The Federal Reserve and economic folly

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The Wall Street Journal recently reported that her record of economic forecasting stands head and shoulders above other Fed members. Yellen is supported by a long list of America's leading economists. Yellen has a strong history of supporting effective regulation of banks. Yellen has a leadership style of building consensus among her peers and is widely admired in Congress and throughout financial markets. 

The best approach would be for the president and Congress to agree on a strong fiscal program to create jobs, such as a major rebuild of America's road, bridges, ports and schools. It was economic folly to raise payroll taxes on workers and cut spending through the mindless sequester. 

It is economic folly for the president and Congress to spend more than four years without enacting a major jobs program while the pain and hardship of joblessness continues unabated. 

The Federal Reserve Board is the only institution today that is capable of acting to stimulate the economy, create jobs and effectively regulate banks. The Fed should not cut back, or "taper," its policies but should redirect the same resources to mechanisms that more directly create jobs rather than subsidize speculation. I repeat for emphasis: The chairman of the Federal Reserve is the single most important economic job in America. Yellen is the best candidate for the job not because she is a woman but because she is the most qualified.