Vital Signs: Janet Yellen, very model of a modern Madam Secretary

first_imgVital Signs: Janet Yellen, very model of a modern Madam Secretary Janet Yellen is the perfect choice to tackle the worst economic crisis in a century, and the problems that lie beyond.It is widely tipped that US president-elect Joe Biden will nominate Janet Yellen as Treasury Secretary – one of the most important posts in any administration.She will make for a terrific Treasury Secretary, bringing with her a wealth of experience and a lot of IQ points. Her appointment also signals what kind of president Biden is likely to be.Yellen (born August 13, 1946) comes with impeccable credentials. She received her PhD in economics from Yale under Nobel-prize-winning economist James Tobin. She was on the faculty at Harvard and for a long time at the University of California, Berkeley. She was chair of the Council of Economic Advisers for President Bill Clinton and went on to be president of the San Francisco Federal Reserve Bank.President Barack Obama nominated her in 2010 to be vice-chair of the US Federal Reserve. In 2013 she succeeded Ben Bernanke to become the Fed’s 15th chair.With apologies to Gilbert and Sullivan, she is the very model of a modern policy maker.A centrist and experienced administratorYellen is in many ways a traditional centre-left economist. Her academic work focused mainly on imperfections in labour markets and how unemployment can arise.One of her best-known papers concerns how workers will put in less effort if they think they are being paid below what they consider to be a “fair” wage.As chair of the Federal Reserve, given the tough position the US economy was in, Yellen used monetary policy in a conventional and aggressive way – much like her more conservative successor Jerome Powell has done.But she also championed tougher financial regulation and emphasised that economic inequality was not merely an intrinsic concern but could be a drag on economic growth.The Federal Reserve chair Janet Yellen testifies at a hearing of the Federal Reserve Board Joint Economic Committee in November 2017, Jacquelyn Martin/APThough Yellen is in every way an excellent choice to head the US Department of the Treasury, Biden had other options.He was under pressure to nominate someone much further to the left. Senator Elizabeth Warren, one of Biden’s rivals for the 2020 Democratic Party presidential primaries, reportedly wanted the job herself – although to her credit she has praised Yellen as “an outstanding choice” in recent days.Yellen may believe in tougher financial regulation, but Warren would have been more than that; she has called the business of Wall Street “legalised looting“, indicated her desire to destroy the entire private equity industry, and to impose a wealth tax of 6% a year – enough to destroy capital accumulation, if not capitalism itself.All of this signals that Biden, in eschewing the more radical Warren, is (a) not crazy, and (b) planning to run a centrist administration.The importance of the Treasury SecretaryIt is hard for Australians to understand just how important the role of Treasury Secretary is in the US government. Yes, the role of Australia’s federal treasurer is regarded as second only to the Prime Minister, but that is in the context of cabinet government with an expenditure review committee.By contrast, the US Treasury Secretary (with the support of the US president) wields almost unfettered economic authority.That might be a blessing and a curse for Yellen, for she will take office with the US in the worst economic shape since the Great Depression.From day one the whole Biden administration, Yellen included, will face huge challenges.First, it must get the COVID-19 pandemic – now running rampant – under control. As any amount of international evidence has shown, one can’t have a functioning economy during a pandemic.Pandemic control itself will not be Yellen’s job. But what will be immediately important, and within her purview, is getting Congress to pass a stimulus package to boost the US economy while the virus is brought under control through various measures – perhaps even including the rollout of a vaccine.That will be no easy task. Republicans in “red” states that have set aside so-called “rainy-day funds” feel loathe to fund what they basically see as a bailout to Democratic “blue” states who haven’t done the same. Senator Mitt Romney made exactly this point when talking to CNN podcast host and former Obama advisor David Axelrod last week.Beyond the immediate coronavirus response, Yellen will also face big challenges – perhaps the most vexing ones of all.Economic problems beyond the pandemicPrior to COVID-19, the US economy was in a low-growth, low-inflation funk. Something former treasury secretary Larry Summers has famously referred to as “secular stagnation“.This is where Janet Yellen, labour economist, may be just the person to be in charge of the treasury.What economists and policy makers alike still don’t understand is why the speed limit of the US (and other advanced) economies seems to have dropped. Why is it unemployment needs to be close to 3% to get wage growth moving in the US? Why is inflation persistently low even in the face of very loose monetary policy?This is also where Janet Yellen, former Fed chair, may also be the perfect person to be in charge. Thinking hard about how very low interest rates and fiscal policy interact in a practical way is a deeply important issue.Plenty of smart people are working on that problem, but there is something unique about a former Fed chair and current Treasury Secretary marshalling an effort to provide a better understanding of this interaction.When Biden officially announces (and the Senate confirms) Yellen’s appointment, we can look forward to one of the great economic policy makers of our time helping to deal with some of the most pressing challenges of our time.Richard Holden, Professor of Economics, UNSWThis article is republished from The Conversation under a Creative Commons license. Read the original article. /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:Australia, california, Clinton, coronavirus, depression, Federal, Federal Reserve, Government, plenty, Prime Minister, regulation, Republicans, San Francisco, university, University of New South Wales, UNSW, wage growth, Warrenlast_img read more

