Janet Yellen brags about the Inflation Reduction Act (IRA) despite it being an abysmal failure at reducing inflation.
Yellen Says Higher for Longer
Yellen Comments
- I don’t think this is connected to the deficit. This is a global phenomenon.
- Largely, I think it’s a reflection of the resilience that people are seeing in the US economy.
- We are not having a recession.
- The economy is continuing to show continued robustness. That suggests interest rates will be higher for longer.
The short clip does not contain the Bloomberg subtitle “Enormous investments sparked by IRA, chips legislation.”
But yes, we do have enormous investments in wasteful wind and solar projects. And we have EVs that few seem to want despite massive subsidies.
Quote of the Day
“Janet Yellen is a delusional national embarrassment.”
Indeed, and if you waste enough money the economy will “seem” to grow for a while. But there is always payback down the road.
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The result of this fiscal stimulus is more inflation and soaring deficits that Yellen fails to see.
“Janet Yellen is a delusional national embarrassment.”
Yellen is practicing the art of Gaslighting.
What I’ve learned from our “leaders”: war is peace, ignorance is strength.
Here’s Janet’s “distinguished” record of public service:
Failed to regulate the loose real estate lending practices as San Francisco Fed President 2004-10. Embraced zero percent interest rate policies as Fed Chair 2014-18. As Treasury Secretary 2021-present, she has presided over record-breaking deficit spending, without acknowledging any risk of inflation and higher interest rates.
She is a one person wrecking crew, and deserves the most blame for bankrupting us. The Chief enabler.
Yellen tightened credit in Dec. 2016, raised the policy rate, when the economy was stalling out.
I’d rather her just talk about the stamp collection she inherited but she probably doesn’t know much about that either.
link to linns.com
The Inflation reduction act is by definition inflation. When the government prints money it doesn’t have that is by definition inflation. Just another stupid, crony capitalist, green boondoggle.
Janet must be kicking herself for not jacking up rates when she was Fed chair.
Why would you expect a member of the government to say anything that doesn’t support that government’s policies? Really, what would you expect her to say? Some here would say that they expect her to tell the Truth. which, of course depends on where you are in the political spectrum.
Yellen’s blurb on Bloomberg is not an event. It is just a piece of news and I wonder if it is even that.
Since when did anybody care what this tool thinks
Yellen and Larry Summers both deny the deficit produces inflation. Summers was Obama’s first choice for Fed Chairman. In 2013, Summers proposed a zero interest rate policy, that Yellen carried out the moment she became Chairman in 2014. During her first year, Yellen drove long rates down to the lows of the mortgage crisis, even though home prices had fully recovered. In election year 2016, Yellen took long rates to new historic lows to meddle in the election. The fiat to drive rates to these lows, increased the deficit and inflated asset values. By late 2018, the Fed reduced their balance sheet by only 11 percent, before Powell halted QT. This is reason why Yellen won’t admit deficits have any relationship to inflation. Her liberal monetary policies as Chairman will come back to bite the economy next year, as her 10 year Treasuries mature.
It’s unbelievable how many people listen to the MSM. Per Dan Bongino “Is it bad enough yet” “I don’t think so”. How bad will it have to get before people start voting differently. I live in IL in Cook (Crook) County. High crime and no cash bail. Our property tax bill went up 27%. We’re hoping to retire next year and get out of IL.
No one “lives” in Cook county, although many reside there.
Best of luck with your impending escape.
This is like watching two acid heads fighting over an imaginary bottle of pop.
There is no inflation; there is deflation; hence, all of these debates are meaningless.
Neither Yellen nor her critics seem to have a clucking clue what inflation is or isn’t.
Same observation goes for folks understanding of deflation.
At this point, I’m convinced these elites are just taking the p*ss out of us.
They’re just pushing completely nonsensical narratives with the help of their buddies in the media to gaslight the people into believing everything is fine and that these debtlevels are fantastic.
‘Resilient’
‘Transitory’
‘We will never have a financial crisis again in our lifetime’
‘The economy is strong’
All variants of ‘Debt is money we owe to ourselves’ by Paul Krugman.
