Wonks Anonymous once graded macroeconomics papers for Janet Yellen, nominated to be vice chair of the Fed who is a fine economist.

Noted in the article in this morning's SF Comical by Carolyn Said and Tom Abate

Charles Calomiris, a professor of financial institutions at Columbia University, said in an e-mail that while Yellen is a good economist, "It strikes me that these appointments (none of which is known as a monetary economist) have more to do with the Obama administration's desire to pack the Fed with political loyalists rather than monetary policy experts."

Except that Yellen has been the president of the SF Fed for ever so long and during her tenure has no doubt gathered much more banking experience than the good professor could imagine.

Wonks Anonymous speculates that what we really mean here is not monetary economist but Chicago School Monetarist which species has appeared far too frequently in our recent experience.

Not to worry, while the Chicago School does not understand anything but its own theories and pronouncements Yellen is quite capable of understanding both sides of the issues.