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Don't expect magic from Janet Yellen at the Federal Reserve

What will Janet Yellen, the nominated chairman of the Federal Reserve, do to fix the economy?

Not much, it appears, if Congress remains dysfunctional and she is wedded to accommodative monetary policy and a continuation of Fed Chairman Ben Bernanke's regime.

President Obama said that Yellen “understands the human costs when Americans can’t find a job ... America’s workers and their families will have a champion in Janet Yellen.” But that is not enough.

The fundamental problem is that with Congress in disarray, burgeoning entitlement spending (including the new health insurance entitlement), one of the highest corporate tax rates in the industrialized world, and costly regulations discouraging investment, many Americans look by default to the Fed chairman to help the economy.


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