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Janet Yellen and Fed Predecessors Find Common Ground Onstage
Keywords:
Former U.S. Federal Reserve chairpersons Volcker, Greenspan, Bernanke and Yellen, are together at the International House, on the campus of Columbia University, in April 2016, in a forum hosted by journalist Fareed Zakaria. The discussion covers topics related to the financial crisis of 2008 and its aftermath, with quantitative easing, Fed communication as policy tool, and the gradual increase in interest rates.
The forum at the International House, Morningside Heights, New York, with former heads of the Federal Reserve Volcker, Greenspan, Bernanke and Yellen
04/07/2016
Fareed Zakaria is the host for a forum at the International House in April 2016. Past chairpersons of the Federal Reserve and chairwoman Yellen discuss Fed policies with Zakaria, in a rare situation where the Fed chairpersons are brought together to respond to questions about their policies and problems. At one point Zakaria asks if a former chairperson McChesney Martin's warning about pulling away the punch bowl when the party got started had not been heeded resulting in the 2008 financial crisis. William McChesney Martin served under five administrations since Harry Truman (1951-1970) and followed a policy of raising rates when the economy reached a certain point in its expansion. Martin brought tremendous experience to the Fed, with his work in finance on Wall Street and at Treasury, and in a rare coincidence it was his father who helped found the Federal Reserve under president Wilson in 1913. Posterity might see the work of Bernanke and Yellen in a light similiar to the work of Martin in helping the nation recover from crisis.
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The U.S. Fed's chairman Bernanke says the Fed will keep rates low till unemployment reaches 6.5% citing "the tremendous waste in human potential" of high unemplyment rates. As long as inflation remains subdued at 2% the Fed will continue its current policy of low rates. In 2013 the Fed will continue bond buying at the rate of $85 billion a month. If unemployment drops to 6.5%, but this is because more people are dropping out of the labor market the Fed will take this into account, says Bernanke. The Fed will also keep an eye out for asset bubbles in the economy.
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With 40% of the unemployed in the U.S. shown as long term unemployed, mismatch in skills and other structural problems with unemployment, the U.S. Federal Reserve policies of Fed chairman Bernanke are geared to addressing this problem.
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