The Instigator
HostileBelief
Pro (for)
Tied
0 Points
The Contender
jamesNYY
Con (against)
Tied
0 Points

Should Janet Yellen be Chair of the Federal Reserve?

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Voting Style: Open Point System: 7 Point
Started: 1/6/2014 Category: Economics
Updated: 3 years ago Status: Post Voting Period
Viewed: 974 times Debate No: 43492
Debate Rounds (3)
Comments (3)
Votes (0)

 

HostileBelief

Pro

This debate will be about whether or not Janet Yellen should obtain the position for chair of the federal reserve. This debate is about if she is a credible economist at the federal reserve. I will be taking the position of in favour where my opponent will be against.
First round acceptance
Second round arguments
Third round rebuttals
jamesNYY

Con

Janet Yellen should not be the Fed Reserve chair because of the basis of her appointment. She wasn't more qualified (in my view she is less qualified) than Larry Summers. Her appointment was almost completely gender based and is a prime example of the democrats liberal agenda to try and force their social view. Because there hasn't been a female chair in the 100 plus year history of the Fed, the democrats pushed this nomination on the basis that it is unfair that a female never held office.
Debate Round No. 1
HostileBelief

Pro

Hello and Welcome. First of all to James, Your intro arguments came a bit too early and I made it clear that actual arguments begin at round 2. I'll respond to your arguments on round 2. Thought I should remind you. Anyway, I will propose the proposition that I'm in favor of Janet Yellen being the head chair of the Federal Reserve. There are many reasons to state as to why she makes an expectational candidate. I'm not going to lie when I say that the reasons for why I'm in favor and reasons why you are in favor or not is also dependent on what's your view of the economy. Here's a view that I think we can all agree on.

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

Con

jamesNYY forfeited this round.
Debate Round No. 2
HostileBelief

Pro

As for the idea of Obama choosing her because she is a woman and therefore doing for as you say "Democrats Liberal Agenda", I think it's a superstition created by the republican party. Even if there exists such a agenda, I personally wouldn't join in considering how as a person with political beliefs but also in favor of the truth, one cannot lean towards one side of the political spectrum. In other words, not giving my full support to either one. There was also one person in comments named progressivedem22 who I agree with. What he basically trying to say is that even if she is a woman, so what?

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.

http://news.xinhuanet.com...
jamesNYY

Con

jamesNYY forfeited this round.
Debate Round No. 3
3 comments have been posted on this debate. Showing 1 through 3 records.
Posted by HostileBelief 3 years ago
HostileBelief
I couldn't agree more.
Posted by progressivedem22 3 years ago
progressivedem22
"Her appointment was almost completely gender based and is a prime example of the democrats liberal agenda to try and force their social view."

Their "social view?" You mean the view that men and women are equal, and that qualifications trump all? If you recall, there were Democratic Senators, as well as prominent economists (e.g., Paul Krugman), who endorsed Yellen for Fed Chair. The fear about Larry Summers was that he supported deregulation under Clinton. The lack of oversight of the financial system under Greenspan and Bernanke is what got us into this mess.
Posted by progressivedem22 3 years ago
progressivedem22
An interesting topic. Unfortunately, I'm also in favor of Yellen, so I can't accept this challenge. I'll be watching this one, though.
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