Not excited about Yellen as Treasury secretary— it is very conventional center left pick & Dems center left on eco has been really bad & needs a real dose of populism — that is it needs to stop obsessing about fiscal restraint & really spend $’s &/or cut taxes for normies. 1/

Yellen was not a great Fed leader, as measured by what she did for working class versus what she did for Bond holders.

But this point by Eric is even more important

She has spent decades immersed in conventional eco spaces & respects them. That is bad!

https://twitter.com/ericlevitz/status/1331065494418444289?s=21 https://twitter.com/ericlevitz/status/1331065494418444289

The 90s ethos of budgetary restraint & low reg of financial sector & immense respect for bankers is a religion in world she comes from. It is unquestioned

Dems in those spaces, when they criticize GOP, feel it didn’t focus on limiting debt & reforming Socia security enough.

Clinton & his treasury & eco team were extremely proud they came in and cleaned up the mess from GOP by running a fiscal surplus, bailing out mexico & banks, getting NAFTA passed, and really deregulating Wall Street.

Obama’s team was very similar in attitude & ethos.

Yellen continues that tradition & as first & important pic on Biden’s eco team, it is a bad sign

Dems want to be party of working class again. They need to take lesson from Trump years & shut up about fiscal restraint, Deficit concerns, more trade deals, & focus on eco populism

To be blunt, Dems can’t do the same old status quo when it comes to eco policy & that is what Yellen very much has been & is part of.

She, Biden, & rest of his eco team could surprise us by changing their spots at age 70.

Let’s hope so. But I wouldn’t bet on it