Hearing of Donegal Priest’s indecent assault charges adjourned

first_img Pinterest WhatsApp A County Donegal priest has been granted a two week adjournment of a hearing at which he is to face a number of Indecent assault charges.Fr Eugene Boland, whose address is listed as the Parochial House, Killyclogher county Tyrone faces four charges of indecent assault on a female.Fr Boland,  originally from Moville, has previously worked as administrator in Galliagh parish in Derry and also served in the Creggan and Waterside parishes in the city.Journalist Eamonn McDermott was in Court for Highland Radio News this morning:[podcast][/podcast] Twitter Facebook Gardai continue to investigate Kilmacrennan fire RELATED ARTICLESMORE FROM AUTHOR WhatsApp Hearing of Donegal Priest’s indecent assault charges adjourned Google+ Google+ Twittercenter_img Previous articleAppeal after reports of Derry indecent assaultNext articleMet Eireann warn of more gale force winds in Northwest tonight News Highland By News Highland – January 4, 2012 Pinterest 365 additional cases of Covid-19 in Republic Man arrested on suspicion of drugs and criminal property offences in Derry Main Evening News, Sport and Obituaries Tuesday May 25th Newsx Adverts Further drop in people receiving PUP in Donegal Facebook 75 positive cases of Covid confirmed in North last_img read more

Charleston Church Shooting Victim Was Considering Retirement, Brother Says at Dylann Roof Sentencing

