On March 1, the Wall Street Journal reported the White House Preparing to Nominate Richard Clarida as Fed’s No. 2 Official.
Today we learn, San Francisco Fed’s John Williams Is Front Runner to Serve as New York Fed President.
San Francisco Fed President John Williams is the leading candidate to become the next president of the Federal Reserve Bank of New York, one of the most influential positions within the U.S. central bank, according to people familiar with the matter.
Mr. Williams has been recommended by the New York Fed’s board for the position. If approved by the Washington-based Fed board of governors, Mr. Williams would succeed William Dudley, who plans to step down this summer.
The president of the New York Fed, one of 12 regional reserve banks, has a permanent vote on the central bank’s rate-setting Federal Open Market Committee and serves as its vice chair. The bank is a chief regulator of the some of the nation’s largest banks and serves as the Fed’s window onto Wall Street.
Mr. Williams succeeded Janet Yellen as the San Francisco Fed leader in 2011, after Ms. Yellen was tapped by President Barack Obama to serve as the Fed’s vice chairwoman. Mr. Williams previously served as the San Francisco Fed’s research director, reporting to Ms. Yellen.
Mr. Williams, 55 years old, joined the San Francisco Fed in 2002 and previously served as a senior economist for the Fed board in Washington. He joined the central bank in 1994 and has a Ph.D. in economics from Stanford University.
Diversity
Bloomberg offers this tidbit on diversity:
“While his resume includes many of thequalificationsfor the job, Williams’ possible shift to New York might draw criticism about the lack of gender and racial diversity in the upper ranks of the Fed.”
Qualifications
The primary qualification is to believe in magic. I have a fitting musical tribute.
Musical Tribute
Group-Think Wizards
Racial, ethnic, and gender “diversity” is meaningless when everyone thinks alike. What good could it possibly do to put a woman in the position who will look, think, and act like the rest of the clowns who believe inflation should be the goal.
We would be better served by someone who thinks radically different: Rand Paul, James Grant, Peter Schiff, and ZeroHedge all come to mind.
Instead we get John Williams, who said in February “No Signs Bubble About to Burst“.
Williams’ statements are in contrast to those made by Alan Greenspan. For discussion, please see the Man Who Said “Bubbles Only Identified When They Burst” Suddenly Detects Bubbles.
The only way to get into the triumvirate is to believe in inflation while having a perpetual inability to spot or even understand the cause of bubbles.
Rear View Mirror Thinking
The Fed desperately seeks inflation, but Inflation is in the Rear View Mirror if one understands what it truly is and how it works in the real economy.
Destructive asset-deflation is right around the corner courtesy of the Fed.
Hail to the Chiefs
All hail the new clueless triumvirate.
Mike “Mish” Shedlock
It looks like as good a group as we’ve had in awhile at the Fed. Of course, I think the Fed is far more powerless than most people here do. I don’t think they are any more capable of “blowing bubbles” than they are of making inflation out of nothing. The business cycle, and bubbles, existed long before there was a Fed.
The stock market is overvalued, by any rational measure, but believe what you want. Unlike others, I never called for another crash. My base scenario is not a crash. But it could crash. As for experts, I assure you it was not me who blew bubbles but clueless idiots at the Fed (Central Banks).
“Racial, ethnic, and gender “diversity” is meaningless when everyone thinks alike.”
@Mish It is intrinsic to the age of decadence that the populous cares more about the meaningless over the meaningful. It is precisely because it doesn’t matter who’s who that people want diversity because there’s an easily-accessible drama that the subtleties of sinister monetary economics can’t compete with.
Why not have women run the Fed if it doesn’t make a difference? Poor girls, left out of the game like that. Who’s responsible for such cruelty? Let us discuss that saucy question ad infinitum, and the bureaucrats will take care of the rest of those boring details.
It’s just a continuation of our generations obsession with sports, movie and celebrity gossip.
So some votes don’t count? He should be working the polls in the antebellum south.
Cute: all 3 like to hold their hands in the air as if they have something to grasp onto.