Let’s Tune Into Janet Yellen Quotes of the Day and Responses to Them

June 10, 2022

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1:00 am

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25 comments

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Economics

No Recession

US Treasury Secretary Yellen: I Don’t Think We’re Going To Have A Recession
– Expects Growth To Slow Down, But Consumer Spending Is Very Strong, Investment Spending Is Solid
– Believes There Is A Path Through This That Entails A Soft Landing

— LiveSquawk (@LiveSquawk) June 9, 2022

Chip Shortages

*YELLEN: WHO COULD EXPECT CARMAKERS WOULD BE HIT BY CHIPS DEARTH

Anyone who has even the vaguest understanding of how supply chains work?

— zerohedge (@zerohedge) June 9, 2022

Did Not See This Coming

https://twitter.com/WallStreetSilv/status/1534949251368861696

The Hope Strategy

https://twitter.com/WallStreetSilv/status/1534852818015637505

Sarcasm of the Day Award to ZeroHedge

*YELLEN: `DEMAND AND SUPPLY IS LARGELY DRIVING INFLATION’

Simply huge if true

— zerohedge (@zerohedge) June 9, 2022

No Recession in the Works

YELLEN SAYS THERE’S NOTHING TO SUGGEST THAT A RECESSION IS IN THE WORKS

— *Walter Bloomberg (@DeItaone) June 9, 2022

Oil Could Go Further

Eventually, Yellen was bound to say something that actually made sense

— Mike “Mish” Shedlock (@MishGEA) June 10, 2022

Rethinking Transitory

*YELLEN: POWELL & I COULD HAVE USED BETTER TERM THAN TRANSITORY

permanent?

— zerohedge (@zerohedge) June 7, 2022

Brilliant Thinking

*YELLEN: NEED LARGE COALITION TO IMPOSE PRICE LIMIT ON RUSSIA

So Yellen plans to fight inflation by shrinking oil supply further and sending commodity prices even higher

— zerohedge (@zerohedge) June 9, 2022

Dear Janet Yellen

Dear Janet Yellen, What is growing faster?

1. Job growth and wages
2. Inflation

— Mike “Mish” Shedlock (@MishGEA) June 10, 2022

Job Growth?

JOBS RETURNING FROM PANDEMIC LEVELS ARE NOT JOB GAINS

— Ferengi Financial (@Ferengi_Fiscal) June 9, 2022

A Mistake to Put Yellen In Charge

Yellen and Bernanke illustrate the mistake of putting academics with no financial risk-taking experience in charge of decisions, in addition to the Skin in the Game Problem: “I was wrong” comes with NO punishment.https://t.co/NEgXyYXtvL

— Nassim Nicholas Taleb (@nntaleb) June 1, 2022

The entire Fed is a mistake. None of them had a real job outside the Fed or academia.

But what do we do about it?

Fire Janet Yellen?

Are you sure?

Wouldn’t Biden would replace Yellen with someone far worse?

— Mike “Mish” Shedlock (@MishGEA) June 10, 2022

Recession Outlook Update, Where Do Things Currently Stand?

Yellen sees no recession. I suggest we might be in one right now.

For discussion, please see Recession Outlook Update, Where Do Things Currently Stand?

This post originated at MishTalk.Com.

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25 Comments

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JmagY

1 year ago

“What do we do about it?” Danielle DeMartino.

The problem is, the Fed isn’t stupid. They’re getting exactly what they and the Davos crowd want. Slow (or maybe rapid now) destruction of US strength. Those that control the money, control the country.

SHOfan

1 year ago

Both parties are lapdogs for Wall St. and the Elite. That includes congress, the Fed, and the Supreme Court. (Citizens’ United)

Nothing will change until unlimited money (lobbying) is removed from politics.

How do old cronies like Pelosi, McConnel, Schummer, and many others keep getting elected? Corrupt primary elections.

Biden was running ninth, in the primaries, and becomes the candidate. Nobody seemed to notice, particularly the media.

We need a third party that will promote: Term limits, make lobbying illegal, enumerated powers as the Constitution wanted.

The current parties are positioned to argue over: genders and bathrooms, rent and loan forbearance, constant tax reductions, while fighting wars not authorized by congress. This conveniently divides the nation so nothing important gets done. Nobody seems to notice, especially the media. This will end badly. It is likely too late to fix.

Bam_Man

1 year ago

This entire administration is nothing but a gang of incompetent grifters, imbeciles, freaks and “diversity hires”.

How many of those boxes does Yellen check?

Tony Bennett

1 year ago

Wow. Just Wow.

Consumer Sentiment CRATERED.

prior … 58.4

expected … 58.5

range of “experts” … 56.0 to 61.0

actual … 50.2

Maybe it is just me, but when you have to resize the chart … might be time to head for shelter.

link to sca.isr.umich.edu

MPO45

1 year ago

Reply to Tony Bennett

The drop from 58.5 to 50.2 is a 14% drop. A “crater” would be more like a 50% drop but we’ll see what the Fed does next.

Tony Bennett

1 year ago

Reply to MPO45

per Michigan Survey it is the “lowest recorded value” matching the bottom of 1980 recession. Down 41.3% year over year.

Most would consider that a “crater” (especially against consensus), but what do I know.

Tony Bennett

1 year ago

I know Mish will have a cpi post soon, but mercy.

Real Wages getting smoked. Again.

