Mr. Fischer was the governor of the Bank of Israel from 2005 to 2013. Just as it’s likely that Janet Yellen will be the next Fed Chairman, it appears Stanley Fischer will be the next Vice Chairman. As Vice Chair, Yellen was very influential in constructed the Fed’s efforts to “save the world” over the past several years. Given Fischer oversaw Bernanke’s thesis and also taught the ECB’s President Mario Draghi, not to mention Larry Summers as well, I suspect he will be VERY involved in the Fed’s efforts while he’s there.
With all that said, you may be remember I spent a week in Israel this past summer with a dear friend, who invited me to his son’s wedding. Knowing that Yosef has lived there since the 70’s and certainly has a vested interest in the functioning of his country, I decided to ask his opinion of Mr. Fischer, and I thought you might find the feedback interesting.
Randy,
Stanley Fischer... Here, he is recognized as perhaps the best Chairman of the Israeli Bank that we had. He was very good at being a-political and thinking outside of the box when the economy was strained. No banks failed during his term of office and we weren't affected by the mortgage crisis. Regarding that, he is sometime criticized for being too wary with regard to standards that he set up for mortgage applications. The criticism comes basically because housing costs are still rising at a fast pace and the population is feeling that it is next too impossible to buy a property. In my opinion, he shouldn't be blamed for that because the shortage of new building is mostly due to the different levels of gov't for not putting more land on the market. {the American gov't may also be blamed because anytime we announce a new neighborhood around Jerusalem, we are slapped on the wrists because of so-called "illegal" settlement activity and impeding peace}.
Fischer saved the exports and the exchange market single-handed when it looked like the US dollar was going to hit rock bottom. He instructed the bank to buy up unprecedented quantities of green paper, thus saving the exporters. [It seems that we may need someone that thinks like him in the next few weeks/months, too].He was very highly respected and an independent, even-handed and reliable monetary governor. Besides that. I can't say too much more. I liked his personal appearance! By the way, why are you interested in him?
Be well and if you have time, I'm listening.....
Yosef
I of course let Yosef know Mr. Fischer may have a new job soon.
Randy
Randy Woodward
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