The Roller Coaster

On February 3, 2014, Janet Yellen was sworn in as the only female Chairman of the Federal Reserve in its 100-year history.  She succeeds Ben Bernanke.  She remained silent through the swearing-in ceremony.  I am thinking she is concerned about the roller-coaster she is about to try to take control of . . . knowing that the Dow Jones has fallen more than 1,000 points since the first of the year!  Business reports are in the tank as business struggles with new government imposed and sponsored health care, and investors are quickly losing confidence and selling off.

In the midst of all this, there is increased talk about raising minimum wage from $7.25 up to $10.00 per hour. That move will have an overwhelming impact on business, the economy, and a bunch of low-level workers will be laid off and will hit the dole!

I am hoping her Nobel-winning economist husband, George Akerloff, will be offering her suggestions as opposed to the White House.

 

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