Summers vs. Yellen: Tweedledumb vs. Tweedledee

“The media are doing their best to create interest in who will be Bernanke’s replacement: Lawrence Summers or Janet Yellen. Summers is a dove. The media have re-defined ‘exit.’ Any reference to an exit these days means merely a reduction of the rate of increase in the present rate of $85 billion a month. The FED is buying over $500 billion of the Treasury’s estimated annual deficit of $650 billion. It is buying almost $500 billion in Fannie-Freddie bonds. What happens to interest rates if the FED stops buying? What happens to Wall Street? What happens to the housing recovery? No one asks Yellen what she thinks would happen. No one asks Summers.”

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