These absurd GDP numbers are just as ridiculous as the CPI numbers…completely out of touch with reality but perfectly fine for the headlines.
BTW, Danielle DiMartino Booth is a tiger. And she knows the Fed game from the inside out. I can highly recommend checking out her videos with Lacy Hunt.
I’ve had enough for today. Cheers Mish for the articles.
G’night.
Some probably are mocking us; the rest are just entitled conceited grasping imbeciles.
If at first you don’t succeed, try, try again.
Or, perhaps, I think I can, I think I can, I think I can…
First Yellen comment just lacked punctuation:
I don’t think.
This is connected to the deficit.
Janet was an academic who could recite anything she was told. I doubt she can pump her own gas without filling her shoes.
Yellen to Powell: I saved your Life!
Powell to Yellen: How so?
Yellen to Powell: I killed a sh$t eating dog!
“Don’t piss on my leg and tell me it’s raining!” Judge Judy.
I always thought of her as one of the munchkins in the Wizard of Oz. Follow the yellow brick road to the place where Powell stands behind the curtain. “Pay no attention to that man behind the curtain”? Sounds like something Jamie Diamond would say.
“Quote of the Day
Janet Yellen is a delusional national embarrassment.
— Danielle DiMartino Booth (@DiMartinoBooth) October 26, 2023”
That says it all. Should have been the entire post. Yellen was a woke quota hire as Fed chair, made a mess of everything… then got hired by a *younger* dementia patient to max out their grandkids credit cards.
Who cares about her opinions. She is incompetent
“Yellen was a woke quota hire as Fed chair, made a mess of everything… then got hired by a *younger* dementia patient to max out their grandkids credit cards.”
Yellen is 77 and Biden turns 81 next month. Both are insanely too old for leadership positions like these.
It’s not their age is their incompetence that’s the core problem… but having dementia, being corrupt, being thick as pigsh!t, and being a latent paedophile, and a compulsive liar in public with an annoying voice, don’t exactly help much either.
The smartest guys I worked for was in a privately held very profitable nuts and bolts type of company with 3500 employees.
They were great mentors and knew what was going on in the company even into their 80s when the kids officially took over.
They were very alert, very straight forward and the culture of the company was tough and caring at same time.
It is not age, its the specific person. I know people who age well, and people that do not age well. The better ones we know, we say of them, that they are as sharp as a tack.
You do not find too many of the sharp ones in government. Why get involved in that unsatisfying quagmire?
You can’t expect truth out of Washington.
She the right mouth peice for the times.
And, she is a women. Win, win for DC.
Oh, so JY is saying that higher rates doesn’t have anything to do with trying to tame inflation? That makes sense, because the Fed doesn’t seem to have any urgency with killing off the remaining inflation that’s hovering around 4% or twice their target.
My goodness. This lady is truly an oxymoron.
“There are four lights.” – Jean-Luc Picard
“Doublethink means the power of holding two contradictory beliefs in one’s mind simultaneously, and accepting both of them.”
George was way ahead of his time.
He worked for the BBC – he saw it with his own eyes… it wasn’t a prediction.
I’ll never forget my first job interview with a defense contractor after teaching. My hiring boss said there were 2 keys to job success. #1, make your boss happy. #2, refer to #1. Yellen’s boss is very happy.
the true key to career success is to replace your “boss” with your “clients”.
@GaryL — According to your comment, you worked for government, and then you worked for a government contractor. Those aren’t real jobs buddy. If you ever hold a real job, you would know clients are the real boss in every real business. Being a government dweeb, perhaps you haven’t heard the customer is always right?
Perhaps you ought to look who Biden’s boss is before commenting again. Biden is just a manager; he reports to the actual boss. Turns out Biden’s boss and Yellen’s customers are the same people.
Dr. JY, see my previous comments to Lisa.
higher yields reflect the run away spending and massive buildup of new debt
just $20,000,000,000 PER DAY – so we’re getting $7T new debt per year under Inflation Production Act and bidenomics
of course the Terrorists of DC are getting their weapons grift on for ukraine
I think I would prefer that she’s lying if the other choice is that she actually believes what she’s saying.