first_imgCharleston County Sheriff(CHARLESTON, S.C.) — Charleston church shooting victim Cynthia Hurd was considering retiring from the Charleston County Library after three decades of service when she was gunned down at church, her brother told the federal jury deciding the fate of convicted killer Dylann Roof Friday.Roof, already convicted of killing nine churchgoers in Charleston, South Carolina, will be sentenced to death or life in prison at the conclusion of the trial.Hurd’s brother, Malcolm Graham, described Hurd as the protector in their family; she was mature, studious and an avid reader, he said.“Cynthia used to get in so much trouble because when we were supposed to be doing chores, she would be hiding away reading books,” Graham said, according to ABC affiliate WCIV-TV. “She was smart … she knew the power of education.”“She started being my life coach at a very early age,” Graham said.Hurd worked at the Charleston County Library for 31 years. She was considering retirement, WCIV reported.Her 55th birthday was the Sunday after she was gunned down at the bible study in Charleston.FBI special agent Joe Hamski also testified Friday morning, showing the jury the nine victims’ death certificates; three of the victims were at least 70 years old.Hamski read parts of Roof’s jailhouse journal, which included racist language and drawings, and said Roof wore shoes with racist symbols to court, as recently as this Monday.On Wednesday, daughters, sons, sisters and friends of the victims shared their tragic stories of loss and grief with the jury.WCIV reported that U.S. District Judge Richard Gergel had commented that court officials were crying during the friends and relatives testimony.Last month, the jury found Roof guilty of fatally shooting nine parishioners at a Charleston church, in June 2015.Roof went to the church that night armed and “with the intent of killing African-Americans engaged in the exercise of their religious beliefs,” according to the federal indictment against him. The church members welcomed Roof into their Bible study, according to the indictment, after which Roof drew a gun and opened fire.The government is asking the jury to sentence Roof to death.A journal-like document found in Roof’s jail cell included anti-Semitic and racist language, according to testimony Thursday from Lauren Knapp of the Charleston County Detention Center. The writing said in part: “I did what I thought would cause the biggest wave. … I have not shed a tear for the innocent people I killed. I do feel sorry for the innocent white people killed at the hands of lower races,” WCIV reported.Roof, who is representing himself for the sentencing phase of his federal trial, spoke for less than five minutes in his opening statement Wednesday, telling the jury there is nothing wrong with him psychologically. Roof did not apologize for his actions.Defense attorney David Bruck told the court last month, “He did it … You’re probably wondering, so what we are doing here? Why does there need to be a trial? … The practical reason is that the government has asked for the death penalty after conviction, and because of that, we have a procedure to go through.”“Our society does not order the death penalty if there are reasons to choose life,” Bruck added. “You’re going to want to understand who this person was and why on earth he would want to cause so much grief.”Roof also faces a state trial in which he may again face the death penalty. The state trial, which was scheduled to begin this month, has been delayed indefinitely.Copyright © 2017, ABC Radio. All rights reserved.Powered by WPeMatico Relatedlast_img read more

High scores abound at Khao Kheow

first_imgMany thanks go to our hole sponsors: Ferdinand Bar, Phantom Bar, RR123 Remodel & Construction, Solens Autolakerer, Anna Coffee & Drink, DTA Transport, Beergarden Restaurant, Alby & Micky Pizza, Lewinski’s, Pizza Italiano, Hotel Dania, Beefeater Steakhouse & Zanzi Bar.  Also thanks to Freddy Starbeck and Christian Boysen who assisted with all the organizing and running of this event.Presentations were at the Phantom Bar that evening with the delicious buffet supper provided by Colin Davis from Lewinski’s.  Once again the place was packed and excellent live music entertained us all.The rule of the day was that winners had to be present on the evening to receive their awards and any left uncollected would carry forward to the next Monthly Tournament on March 9 at Greenwood.  The flight winners were then announced followed by the announcement of the five qualifiers for the Ferdinand Championship at the end of next year, those five being Patrick Poussier, Jim Elphick, Paul Hack, Pat Regan and Sal Brizzi.A Flight (0-14)1st Paul Hack (13) 40pts2nd Pat Regan (14) 40pts3rd Sal Brizzi (7) 39pts4th Colin Greig (9) 38pts5th Thierry Petrement (13) 38ptsB Flight (15+)1st Patrick Poussier (24) 43pts2nd Jim Elphick (24) 41pts3rd Peter McCann (17) 38pts4th Ian Pickles (15) 36pts5th Niall McManus (17) 36ptsMonday, Feb. 9, Greenwood C & A – StablefordWe had a later tee time at 10.47 am today and although it was reasonably busy our first group got away right on time in perfect conditions for golf.  The course was in fine shape with the greens firm and true and with few delays a very enjoyable round was completed in four hours & twenty minutes.Patrick Poussier.Your writer managed to find a bit of form and won the day with 40 points – 7 shots ahead of veteran Ken Hole in second place.  There were 2 golfers on 30 points so a count back was required and that resulted in third spot being awarded to Graham Parsonage (15 point back nine) from Andrew Woodall (12 point back nine) who just missed out on a podium spot.1st Peter Blackburn (14) 40pts2nd Ken Hole (18) 33pts3rd Grahan Parsonage (9) 30ptsThursday, Feb. 12, Mt. Shadow – StablefordWe were able to tee off right on our scheduled 10.00 am tee time at Mountain Shadow and with no other groups immediately in front of us we maintained a steady pace.  The weather once again was great and the golf course was in good shape with the slick greens catching some out, myself in particular.  Things slowed down somewhat during the second nine but we still completed our very enjoyable round in four hours & twenty five minutes.After just 12 points on the front nine John Swanson was “looking down the barrel”, but an amazing 25-point back nine enabled him to take out first place ahead of Ken Hole in second spot with 34 and your writer in third place on 32.1st John Swanson (27) 37pts2nd Ken Hole (18) 34pts3rd Peter Blackburn (14) 32ptsNote: The Ferdinand Golf Society generallys play Mondays & Thursdays, meeting at The Phantom Bar in Soi Buakhow at 8.00 am with transport departing at 8.30 am.  For bookings or more information please contact Peter on 0806 351 386 or email to petermalcolmblackburn PSC Golf from The Ferdinand Golf SocietyMonday, Feb. 2, Khao Kheow B & C – StablefordThis was the second of our Monthly Tournaments and once again we had a terrific number of golfers participating in the event which had many lucrative rewards, including prizes on every hole for A & B flights and a fabulous prize for a hole in one on the par three C8 hole.  There was also the chance to qualify for a place in the Ferdinand Championship to be played at the end of this year.  Our first group was able to get away a few minutes ahead of schedule on a golf course in terrific shape.  We had no hold-ups on the way around and our thanks go to the Khao Kheow management & staff for their help & cooperation.Paul Hack.last_img read more

