Should Janet Yellen be Chair of the Federal Reserve?
Debate Rounds (3)
First round acceptance
Second round arguments
Third round rebuttals
The united states in 2008 has experienced a huge financial crisis and which we became homeless, lead to homes foreclosing and people that were not buying much. This has dropped not just the U.S. economy but also had a impact the global economy in general. Fortunately, we are in the turning point of recovering but there still needs to be more work done in order to get the economy back up. One of the ways in which to get back up is to use Keynesian economics which is exactly what we need. While it is a temporary solution until people can starting buying more goods again, it's a necessarily solution none the less.
By using Quantitative easing, it will lower short term market interest rates which is the foundation of monetary policy. One of major essential characteristics that has made the Federal Reserve powerful and is required is the Dual mandate. The Dual Mandate includes the following. Maximum employment, stable prices and legitimate interest rates. Part of her philosophy is focusing on unemployment which is importantly self-explanatory. An economist can;'t focus on trying increase employment without focusing on unemployment . She is also in favor of 1970s model of the Phillips curve which will have to near zero interest rates. Many of these tactics will hopefully help us avoid inflation and bring our economy back up.
jamesNYY forfeited this round.
I cannot stress enough the fact that we need equality in America. A person's knowledge should not automatically be dismissed because she is a woman. Woman are entitled to the same amount of rights as men do. As for the suggestion that Larry Summers should be the head chair of the federal reserve, Larry Summers along with Alan Greenspan, Bank of America, Citibank and Wall Street have been the reason why we are in the rescission to begin with. They've created a housing bubble to actually give mortgages to people who couldn't afford it. We shipped our jobs from the U.S (and even Canada) to China and therefore not allowing American families to maintain small local business'. I would wish nothing more than to see people like Larry Summers wrought in prison.
Now while I have a hatred towards the actions of Wall Street, do not take this as my statement against the federal reserve (which to a certain degree is responsible). In fact, if it wasn't for the federal reserve, we would have been in a much deeper recession and probably worse, a depression. Did you know that between the period 1940-1980, the reason why we never get into financial trouble was is because the markets were regulated. Hopefully the actions of Janet Yellen who will do just that with the Obama administration.
jamesNYY forfeited this round.
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