I know Yellen will be good for me personally as I am currently in the market mainly based on continued QE, but I'd really rather no have someone running the printing presses because I know what comes after.
Really good piece in Forbes on this choice and it effect.
Obama's Nomination Of Janet Yellen Is A Blow To Recovery-Starved Americans
Central bankers live for the attention of people infinitely wiser and more accomplished than they are, and clearly relish the fact that true achievers hang on their every word.
Having surely witnessed the lionization of Greenspan, Bernanke similarly lusted for a position that would catapult him to notoriety exponentially greater than his often obtuse musings about the economy had so far boosted him.
These aren't people who run from the spotlight, rather it's their unquenchable thirst for the spotlight that brings them to central banks to begin with.
Yellen wanted to be the Fed Chairman, Yellen, like Bernanke and Greenspan before her, politicked to be the Fed Chairman. Policies and beliefs matter, but the citizenry should fear Yellen simply because she wanted to run the Fed.
Yellen, like Bernanke before her, believes that the creation of money for the sake of doing so is the path to growth.
when investors commit capital they are tautologically buying future dollar income streams. But what if the hubristic meddlers at the Fed are pursuing quantitative easing given their belief that money creation is wealth creation?
The answer is simple: investment that would have migrated toward new business ideas instead lurches toward the hard asset sinks of wealth that are least vulnerable to the central bank's explicit devaluation of the currency; in our case, the dollar. All entrepreneurs and businesses know that businesses can't start or expand, and certainly can't hire without investment, yet Bernanke and Yellen both support the explicit devaluation of money which repels the very investors so essential if Americans are to experience a full economic recovery.
Like Bernanke, her hunger for adulation will cause her to continue helping' the economy stay afloat, and in doing so, she'll cruelly rob us of the recovery we so desperately desire.