 AM

I am sorry but the years have not been kind to this lady. She fits the theory of why liberals, especially the woman always look frumpy and cold.

crosshugger on January 7, 2014 at 9:59 AM

Close scrutiny!!!

Dude deserves combat pay for that assignment.

You sure that ain’t a picture of Mr. Yellen or that guy who played on ‘Barney Miller’?

Bubba Redneck on January 7, 2014 at 10:02 AM

Libtards/Communists/Socialists/Marxists all look the same: butt ugly.

Who wouldn’t want to look at a hawt conservative college chick all day long!?!

Bubba Redneck on January 7, 2014 at 10:10 AM

The qualitative easing, which at first came in stages and then became the New Normal, hasn’t stopped at all

.
Is this some kind of joke? It’s quantitative easing…

ExpressoBold on January 7, 2014 at 10:21 AM

…why does just looking at the thread…make me feel like I am in the Soviet Union?

KOOLAID2 on January 7, 2014 at 8:12 AM

I know! I was going to look her up to see if she was a commie! She certainly looks like one. So many on government do these days.

Alana on January 7, 2014 at 11:18 AM

Is it just me, or does she look like Boris Yeltsin in a girl wig?

Hmmm. Yel len….Yel tsin.

Nah. Couldn’t be.
Yeltsin, the Russian favored a capitalist economy, while Yellen: well, she’s an Obama appointee.

orangemtl on January 7, 2014 at 11:43 AM

Tell the repubs “thank you”. Idiots

johnny reb on January 7, 2014 at 12:15 PM

…why does just looking at the thread…make me feel like I am in the Soviet Union?

KOOLAID2 on January 7, 2014 at 8:12 AM

Because she’s a spitting image of Boris Yeltsin?

bigmacdaddy on January 7, 2014 at 8:25 AM

Call me superficial, but what is it with Obysmal and his selection of gender-ambiguous women?

I thought the term is quantitative easing, not qualitative, Ed.

onlineanalyst on January 7, 2014 at 12:30 PM

Coats (R-Indiana)was the deciding vote for unemployment extension as well as this vote for Yellin. What is influencing his votes?

onlineanalyst on January 7, 2014 at 12:32 PM

She’ll print 5 times more money than Bernanke.

Schadenfreude on January 7, 2014 at 1:08 PM

Negative interest rates here we come. This woman is lucifer’s handmaiden.

Murphy9 on January 7, 2014 at 3:42 PM