“Real average hourly earnings decreased 3.0 percent, seasonally adjusted, from May 2021 to May 2022.
The change in real average hourly earnings combined with a decrease of 0.9 percent in the average
workweek resulted in a 3.9-percent decrease in real average weekly earnings over this period.”

…

If anyone doesn’t think this will continue to tank Consumer Sentiment and lead to a recession … Good Luck!

MPO45

1 year ago

Reply to Tony Bennett

But it’s all transitory….

Talking heads on CNBC this morning calling for 100 basis point hike. Kill inflation now rather than keep raising at each FOMC meeting so the theory goes…

Tony Bennett

1 year ago

Reply to MPO45

“But it’s all transitory….”

…

Yes.

Just not the way CNBC imagines.

RonJ

1 year ago

Reply to MPO45

Denninger was calling for a 200 basis point hike NOW, a few weeks ago, + 100 points at the June meeting. of coarse, that ain’t going to happen.

Tony Bennett

1 year ago

“US Treasury Secretary Yellen: I Don’t Think We’re Going To Have A Recession”

…

Well, if that doesn’t make some of the resident bullz here a tad worried, nothing will.

A lot of folks are going to learn about risk. The hard way.

RonJ

1 year ago

“A Mistake to Put Yellen In Charge”

Equity before meritocracy. But even then, Bernanke said it was confined to subprime and Fauci is under regulatory capture. Science be damned.

honestcreditguy

1 year ago

a pawn in the game, the little old lady wouldn’t want us to feel pain right? So put her blabbering face in front of everyone…

Her and rest of the fed pigmen need some serious time on the real streets

billybobjr

1 year ago

It is all by design they promote these types in government to follow what the establishment feeds them . The real people

running things are purposely putting these figures out there to follow the script and are the ones pushing these agendas .

If they don’t follow the script then they will be replaced . You would think Mish would have figured this out by now but

if you are not in the think a like club you don’t get in . Maybe we can just get back to Trump bashing . Things are so bad

now that the only way to get a fair trial is to have 6 conservatives and 6 Dems on all juries . Please don’t mention the deep state

and anything like that because we all know Joe is in control and that is a conspiracy theory and won’t be tolerated . This type

of talk will get you kicked off all kinds of media and so on . So lets pretend that all these idiot decisions are the result miss

informed agency head leaders who have thousands of people working under them that are clueless too .

KidHorn

1 year ago

Reply to billybobjr

You can’t just have 6 dems and 6 pubs. You also need each party to pick their 6. The only reason there were 2 pubs on the Jan 6th panel is because the dems could only find 2 that hated trump to such an extreme, they would go along with everything the dems wanted. Had they found 3, there would have been 3 on the panel.

And any doubt about whether or not the panel is nothing but political theater should be put to rest after last nights prime time show. What kind of government panel discloses their findings in such a way?

RonJ

1 year ago

Reply to KidHorn

A corrupt government.

KidHorn

1 year ago

She’s a typical government employee. A devout democrat. They get paid 6 figures for generating entropy and think they’re making a huge personal sacrifice working for the government. Even though their biggest nightmare would be having to find a job in the private sector.

Tony Bennett

1 year ago

Reply to KidHorn

Yellen made $7 million in speaking fees between her gigs as Federal Reserve Chairman and Secretary of Treasury.

Her allegiance is to the care and feeding of Wall Street. Not the American people.

RonJ

1 year ago

Reply to KidHorn

Speaking of six figures, there was a story the other day, about nearly 100 local L.A. area life guards earning $200,000 a year, with a few earning $500,000. It’s getting to be that the public are the servants to the government class.

SleemoG

1 year ago

In government, not only does “I was wrong” come with no punishment, it earns a reward.

Casual_Observer2020

1 year ago

Has there been a Fed chief or Treasury secretary in modern times that actually had their pulse on the actual problems instead of reacting to symptoms.

Jack

1 year ago

Reply to Casual_Observer2020

Politically, it is more forgiving to react than to be proactive.

Informed actions implemented to avoid a train wreck will be much criticized.

Everyone will criticize and say action was not required as things are fine (i.e., train wreck avoided).

Acting after the train wreck occurs makes you a hero.

There will be little blame in retrospect once problem is finally solved.

People will remember you taking charge and righting the ship.

Tony Bennett

1 year ago

Reply to Casual_Observer2020

Jay Powell has pathetically played the virtue signaling card several times on how he passes a homeless guy on the way to Federal Reserve and feels for him.

Well, did you ever stop and talk to him? What exactly are you doing to help his plight??

Nuddernoitall

1 year ago

As I’ve pointed out here previously, she’s a card-carrying ideologue. Please, let’s not pretend she is a brilliant economist who made a couple of errors in judgement. This is a moving mouth lefty who publicly states Biden’s $1.9 trillion tranche did not contribute to inflation. She pushed for support of Build Back Better … and all those trillions to the end. (Thank goodness for Manchin). Her most serious concerns, in House and Senate subcommittees were 1) global warming 2) Roe vs Wade and other woke concerns … all of which she dutifully read from notes provided to her by staff; most 30 to 45 years her junior —and all who probably have no idea how the real economy works. Honestly, I’m always amazed we give these political hacks the time of day. And, Janet Yellin is a LONGtime political hack.

Dr_Novaxx

1 year ago

I suppose we could’ve had a broken clock instead, wrong most of the but right at least twice in one day…

Let’s Tune Into Janet Yellen Quotes of the Day and Responses to Them

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