Read Will? Better read Chait ...
Published: November 11, 2013 01:13PM
Updated: November 11, 2013 01:13PM
Sen. Charles Schumer, D-N.Y., right, meets with Janet Yellen, President Barack Obama's nominee to be the next chair of the Federal Reserve, on Capitol Hill in Washington, Thursday, Nov. 7, 2013. (AP Photo/Jacquelyn Martin)

— The enigma of Janet Yellen — George F. Will | The Washington Post

“... There is no reason to doubt Yellen’s intellectual integrity; there is reason to wonder where she thinks the autonomous Fed now fits in the government. The Fed seems to be evolving into a central economic planner with a roving commission to right social wrongs such as unemployment. About this Yellen talks with a humane passion that speaks well of her but is more suited to a political official. ...”

— George Will Very Confused by Monetary Policy — Jonathan Chait |New York Magazine

“... odd that Will presents the Fed’s concern with unemployment as some kind of potential, as-yet-ambiguous emerging trend (“seems to be evolving into …”). The 1978 Humphrey-Hawkins law, passed by Congress and signed by the president, officially made low inflation and unemployment the Fed’s two goals, and was de facto policy for decades prior. To say the Fed “seems to be evolving” into an agency that combats unemployment is a bit like saying George Will seems to be evolving into some kind of political columnist. ...”