Why Yellen should be the next Fed Chair

This is a rough draft of an Op-Ed I am writing for the New York Times that should be out in the next day. I am putting it behind the paywall so the Times version doesn't get pre-empted by this version in any way. Some of the language may change but the general gist here is similar to what Sheila Bair has said, namely that Janet Yellen is imminently qualified for the Fed Chair position. I think it makes no tactical or strategic political sense to pass her over for a male candidate - because it would rightly be considered a 'passing over' and need serious explanation or clear examples of policy differences.
That said, I cannot support the Fed's QE and zero rate policies because I believe they are toxic. So, I am of two minds on this. The practical reality is that Obama is only going to appo...


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