Biden appoints Yellen Secretary of the Treasury

At least he got this one right. Reich:

"Joe Biden will be nominating Janet Yellen to the key economic position of Secretary of the Treasury. Two cheers. Frankly, I would have preferred Elizabeth Warren, but Yellen is a good pick. 

 

"First and perhaps foremost, she's not from Wall Street. The tendency in past administrations -- both Democratic as well as Republican -- was to appease (reassure?) Wall Street by giving it its own ambassador, typically the Treasury Secretary. This not only gave the Street inordinate power over economic policy but also the more subtle power to quietly veto initiatives that might ruffle the Street. (I know. I was there.)

 

"When she ran the Fed, Yellen cracked down on Wells Fargo bank for its various fraudulent schemes -- another sign that she's not in Wall Street's corner. She also kept interest rates low even when Wall Street and corporate America fretted about inflation -- a non-existent threat then and now. 

 

"Finally, I know her personally, and can attest that she has the right values. She's concerned about widening inequality, systemic racism, stagnant wages, and soaring unemployment. She understands the structure of the economy better than most. She'll be a Treasury Secretary we can trust -- which, in the shadow of the worst administration in modern history and a plethora of awful Treasury secretaries, is no small matter."