President Obama's second term is off to a really shaky start. First the Syrian debacle, followed by the NSA spying on basically all Americans scandal, followed by the nomination of Larry Summers to head the Federal Reserve - President Obama hasn't been earning any redemption points.
Luckily the public came out in full force against intervention in Syria, the nomination of Larry Summers, but have unfortunately barely raised an eyebrow to being spied on, baby-steps I guess.
Although the nomination of Larry Summers was halted by mass public pressure, President Obama has gone ahead and nominated Janet Yellen, a lifelong public worker (academia / public restrained market maker), who has never run a real business in her entire life. Yes she is a woman, and yes it is fantastic a woman has finally been nominated to head the Federal Reserve in a country where women are the majority gender; now only if she didn't share the same failed philosophies which have brought our country to the financial wrecking house.
Janet Yellen is an advocate for further government stimulus spending, using government and "private" institutions to sway markets, to create artificial prices, artificial scarcity, and hand-picked prosperity, until all those failed miserable policies blow up in all of our faces. At which point chairwoman Yellen will pontificate to high heaven about how cronyism, zero regulation, and a disregard for US law could only happen once in a lifetime; while you and I cover the bill in a recurring nightmare, yet magically and always coincidentally the firms under the "regulation" of Yellen will profit marvelously, while the rest of America takes another step backwards.
Sound familiar, if you haven't been fast asleep it has been the story of our economy for the past 35+ years and perhaps since the inception of the Federal Reserve back in 1913. If President Obama was a true Progressive, wouldn't he nominate a Progressive economist or business owner to head our Federal Reserve, something Janet Yellen clearly is not.
The markets and Congress will surely bless the nomination of Yellen as it means the status-quo will remain the same, something the bulk of our laborers and citizens not part of the public cartel known as government should find extremely disheartening.
Get ready for the creation of yet another bubble driven economy (either housing, bonds, IPOs, etc'), get ready for another market crash, get ready to learn that crash was caused by collusion between government and transnational thieves disguised as bankers and CEOs, and get ready to pay for it all again, while firmly sitting on arse doing nothing about it ' instead I encourage you to get up, and at the very least call your representatives, and urge them to not confirm the nomination of Janet Yellen.
Failed policies only lead to failed outcomes.