Janet Yellen will likely be confirmed as chairman of the Federal Reserve,said Senator Bob Corker,R-Tennessee.*
Experience,independence,collegial leadership:Janet Yellen embodies these things,according to Professor Glenn Hubbard of Columbia University.She is the right choice.I don't expect material differences from the Bernanke Fed.*
Yellen would be the first female chairman in the Fed's 100 year history.Indeed,she would be the first woman to head a central bank in the world.*
One of the challenges for her is how to clearly communicate the Fed's policy to the market and the public.When you look at her voting record,she was three times to vote for a rate hike;then a rate cut,said David Rosenburg,chief economist and strategist at Gluskin Sheff&Associates.She was consistently one of the most thoughtful people around that table.She absolutely nailed the 2007 recession.
She's a very distinguished scholar and has practical experience applying her work.She's a very collegial leader and brings groups together,Mr.Rosenberg pointed out.*
I think default's got long term as well as short term consequences,said David Kovacevich,chairman emeritus of Wells Fargo.America is where people went for safety.We're losing that image and confidence.We just cannot let that happen.We just can't have a default.We have the resources to pay our bills;we just don't have the will.
It's much more serious than the fiscal cliffs.People are fed up with both sides of the aisle.They want to see a solution for the American people,not politicising every issue that comes up.
People cannot invest in defaulted currencies.It's more serious than people think.If you really get into the details of this,you get very scared of what could happen,Mr.Kovacevich warned.*
Wells Fargo Corporation(WFC)
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