2. What's the standard of evidence here: "preponderance of the evidence" or "proof beyond a reasonable doubt"? Isn't "preponderance of the evidence" the correct standard in any kind of election or appointment situation?
On Mon, Jul 29, 2013 at 2:45 PM, Marv Gandall <marvgand2 at gmail.com> wrote:
>
> On 2013-07-29, at 12:49 PM, Robert Naiman wrote:
>
> > On the same theme:
> >
> > Wall Street Overwhelmingly Favors Yellen Over Summers For Fed Chair:
> CNBC Poll
> >
> http://www.huffingtonpost.com/2013/07/26/wall-street-yellen-summers-fed-poll_n_3659823.html
>
> So I'll return to the question I posed a couple of days ago: Is there
> really enough of a difference between Yellen and Summers to justify the
> liberals' full court press on this issue? Yellen can't be of equal comfort
> to both Wall Street and liberal Democrats who want to curb its influence.
> Someone is experiencing a serious bout of false consciousness here. Until
> persuaded otherwise, I'll stick to my view that the antagonism directed at
> Summers is mostly personal all round or based on unsupported speculation
> that he is more disposed to tighten than Yellen. There's no indication that
> either Yellen or Summers or another appointee will represent any meaningful
> departure from the Bernanke Fed. Its policy direction will continue to be
> decided, as Harold MacMillan once explained in another context, by "events,
> dear boy, events."
>
>
>
> > On Mon, Jul 29, 2013 at 11:12 AM, Marv Gandall <marvgand2 at gmail.com>
> wrote:
> > (The WSJ ran the story below on its front page, which is stark
> contradiction to its editorial line and that of conservative Republicans
> who are strongly opposed to the Fed's policy of quantitative easing. It
> vindicates the Keynesians who suggested monetary easing would not lead to
> inflation in a slack economy with high unemployment, and is a repudiation
> of the nostrums peddled by the monetarist followers of Milton Friedman. The
> irony is that the Journal's most loyal Wall Street readers, whatever their
> ideological predilections, have benefited most from the Fed's robust asset
> purchases since the near-collapse of the financial system in 2008, and any
> hint of a Fed retreat has caused their stock and bond portfolios to
> plummet. The Journal article lends support to those economists and
> investors who have been warning against any tapering off of Fed bond
> purchases, especially those who see monetary policy as a more palatable
> alternative to fiscal spending. It will also lend supp!
> ort, intentionally or otherwise, to Janet Yellen's candidacy for the Fed
> chair. If the Obama administration is looking for right-wing cover to
> appoint Yellen ahead of Larry Summers, which its liberal base has been
> demanding, the WSJ has just provided it.)
> >
> >
>
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-- Robert Naiman Policy Director Just Foreign Policy www.justforeignpolicy.org naiman at justforeignpolicy.org