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Who Could Replace Bernanke?

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  • Description

    FBN's Fed panel discusses the best choice for Federal Reserve chairman after Ben Bernanke leaves.

  • Duration 4:01
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Folks as we wait for that fed decision let's bring back our panel now Ben Bernanke has signaled this is his last term of the Fed I think it ends January.

Of 2014.

Let's start with Gerald Driscoll himself a former Dallas fed vice president.

It is said the notes that did you doubt -- want to hang around to create up to agitated.

Fix the mess he created -- -- elaborate -- There are well I what I meant by that -- -- the balance sheet of the Fed and at some point it's gonna have to be shrunk.

And I think that is not going to go well so I don't think he wants to hang around -- that I should replace them.

Who should replace him I don't know I would have to say that Janet Yellen would have.

That -- right now is the front runner but it's always dangerous to be the front runner for a job like this.

Let's take that's -- 'cause it's -- -- -- costs that you work.

With the Fed Chairman on different boards and you believe that yes that Janet Yellen of course is the one that's being -- about right now but you're not quite convinced that she's -- the correct.

Yet place for that job well I well.

Canada -- he's very confident but she has a very strictly academic background as many of those of the Fed staff do.

I think it could be interesting to bring in someone from the outside though someone like -- Glenn Hubbard -- be hard to entice them away from New York.

But he could be an interesting choice now of course he was affiliated with Romney's campaign and -- that would be it a stretch across the -- for Obama but.

Remember that.

Bernanke was a choice from George Bush.

And and this may be an area where Obama can reach out and -- and do the bipartisan thing.

James Slavin thought I'm hearing that Janet Yellen is even easier with money then Ben Bernanke is so with the markets like -- -- appointment.

I think they would but I think an easier question to answer -- who's gonna be the next fed is who should not be the next that.

As mr.

Driscoll pointed out there's one heck of a a job ahead of the new fed president and C cannot have somebody like.

Lawrence Summers come in who's gonna be bombastic and sort of a captain may have -- -- sharing the steering the ship wherever they go you really need consensus and teamwork.

In cleaning up the so called.

Mass -- Scott Barnum I think that I wanna Rick Scott Martin of us because Scott one of the things that you've you've -- on the show before several times about dollar destruction you in.

And away do blame the Fed's policies for her dollar destruction fair enough.

Is or someone in your mind that could come in to replace them they -- maybe strengthen the US dollar -- Listed in the economy.

Well it's going to be tough sure -- -- -- Gerald pointed that we party trying to destroy the dollar right I mean everybody calls this quantitative easing it's really quantitative sneezing I mean they've made the dollar.

Absolutely sick over the last couple years of all the printing and I mean it's just natural economics you make more of something the costs of that are the price and it goes down so.

The reality is were already there Sheryl -- another name I'd throw out here though is Robert Shiller of Yale university's got a great.

Track record but I kinda psychology investor as well as with the housing market which is -- You know to me a major problems -- -- -- -- the banks around the country I think he's when we should watch out for here.

OK let's ST -- 125 year veteran staffer and as in previous data at the Fed.

Should the Fed go for an insider elected Janet -- or might there be an upside benefit to going with an outsider with a fresh -- -- -- Well I think -- the obvious choice and I -- I money is -- Janet to get the job she has all the requisite experience.

She has policy experience outside the Fed as well she was the chair of the council of economic advisors.

She's very thought fall.

I know some people on the panel don't agree with her policy choices -- You read -- here for speeches she's very thoughtful and she's very well versed in the issues that the Fed is dealing -- And I think going forward that's going to be a very important.

Point to an outsider -- is well qualified to do that you know.

And obviously we are getting very very close the Fed's decision would you -- -- took a quick commercial break our panel certainly is going to be sticking around with us.

But do not move at this point we have more with our panel and of course that fed decision is coming up in the moment slightly.

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