Vacancy opens up on Fed as Stein resigns

Jeremy Stein has been a member of the Board of Governors since May 30, 2012 and his resignation is effective on May 28. His term doesn't end until 2018.

Stein has been the rare Fed member to express at least some worry over the possibility of overheated markets amid the central bank's stimulus efforts, and bond prices have nosed up just a bit in wake of the announcement, with the 10-year note yield dipping to the day's low of 2.78%.


Resignation letter

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Comments (8)
  • dacama1
    , contributor
    Comments (221) | Send Message
    I am available!
    3 Apr 2014, 12:01 PM Reply Like
  • notta lackey
    , contributor
    Comments (131) | Send Message
    Your not qualified. Anybody who can convey a complete thought in a 3 word sentence obviously has no economic training.
    6 Apr 2014, 06:45 PM Reply Like
  • ceristeare
    , contributor
    Comments (1122) | Send Message
    hahaha i like both comments
    6 Apr 2014, 10:29 PM Reply Like
  • leopardtrader
    , contributor
    Comments (3700) | Send Message
    Did he jump or pushed? Seems pushed based on tenure and age. Anyone?
    3 Apr 2014, 12:18 PM Reply Like
  • notta lackey
    , contributor
    Comments (131) | Send Message
    The system cannot be fixed since the problem is the system. Only Keynesian economists land here. Keynesianism is the problem. Their solution is to print money to boost a weak economy and then withdraw it to avoid excess. The problem is political. Whichever politicians have an election year when they are tightening gets voted out of office, so nothing is ever done to conclusion, so the system becomes instrinsically inflationary.


    There are billions and billions of financial transactions out there every day. So why does the system need ivory tower nuts to govern it? The best solution is getting rid of the Fed a/k/a banker's cartel, but then the country would be "of the people, by the people and for the people". What a horrifying thought.
    3 Apr 2014, 02:42 PM Reply Like
  • EK1949
    , contributor
    Comments (2707) | Send Message
    "So why does the system need ivory tower nuts to govern it?"


    The people who understand money better than the ivory tower nuts are more Keynesian than the nuts. If they were running things we'd actually get enough inflation for growth, jobs and wages. But the Fed wouldn't be where things would be run from. Keynesians would mostly operate on the fiscal side with tax cuts and more spending, the Fed would just hold rates down to allow the fiscal side to work. Notice they are doing that but the fiscal side is missing. That's why our policy isn't working, not because of Keynesians. Indulging the deficit phobia has cost us immensely in jobs and output.


    We made ourselves poorer to save money. It was as bad an idea as the Keynesians said it would be. Their model worked, the anti-Keynesian model has been a disaster, and our half and half better but inadequate. Everything went according to plan, the bad plan failed, the half bad plan half failed, and the good plan was abandoned years ago while it was working exactly as it was expected to.


    The people in Congress who arranged this failure are not Keynesian, they are nihilists. They want nothing good to happen until a Republican is in the WH and my guess is that a number of them don't want anything good to happen even then. While this is certainly about ideology it is also about hatred, for the President, for this country which refuses to be white, and for pointy headed big city ivory tower nuts.
    3 Apr 2014, 04:32 PM Reply Like
  • ceristeare
    , contributor
    Comments (1122) | Send Message
    Mr. Stein is a free American and can do what he wants. Via Con Dios.
    3 Apr 2014, 11:14 PM Reply Like
  • ShellVpower
    , contributor
    Comments (224) | Send Message
    Now that we have a new Fed's Hobbit Yellen to "Pump" the next Bubble...


    Do we need Frank & STEIN??? meaning the hugly guy??
    4 Apr 2014, 12:40 AM Reply Like
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