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Who Will Be The Next Federal Reserve Chair?

23 | By Shah Gilani

Here’s the million trillion dollar question, the only one worth that much, and the one that matters for America’s future: who will be the next chair of the Federal Reserve System?

I was just asked by a couple of blokes putting together an article on that question to comment on the likely contenders, and to add a name if I had one.

Since my comments aren’t likely to be published without significant edits, or at all, I’ll give you them straight from both barrels right here.

Stand back, there’s going to be some splattering here.

Timothy Geithner

I think Trim Tim, the former Treasury Secretary would love the job, and he’s lean and mean enough to put up a good behind the scenes fight for it. Will he get the nod, yes he will, from the bankers and brokers whose backs he’s scratched for far too long. But from the president? Hope not, because he’s young and his future ambitions will include mega-wealth, which he will be entitled to for using his offices as tools for giving the banks and brokers he serves mega riches of their own, from which they would gladly siphon off some tens of millions to get the diminutive one to stand tall as a chairman or CEO of some vast infinity bonus pool.

Lawrence Summers

Larry the Lame has about as much tact as a gigolo would have at a society women’s old age home. He lives for the podium to pontificate… too bad he’s always looking out at his audience to see if there are any hedge fund honchos he might consult for. Consult? Yeah… as in, pay me now and I’ll make you richer if I get into any power slot anywhere, and then hire me after to thank me, deal? Oh yeah, he’s done that deal. Don’t forget, Larry was once featured on the cover of Time as one of their three in the “Committee to Save the World.” The other two: Robert Rubin and Alan Greenspan. And if you don’t know how the three of them caused the credit crisis and the Great Recession, go stick your head back in the sand.

Janet Yellen

My guess is that, as the current vice chair, Janet has a good chance at getting the nod. She’s a mild-mannered bank boot licker who never met a printing press she didn’t know how to operate.

Christina Romer

The truth about the former chair of Obama’s Council of Economic Advisers is that she has made more predictions that were wrong in her career than a deaf and blind weatherman forecasting from a windowless studio. In other words, Christina would be perfect to run the Fed, since their predictions of where we are, where the economy is going, and whether the fog they laid over the country’s future will ever lift have as much a chance of being right as I do of beating Tiger Woods at Augusta.

Roger Ferguson

Roger Ferguson? Who’s that? Oh that Roger… the former vice chair of the Fed from 1999 to 2006. No, he won’t cut it, he’s too pliable and too good at losing money for big institutions. Nice guy, for sure, I’m just not sure of his talents… as in, what talents?

The one man we need as the Fed Chairman will never get looked at because he’s too independent, too smart, too honest, too much of a free market guy, and too dangerous to the status quo.

He’s David Stockman, and if you haven’t read his new book “The Great Deformation,” you might want to read it on account of its magnificently clear historical perspective on how we got to where we are (at The Great Deformation), and what will happen to us if we don’t curb the Fed’s power and the crony capitalism it’s manifested.

As Fed chairman, David Stockman would shake, rattle, and roll this country back into its destiny. But I have a better chance of beating Tiger Woods major wins record as Stockman has the chance of being offered the job.

Shah

23 Responses to Who Will Be The Next Federal Reserve Chair?

  1. Ken says:

    I don’t always agree with you, but you’re 100% right about David Stockman-both that he’s the right person and that there is absolutely zero chance of him getting selected.

  2. JR says:

    What about Charles Bullard? Not that he would be good. I hear rumors he has designs on the job. What thinks Shah?

  3. Robert Campsmith says:

    Well, Shah, I agree with you. Mr. Stockman would be an excellent man for the job. He has done well in his past jobs, why not let him have a crack at this one.
    — Robert

  4. felix mosso says:

    I really worry about you getting in trouble, but love your comments,
    and they need to be said. From above, Stockman would be ok,
    the fresh blood or the one qualified never seems to get picked.

    All we have been getting is over and over and over, same ole stuff.
    From my finance newsletters, no one qualified is ever picked and
    that goes right to the top !

  5. Eric says:

    My only comment is get rid of the FED all together, the whole world save for Iceland which dumped their central bank not that long ago, has based their central banking system on the model that was created here in the U.S. and clearly has totally ruined the global economy. In 1913 when the FED was created by CONgress, there wasn’t a qoarum as Congress had gone home for Christmas and just a tiny number got to vote on it, and thats the unvarshed truth.

  6. "FED" up says:

    Short, to the point, and great! I’ve always liked David Stockman … I may just have to go get his book. Yeah, NO chance he’ll be selected … I’m guessing “Diversity” will be the catch-phrase and all the rage at the FED this time around, so look to Christina or Janet to satisfy the PC crowd regardless of actual merit … I’m sure they tweet with that French epic fail at the IMF devising Chapter 11 for nations, and they can go visit Gillard down under and help her commiserate her removal from high office.

  7. eric taylor says:

    Still waiting for Paul Volker to come back, but tight monetary policy, without functional tax & general fiscal policy leaves the Government & the Economy Hamstrung!

  8. Jim H says:

    Shaw,
    With the exception on D Stockman, God forbid any of these people will be picked to replace Helicopter Ben! I will go out on a limb and add one name whom I believe would be an excellent choice and that is Ms. Sheila Bair.

    Not only does she understand the working connections between the Fed Reserve and the Too Big to Fail Banks (and their cronies in the Congress), but she demonstrated during the Financial Crisis that she can’t be bought. Her tenure as chairman of the FDIC and what she accomplished (and what she wanted accomplished) is the closest thing we can get to bring about a start to restore our destiny. Not a “Banker” makes it even better.

  9. Rick Yearout says:

    The criteria to be nominated for this position was not thoroughly
    covered in my opinion as each candidate must have zero integrity,
    be able to maintain the exisintg high levels of corruption, be able to flat out lie to the public and congress with a straight face, (Bernanke had this one down- as well as Greenspan), know where all the bodies are hidden so they don’t trip over them in dark and secret closed door sessions, have superlative mathematical skills with ability to compute fictitous numbers or make them up as you go along while holding a mirror with the other hand; and don’t forget…… be able to smoke the big stogies like a “good ‘ol boy” which leaves Janet out of the running anyway.

  10. Bruce Sutton says:

    The one who is given the nod for this job will be the one who can best work to destroy from within while making it look like a good attempt to save. What a country!

  11. Jim W says:

    Eric has very good point. If we have any hope at all of winding our
    way out of this mess, we need someone who understands the mechanics of how to orchestrate monetary policy, and at the same time
    has the independence to push for reforms in the Budgetary process
    and for less robust fiscal policy. Part of our problem is a huge mismatch
    between fiscal and monetary policy. Reduced deficits would make it much more easy to work monetary policy.

  12. Barry says:

    Either end the Fed or select Shiela Bair. Her book was a better roadmap for fiscal and monetary policy than Stockman’s, even though his was also excellent.

    Trim Tim would be a disaster, as Bair’s book shows in great detail

  13. Bobb Lawrence appraiser and Kona coffee grower. says:

    SAD TRUTH and where to run next since we are bleeding red like a JCP store with no leader really in charge. Some of Shah’s comments actually have the meat and tell the real story. Same as it ever was at least for the last decade. sorry Bankers, please find a tank to swim in… Invest in JOBS and small biz so we can all get along… and many get off the sweet free sugar filled rolls (SWEAT free too) of welfare.

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