When you're in a position of power, you get no shortage of unsolicited advice. Bearing that in mind, we wondered what sort of advice people might have for Janet Yellen, as she becomes the chairwoman of the Federal Reserve, after Ben Bernanke's term ends today. We took a sampling, not just from those who know the Fed, but from some regular folks, too.
DONALD KOHN, Former Vice Chairman, Federal Reserve
Better you than me. May the force be with you.
ED MORALES, a tourist from California we caught up with near the Fed building in Washington
Treat others as you would want to be treated. Obviously going in and talking with your coworkers... Give them the respect that you would want, and obviously you would receive the same respect in return. And it would make for a better work environment.
SUSAN TENDALL, of North Potomac, Md.
If I were to give advice to my four grown children on the first day of their jobs, I would tell them to try and find somebody they can mentor with. Take lots of notes, review those notes every night until you know what you’re doing, and keep a smile on your face and to not give up.
JOHN MAKIN, Resident Scholar, American Enterprise Institute
Dear Chairman Yellen,
Congratulations on your appointment as Fed chairman. One of the things that's important to remember is that the usual problem the Fed faces – rising inflation – is no longer present. In fact, deflation is a primary threat to a stable and growing economy. As you proceed with deliberations with the FOMC, I hope that you will put a higher priority on avoiding deflation.
With very best wishes for success in what I’m sure you know is a challenging job,
John H. Makin