Bomb scare closes school

first_imgBy Alana Mitchelson Drouin Primary School students were evacuated after several schools across the state received threatening phone calls this…[To read the rest of this story Subscribe or Login to the Gazette Access Pass] Thanks for reading the Pakenham Berwick Gazette. Subscribe or Login to read the rest of this content with the Gazette Digital Access Pass subscription.last_img

Galway Hurling Team Named

first_imgThere are 2 changes to the Galway Senior Hurling team to play Offaly in tomorrow’s Leinster Senior Hurling Championship semi final in Portlaoise. Conor Cooney and Niall Burke come in for Shane Maloney and Jason Flynn. The team in full is in Goals Colm Callanan, a Full Back Line of Johnny Coen, John Hanbury & Fergal Moore, a Half Back Line of Padraig Mannion, Daithi Burke & Aidan Harte, a Midfield Duo of Captain David Burke & Davey Glennon, a Half Forward Line of Niall Burke, Joseph Cooney & Joe Canning and a Full Forward Line of Conor Whelan, Cathal Mannion & Conor Cooney.Tomorrow’s match throw-in at 3:30pm with LIVE commentary from Sean Walsh and Conor Hayes on Galway Bay FM.print WhatsApp Facebook Twitter Emaillast_img read more

Massive weekend of Irish basketball in store as Hula Hoops National Cup quarter-finals tip…

