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President Obama’s ‘it’s good to be the king’ moment

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Although not his first choice to follow Ben Bernanke as Fed chairman, President Obama was still able to flex what muscle he has and announce that he is tapping Janet Yellen to move from vice chair to chairwoman of the Federal Reserve. A little reminder of his power could not hurt, either. Although Yellen still faces confirmation hearings, she is fairly noncontroversial.

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