You have just been elected president of the United States, and the present chair

Question

You have just been elected president of the United States, and the present chair of the Federal Reserve Board has resigned. You need to appoint a new person to this position, as well as a person to chair your Council of Economic Advisers. Using your knowledge of macroeconomics, identify the views on macro theory and policy you would want your appointees to hold. Remember, the economic health of the entire nation, and solution to the current economic "crisis" will be impacted by this decision.

As you know, the current Federal Reserve Chair proposed a number of "bail out" measures to address the

Explanation / Answer

In order to choose a correct chairman for the Federal Reserve Board I would truly need to find someone who knows how to economy works. Someone who understands the consequences of businesses taking advantage of third world countries for labor, or perhaps of companies who monopolize the market. I would need someone who understand the current deficit and is willing to do something about it. They would need to be dedicated to their duties and highly experienced on the topic of macroeconomics. Anyone else would simply not be able to run the Federal Reserve Board . This is a crucial position which must be taken with great seriousness. They views should be that of a fair competitive market. Not a market in which a few monopolize the industry. They also need to believe in giving others the chance to start up their businesses as well as small businesses make up an important part of this country as well. They need to be dedicated ot preserving the future of this country and have a desire to improve its economic standing. The chairman for Council of Economic Advisers would also need to have the same views and ideals as well. They would both need to understand the very importance of their roles and what a big part it would play in regulating the economy. The adviser would need to be a take charge person and have confidence in their decisions as well. They would need to be a leader not a follower. Their main goal should be to fix the market and not their bank account balance, a truly good intentioned person is a must.

No, the previous policies should not be followed. They have led to nothing but greater economic turmoil, higher taxes, and greater borrowing from other countries. The new candidate must change all of these policies. They must create new policies which help fund small businesses and new innovative ideas. Sometimes all people need is just a small boost to truly realize their dreams and a little help from the government never hurt anyone. They should also try to cut taxes as much as possible so that way the market has at least a way to recover rather than just putting a temporary bandage on the wound. They should create policies which prevents us from borrowing form other countries and brings back the work force to America not other countries. Our main goal should be to fix this country and not borrow more money which only makes the problem worse. In short we should be self sustaining and those should be the newly founded ideals the new candidate should enact in the newly founded policies to better help fix the country.

Hope this helps, good luck.

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