Tags: Cramer | Yellen | Fed | America

Jim Cramer: Yellen 'Absolute Best America Has to Offer'

By    |   Thursday, 10 October 2013 08:58 AM

Jim Cramer, host of CNBC's "Mad Money," is highly enthusiastic over President Obama's choice of Fed Vice Chairwoman Janet Yellen to be the next Federal Reserve chairman.

"When you look at her credentials, this is absolutely the best America has to offer," he said on the network's "Squawk on the Street" program.

"What is the worry? She cares about unemployment? Last I looked that was kind of what FDR cared about."

Editor’s Note:
Obama’s Budget Takes Aim at Retired Americans

Yellen's background is impressive, Cramer noted. "There are these core values she embodies: Brooklyn kid made good, great education, really smart, public service, Berkeley."

Yellen was previously president of the San Francisco Fed, chairwoman of President Bill Clinton's Council of Economic Advisers and an economics professor at the University of California, Berkeley.

"What do you want Congress? This is as good it gets!" Cramer exclaimed. "If she's not good enough, George Washington would be ridden out on a rail."

Yellen won't have it easy in her new job, as the Fed must figure out how to eventually exit its massive easing program.

"She has one of the most challenging tasks the Federal Reserve has ever had," Laurence Meyer, who sat with Yellen on the Fed board in 1996 and 1997 and is now senior managing director at Macroeconomic Advisers, told Bloomberg.

Yellen will face "very difficult decisions" on monetary policy that will be "controversial" inside the Fed and in financial markets, he said.

Editor’s Note: Obama’s Budget Takes Aim at Retired Americans

Related Stories:

Peter Schiff: Yellen Will Go Down as Worst Fed Chairman in History

WSJ: Yellen May Be More Forceful Than Bernanke Is Inside the Fed

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Jim Cramer, host of CNBC's "Mad Money," is highly enthusiastic over President Obama's choice of Fed Vice Chairwoman Janet Yellen to be the next Federal Reserve chairman.
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Thursday, 10 October 2013 08:58 AM
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