first_imgHula Hoops President’s Cup Quarter Finals: Ballincollig v Portlaoise Panthers, Ballincollig CS, 13:30;Neptune v Titans, Neptune Stadium, 14:00;Paris Texas Kilkenny v Keane’s Supervalu Killorglin, O Loughlins GAA, 14:00;Fr Mathews v Scotts Lakers St Paul’s Killarney, Colaiste Chriost Rí, 15.00 Standing in their way however is Pyrobel Killester, who now boast not only the services of former Glanmire star Chantell Alford, but also an unbeaten home record in the Women’s Super League – most notably ending Courtyard Liffey Celtics’ run at the top of the table last weekend. Sunday 3rd December 2017     Basketball Ireland Men’s Super League:  Griffith College Swords Thunder v Pyrobel Killester, ALSAA-Dublin, 15:00;Garvey’s Tralee Warriors v UCC Demons, Tralee Sports Complex, 15:00;Belfast Star v KUBS BC, Methodist College, 15:00;Black Amber Templeogue v DCU Saints, Oblate Hall Inchicore, 15:30; Basketball Hall of Fame Belfast ClassicManhattan v Holy Cross, SSE Arena, Belfast, 16.30Towson v La Salle, SSE Arena, Belfast, 19.00 Saturday 2nd December 2017 Basketball Hall of Fame Belfast ClassicRunner up match, SSE Arena, Belfast, 14.30Championship game, SSE Arena, Belfast, 17.00 Hula Hoops Senior Women’s Cup Quarter Final:  Fabplus North West v UL Huskies, Colaiste Choilmcille Ballyshannon, 15:00;print WhatsApp Facebook Twitter Email Hula Hoops Women’s National Cup:  NUIG Mystics v IT Carlow Basketball, Calsanctius College, 20:30;center_img “We know we’re going to be heavy underdogs in the eyes of everyone outside of our dressing room,” admitted Killester’s Karl Kilbride, “But we have great confidence in our own ability and know that if we play to our potential, there’s nobody we can’t beat.”Glanmire head coach, Mark Scannell, knows the pressure is on the reigning champions to perform big on Sunday.“As defending champions and going for five in a row, it’s one of the most difficult fixtures,” he said. “They are a tough and physical team and are coming in off the back of a big win against Liffey but it’s Cup, and we’ll be ready.”Elsewhere, it’s a top of the table showdown on Friday evening as Courtyard Liffey Celtics and DCU Mercy go head-to-head in their quarter-final, in what is a repeat of last year’s Cup semi-final, which Liffey won. The two sides met already this year in a cracking League clash which saw Celtics come out on top, but Mark Ingle’s charges will be showing no mercy this weekend.“We are looking forward to this Cup tie,” he said. “Both teams are joint top of the Super League at the moment, and we’ve been playing very well lately so have a lot of momentum going into the game. We will have to be at our best defensively to get the job done, but I am confident we can put in a good performance.”Singleton SuperValu Brunell and Maxol WIT Wildcats will play out a hugely-anticipated Cup clash in Cork on Sunday meanwhile, in a repeat of a League fixture from two weeks ago, which saw Brunell win out in overtime, while all roads lead to Galway this evening [Thursday] as NUIG Mystics welcome IT Carlow Basketball to Oranmore in a refixed preliminary round. The winner of that tie will face Portlaoise Panthers in the quarter-final stages.There’s also Hula Hoops National Cup action across the Men’s and Women’s Division One, with the Men’s President’s Cup quarter finals taking centre stage on Sunday afternoon.Reigning Cup champions, Neptune, will host Titans, while their Cork neighbours Ballincollig – who currently sit top of the Men’s Division One table – will face the challenge of newcomers, Portlaoise Panthers. The unbeaten Keane’s SuperValu Killorglin meanwhile will go head-to-head with Paris Texas Kilkenny in Kilkenny, while Fr Mathews and Scotts Lakers St Paul’s Killarney do battle in what is set to be another competitive game.In the Hula Hoops Senior Women’s Cup meanwhile, Fabplus North West will welcome UL Huskies to Donegal for a big quarter-final battle. Fr Mathews and Meteors have already booked their spots in the semi-final stages following wins over Marble City Hawks and Ulster University Elks last weekend, while Griffith College Swords Thunder have a bye into the semi-final.It’s regular Super League action in the Men’s Super League meanwhile, with UCD Marian and Éanna getting proceedings underway this evening [Thursday] in a Dublin derby at UCD at 8pm. Elsewhere, Garvey’s Tralee Warriors will welcome UCC Demons in a hugely-anticipated clash. Griffith College Swords Thunder and Pyrobel Killester will also go head-to-head, Black Amber Templeogue will face off to DCU Saints, while KUBS travel up to Belfast Star.In an extremely busy weekend of basketball, the Basketball Hall of Fame Belfast Classic also tips off in the SSE Arena, Belfast this coming Friday, with a feast of basketball in store for fans across the country. Friday will see Manhattan and Holy Cross tip off at 4.30pm while Towson and La Salle will go head-to-head at 7pm. The runner up game and Championship match will take place on Saturday, to finish off a brilliant few days of basketball. Friday 1st December 2017Hula Hoops Women’s National Cup Quarter Final:  Courtyard Liffey Celtics v DCU Mercy, Leixlip Amenities Centre, 20:20; Hula Hoops Women’s National Cup Quarter Finals:  Singleton SuperValu Brunell v Maxol WIT Wildcats, Parochial Hall, 14:45;Pyrobel Killester v Ambassador UCC Glanmire, I.W.A Clontarf, 15:00; Basketball Ireland Fixtures: November 30th to December 3rdThursday 30th November 2017          Basketball Ireland Men’s Super League:  UCD Marian v Éanna, UCD, 20:00; Ambassador UCC Glanmire will be hoping to kick start their journey to five Hula Hoops Women’s National Cup titles in a row this weekend as they prepare for a massive quarter-final clash in Dublin on Sunday afternoon.last_img read more

