Obama Says Yellen Sounded the Alarm Early About the Housing Bubble

OBAMA: “Most important economic challenge right now. And I’ve found these qualities in Janet Yellen. She’s a proven leader. And she's tough. Not just because she's from Brooklyn. Janet is exceptionally well qualified for this role. She served in leadership positions at the fed for more than a decade. As vice chair for the past three years, she's been exemplary and driving force for policies to help boost economic recovery. Janet is renowned for her good judgment and she sounded the alarm early about the housing bubble, about excesses in the financial sector and the risks of a major recession. She doesn't have a crystal ball. What she does have is a keen understanding how markets and the economy work, not just in theory but also in the real world and she calls it like she sees it. Janet also knows how to build.”