Diane Swonk, Neal Soss Reflect on Janet Yellen's Legacy

The transcript discusses the state of the labor market, highlighting the changes since the 1990s and the role of Janet Yellen in reshaping labor market analysis. Yellen's contributions to the Fed, her adaptability through various economic phases, and her non-ideological approach are praised. The need for a vice chair at the Fed, potentially with a theoretical background, is also discussed to complement the practical leadership of Jerome Powell.

Discuss the importance of having a vice chair with a theoretical approach in the current economic context.

What are the implications of having a practical person running the institution as mentioned in the text?