Glacier Gymnastics Club hosts Judges Cup

first_imgGlacier Gymnastics is hosting its first major event of the competitive season when the Nelson-based club welcomes gymnasts to the Judges Cup Saturday at the Civic Centre Facility.Teams from throughout the Kootenays are expected to attend.Competition begins bright and early Saturday morning at 8 a.m. with warmup for the Performance Interclub Girls, concluding at 8:30 p.m. with the High School and Junior Olympic athletes. There are two other sessions beginning at 10:30 a.m. and 2:20 p.m.The Glacier Gymnastics Club is located at 719 Vernon Street in Nelson in the former Civic Centre Badminton Hall.last_img read more

Leicester City 3-2 Aston Villa: Foxes produce thrilling comeback to go second

first_img1 Jamie Vardy Leicester City produced a stunning comeback from two goals down to beat Aston Villa and climb to second in the Premier League table. Fine strikes from Jack Grealish and Carles Gil had put Villa in control but Claudio Ranieri’s side launched a stirring fightback courtesy of goals from Ritchie De Laet, Jamie Vardy and a stoppage-time winner from Nathan Dyer. The Foxes remain unbeaten under their new manager and produced another scintillating attacking display in front of a jubilant home crowd. Villa remain without a win since the opening-day victory at Bournemouth and Tim Sherwood was left dismayed after his side surrendered such a commanding position. The visitors enjoyed the lion’s share of possession in the first half and took the lead on 39 minutes when Grealish swept home his first Premier League goal from the edge of the area. Leicester improved after the break with Riyad Mahrez and Dyer providing a threat from the flanks. However, they were hit by a sucker-punch after 63 minutes when Gil rounded off a devastating Villa counter-attack. Gabby Agbonlahor raced down the left wing and cut back for the Spaniard, who curled a first-time shot into the top corner. But Ranieri’s side never gave in and were given hope in the 72nd minute when De Laet turned home a corner. Leicester were level 10 minutes later when Vardy stretched out a leg to turn home Danny Drinkwater’s low cross and notch his third goal of the season. The thrilling turnaround was completed a minute from time when Dyer bravely headed past Brad Guzan.last_img read more

Report: Clearance sale at Torino

first_img Watch Serie A live in the UK on Premier Sports for just £11.99 per month including live LaLiga, Eredivisie, Scottish Cup Football and more. Visit: Torino are reportedly looking to cash in on some of their squad members, including Kevin Bonifazi, Simone Zaza and Iago Falque. According to Tuttosport, the Granata could be willing to let as many as five of their first-team players leave this winter. The newspaper begins by writing a return to SPAL may be on the cards for Bonifazi, although the €20m-rated defender is also being tracked by Bologna and Fiorentina. As for Zaza, the striker is also deemed expendable at €20m after just two Serie A goals this term, compounded by an ankle injury. Rounding off the list are winger Falque, currently out with a hamstring problem, plus young pair Vittorio Parigini and Simone Edera. Toro are currently 11th in Serie A and beat Brescia 4-0 before the international break. They continue their season against second-placed Inter on November 23.last_img read more