#043 Jon Hilsenrath On Treasury Secretary Janet Yellen And Navigating An Era Of Upheaval

The Julia La Roche Show

Jon Hilsenrath of The Wall Street Journal joins Julia La Roche on episode 43 to discuss his new book, "Yellen: The Trailblazing Economist Who Navigated an Era of Upheaval."

In this episode, Hilsenrath discusses his decision to write a book about Treasury Secretary Janet Yellen and her husband, Nobel laureate economist George Akerlof, in the form of a love story. He highlights the couple's central role in economic debates over the years. He aims to humanize top figures in economics while also incorporating historical lessons and personal lessons about work, family, and more. He also touches on the imperfect nature of capitalism and democracy, the importance of rebuilding trust in institutions, the state of journalism, and his own experiences as the son of a war refugee. He also shares how he got a C in Economics 101 at Duke (Full disclosure: Julia also got a C in Econ 101 at UNC).

Hilsenrath is a senior writer for The Wall Street Journal, where he has written about economics and finance since 1997. He has worked as a writer and editor in Hong Kong, New York and Washington, D.C. Many of his stories have focused on causes and consequences of economic and financial crises. He was a Pulitzer Prize finalist in 2014 for his coverage of the Federal Reserve; part of a WSJ team that was a Pulitzer finalist in 2009 for coverage of the financial crisis; and contributed on-the-ground reporting to the WSJ’s 9/11 coverage which won a Pulitzer in 2002. He graduated from Duke University in 1989 and was a Knight-Bagehot Fellow and M.B.A. graduate from Columbia Business School in 1996.

0:00 Intro

0:45 A shower idea

2:00 A love story

3:17 4 lessons for breaking glass ceilings

7:35 What did Yellen get right? What did Yellen get wrong?

10:00 Recency bias in economics profession

12:28 Larry Summers

15:00 Late to the Biden Administration

17:00 She’ll be the Treasury Secretary for a little longer

17:55 Yellen, Summers’ approach to an airport

20:30 Human behavior in economics, markets

22:40 Human screw up on both sides of the equation

24:30 Hilsenrath’s takeaways

27:33 Trust is a mess

30:26 Examining issues through Yellen’s story

31:00 Rebuilding, restoring trust

34:58 Hilsenrath’s family story

38:10 Are you proud to be a journalist?

41:59 Jon and Julia both got a C in Econ 101

45:21 Explaining economics through the book, “Yellen”

46:17 Thoughts on “Fed Whisperer” nickname

52:22 Parting thoughts