The Yellen Hearing: Dreams, Reality, and the Fed 

Richard Eskow

Janet Yellen went to Capitol Hill today to be interrogated by some senators about the kind of job she plans to do once she’s confirmed as Chair of the Federal Reserve.

Many politicians expect little from the Fed because they think it has less power and flexibility than it does. For its part, the right thinks it has exercised more power than it has. Yellen won’t transform anybody’s view of the Fed, but at least she has a sense of the gravity of our ongoing economic situation.