Meet the ‘rock star’ who might become No.2 at the Fed

The media is talking up a storm about the man tipped to become the Federal Reserve’s next vice chairman: Stanley Fischer.

The former Bank of Israel governor clearly commands huge respect, judging by the gushing reports from some global financial publications/websites, ranging from Businessweek to Business Insider.

To be fair, Fischer has an impeccable resume. Born in Zambia, Fischer earned his bachelor’s and master’s degrees at the London School of Economics, got a Phd from MIT, taught for a while and then went on to work for the IMF, World Bank and Citigroup.

His last job was governor of the Bank of Israel, which he stepped down from on June 30.

And oh, get this:  back in the day when he was a professor at MIT, he become thesis advisor  to Ben Bernanke, the current Fed chairman.

Here’s a collection of some of quotes highlighting the praise being heaped on Fischer (and on his possible appointment as Fed vice chairman). Do you feel the love yet?

The first set of quotes comes from Businessweek, which claims that “Stanley Fischer may be the best-connected central banker in the world and among the most admired.”

The same report quotes former Bank of England Mervyn King on Fischer: “It is testament to Stan’s skillful handling of Israel’s economy that it is one of the very few advanced economies whose output increased every year through the crisis period.”

A Forbes’ columnist thought Fischer would “add a serious complement of experience to maintain stability of the nation’s monetary policy as he understands only too well the absolute requirement of avoiding another meltdown.

“This appointment will strengthen the positive attitude of financial markets Fischer is a strong asset for Yellen, and influential with other local Fed presidents as well as Finance Ministers and Central Bankers around the globe.”

A Washington Post profile of Fischer written much earlier in the year highlighted Fischer’s influence on other policy makers around the world:  “As a professor at MIT — arguably the best economics department in the world — he helped found a school of economic thought that has come to dominate departments across the country.

“He also advised an all-star crew of grad students who went on top jobs in the policy world, including Bernanke, European Central Bank President Mario Draghi and former chief White House economist Greg Mankiw.”

The profile also called him “one of the most accomplished economists alive”.

One of my favourite quotes about Fischer comes from Business Insider, which notes that “people are freaking out because Fischer is an unexpected and unprecedented choice, and an absolute legend in central banking circles.”

And finally, this one gets my vote for best quote of the day (also by Business Insider): “Fischer is a rock star.”

[Image Credit]

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