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In reply to the discussion: Lizzie Warren had an axe, [View all]Myrina
(12,296 posts)53. Ok, well for what it's worth, here's another:
http://www.huffingtonpost.com/2013/09/17/janet-yellen-glass-steagall_n_3940730.html
"Yellen's reputation as a more consumer-friendly economist than Summers rests largely on her tenure as president of the San Francisco Federal Reserve during the Bush years, when she identified the emerging housing bubble and called for deploying stronger regulation to limit its damage.
But in the 1990s, Yellen and Summers both served in the Clinton administration, and pursued many of the same policies. Yellen began serving as Chair of President Bill Clinton's Council of Economic Advisers in 1997, and publicly endorsed repealing Glass-Steagall's separation between traditional bank lending and riskier securities trading during her Senate confirmation hearing. Yellen referred to deregulating banking as a way to "modernize" the financial system, and indicated that breaking down Glass-Steagall could be the beginning of a process allowing banks to merge with other commercial and industrial firms. A full transcript of Yellen's Feb. 5, 1997 confirmation hearing is available here.
At the same event, Yellen endorsed establishing a new statistical metric that would allow the federal government to reduce Social Security payments over time, by revising the consumer price index, or CPI, the government's standard measurement for inflation.
"I agree with the principle that Social Security and the tax system should be appropriately indexed to take account of movements in the cost of living. I believe we need as accurate a measure as we can possibly have of the cost of living," Yellen said. "I believe that we are now obtaining broad agreement among professionals that the CPI does overstate the actual increase, properly measured, in the cost of living."
Once in office, Yellen put that belief into action, writing a letter to the Bureau of Labor Statistics encouraging it to devise a cheaper inflation metric. BLS Commissioner Katharine Abraham responded that the agency had been testing the new measure in an experimental mode, and planned to deploy it in 1998.
At the time, this new metric, known as chained CPI, was being aggressively pursued by House Speaker Newt Gingrich (R-Ga.), following then-Fed Chair Alan Greenspan's criticism of the existing cost-of-living calculations. Greenspan and other economists had argued that the consumer price index overstated cost-of-living changes by failing to calculate the way that households substitute different goods for each other when prices rise. While BLS developed the statistic, it has not been applied to Social Security. Some economists argue that a more appropriate inflation measure for Social Security would look at price changes for elderly people, and the BLS does track an experimental metric addressing inflation for older Americans. Such a metric is not useful for politicians looking to cut Social Security spending, however, as it shows that living expenses tend to go up more for older people, driven in part by health care spending.
.... more at link ...
"Yellen's reputation as a more consumer-friendly economist than Summers rests largely on her tenure as president of the San Francisco Federal Reserve during the Bush years, when she identified the emerging housing bubble and called for deploying stronger regulation to limit its damage.
But in the 1990s, Yellen and Summers both served in the Clinton administration, and pursued many of the same policies. Yellen began serving as Chair of President Bill Clinton's Council of Economic Advisers in 1997, and publicly endorsed repealing Glass-Steagall's separation between traditional bank lending and riskier securities trading during her Senate confirmation hearing. Yellen referred to deregulating banking as a way to "modernize" the financial system, and indicated that breaking down Glass-Steagall could be the beginning of a process allowing banks to merge with other commercial and industrial firms. A full transcript of Yellen's Feb. 5, 1997 confirmation hearing is available here.
At the same event, Yellen endorsed establishing a new statistical metric that would allow the federal government to reduce Social Security payments over time, by revising the consumer price index, or CPI, the government's standard measurement for inflation.
"I agree with the principle that Social Security and the tax system should be appropriately indexed to take account of movements in the cost of living. I believe we need as accurate a measure as we can possibly have of the cost of living," Yellen said. "I believe that we are now obtaining broad agreement among professionals that the CPI does overstate the actual increase, properly measured, in the cost of living."
Once in office, Yellen put that belief into action, writing a letter to the Bureau of Labor Statistics encouraging it to devise a cheaper inflation metric. BLS Commissioner Katharine Abraham responded that the agency had been testing the new measure in an experimental mode, and planned to deploy it in 1998.
At the time, this new metric, known as chained CPI, was being aggressively pursued by House Speaker Newt Gingrich (R-Ga.), following then-Fed Chair Alan Greenspan's criticism of the existing cost-of-living calculations. Greenspan and other economists had argued that the consumer price index overstated cost-of-living changes by failing to calculate the way that households substitute different goods for each other when prices rise. While BLS developed the statistic, it has not been applied to Social Security. Some economists argue that a more appropriate inflation measure for Social Security would look at price changes for elderly people, and the BLS does track an experimental metric addressing inflation for older Americans. Such a metric is not useful for politicians looking to cut Social Security spending, however, as it shows that living expenses tend to go up more for older people, driven in part by health care spending.
.... more at link ...
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Isnt there a rule about one Manny posting in another Manny threads? How about if one Manny alerts
rhett o rick
Sep 2013
#41
We have been dependent on Manny to survive. Fate, it seems, is not without a sense of irony.
Kennah
Sep 2013
#59
"The real debate should have been, of all the eligible people in the U.S., who should…"
Jackpine Radical
Sep 2013
#106
Exactly, and NO ONE wanted to bomb Syria. Like to find out who the hell NO ONE is. nm
rhett o rick
Sep 2013
#58
But she supports Janet Yellen! Doesn't that make her some kind of a lickspittle ...
11 Bravo
Sep 2013
#6
As opposed to what? Blindly supporting someone, no matter how many bad things they do?
merrily
Sep 2013
#82
... you do realize though that now Wall Street is going to get who it wanted IN THE FIRST PLACE?
Myrina
Sep 2013
#20
Wall Street actually WANTS there to be job growth. It's Republicans that don't.
Spitfire of ATJ
Sep 2013
#55
She had the good company of 4 other Democrats on the Banking Committee alone
Bluenorthwest
Sep 2013
#45
"if they want to stay in the House of Representatives" - Plus the Senate. Kerry lost to Bush-II, in
AnotherMcIntosh
Sep 2013
#66
I actually don't think the First Way is few & far between when it comes to economic justice.
CrispyQ
Sep 2013
#52