The increasingly lengthy drama surrounding who will succeed Ben Bernanke as head of the Federal Reserve has left an opening among commentators seeking clever metaphors to capture the suspense.
ConvergEx analysts published a note Friday likening the Princeton University economist to a seasoned cop about to retire, and Janet Yellen, vice chairwoman of the Fed’s board of governors, and Larry Summers, former Treasury secretary under Bill Clinton and head of the U.S. National Economic Council for the current administration, as rookie cops.
“If the current Fed chairman were a cop from a 1970s TV show, I think he would be one of those unconventional types who doesn’t do things by the book but still gets results,” said analyst Nicholas Colas. “More Baretta than Starsky or Hutch, but without the bird.”
“As for the identity of the Baretta/Bernanke’s rookie partner and successor, we should be careful what we wish for. Yes, Janet Yellen is the current preferred option over Larry Summers. She represents ‘More of the same’ and ‘continuity’ of current policy. Summers is the know-it-all rookie who challenges everyone in the precinct to arm wrestling matches, even the guys behind bars. Dr. Yellen is more the studious type, brushing up on advanced criminology over an egg salad sandwich while sitting alone in the lunch room.”
If Hollywood pictures picks up on the portrayal of Bernanke, Yellen and Summers we might soon be seeing a movie poster along these lines.