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Janet Yellen Wants You To Believe The Worst Is Over
Gee, more optimism out of the Fed. Who'd a thunk it. No commentary needed: we have shared our observations on Janet before.
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hilarity galore.
Looks to me that the only thing heating up are the motors on the printing presses running 24/7 spewing out the dollars. This is like legalized counterfeiting at its finest.
24/7 won't print enough $$. soon they'll intro a million dollar bill. that way the presses only have to work 23/7
That would certainly be the "green" thing to do, no pun intended.
Why not intend the pun?
People should stop un-intending their puns. The phrase "no pun intended" is way overused, and annoying, as most say it just for the sake of saying it.
ha. I just googled 'no pun intended':
http://www.thebestpageintheuniverse.net/c.cgi?u=puns
Pure desperation
I want what drug she's on.
More like the drug she forget to take - Aricept
Its OK Yellen is gellin' - are you gellin'?
Son, call Old Yellen. Once she's gone rabid... you know what has to be done.
that's some VERY funny shit! I roared out loud. thanks, needed it.
ROTFL! This is a market?! War is Peace, Ignorance is Bliss and market recovery is a single carry conveyor belt from the Fed to equities by the banksters.
The most hilarious thing is, it isn't going to work unless they can get some other suckers to hold the steaming bag of fecal matter. The Pied Piper hasn't managed to lure any rats into the market yet if volumes are an indication.
Well Janet, if things are so damn good don't you think you should stop printing and start raising rates?
If anybody bothers to actually read the speech (it doesn't take long), it is quite bearish. Yellen says she thinks the economy has entered a period of sustained expansion and then basically contradicts that for the rest of the speech.
That's how I read it. She put the best possible face on a lot of very unfavorable economic facts, such as the commercial RE market. I think she was just trying to avert a Jonestown scenario in Phoenix. They can't take much more.
After reading the first page and part of the second, I could not bring myself to read any further. Maybe I'll try to later after my lunch has digested, I don't want to clean up a mess today.
I suppose she's having her cake and eating, too. That's what got us in this mess in the first place.
I read the first two paragraphs and stopped.
She must still have a stash of that good Owsley LSD from the summer of love, cuz she sure as hell sounds like she is tripping to me.
I want to thank you for reading the first two paragraphs. It's an excellent service and not one that most people would undertake. As the mutual ass kissing one the first two lines is enough to stop most people. You're a credit to your race and gender and even to your musical affiliations Mr. Deadhead.
<Cue Golfclapping>
[You know I'm making fun of them not you right deadhead?]
Cunning. Headline reads "Fed's Yellen Bullish" and the rest of the speech is backpedaling for future reference when things go terribly awry. Still, the important thing is that this is the message The Oligarchs intend to be published in their controlled MSM without qualification, and then to be followed without question, and - guess what - the market, such as it is, will follow it.
Other predictions you can take to the bank (make sure it's a TBTF):
1. Fed will not be audited. Puh-leze.
2. Backdoor QE will continue until further notice - nevermind that nonesense about stopping GSE entity purchases next March. The presses will run until further notice.
3. Healthcare will pass.
4. Next up, cap and trade. GS will make zillions trading in credits.
5. CDS/derivatives will double in overall volume before the end of 2010.
There is no down, only up.
+1 Quadrilllion (that's a million-billion, boys and girls)
Like Moody's statement yesterday
"AIG Should Be Able To Repay US Loan, Preferred Stock"Nice headline....but.....
One must read on to find
"assuming the giant insurer's operations and the global financial markets stabilize further"
I guess I could say " I should be able to pay you for that Audi A8 as soon as I win the lottery"
The headline at Yahoo Finance on Yellen's speech and one by a member of the Atlanta Fed is "Fed Officials Warn Weak Recovery Won't Spur Jobs"
http://finance.yahoo.com/news/Fed-officials-warn-weak-apf-3879922712.htm...
They may change that headline though. Yesterday they had one saying the G8 had committed to an extended period of "easy money" and then a while later it was changed to something more innocuous.
They wanted the more equity bearish headline to coincide with the $25B 10-yr. auction today.
I'm going to LOVE the fact that all these Fed talking heads will be completely and utterly discredited when the economy finally breaks.
ooops....
She might want to look at today's National Association of Realtors report that tells us that home prices fell in the third quarter from year-ago levels in about 80 percent of U.S. metropolitan areas...
Do these idiots ever refer to the real statistics before they shoot off their mouths?
Dan
Man, that must be some quality Hopeium she's got there.
Her text makes sense if you only read the first sentence of each paragraph. It is the garbage she uses for color that makes her sound like a goof.
Of course, we've all heard the adage "Never attribute to malice that which is adequately explained by stupidity."
This piece leads me to a corollary razor: "Never attribute to stupidity that which is adequately explained by corruption."
she doesn't sound optimistic
http://www.calculatedriskblog.com/2009/11/feds-yellen-on-economic-outloo...
When the weakness of the commercial property market is combined with the muted outlook for housing and consumer spending, you can see why I believe that the overall economic recovery is likely to be gradual and remain vulnerable to shocks. It’s popular to pick a letter of the alphabet to describe the likely course of the economy. The letter I would choose doesn’t exist in our alphabet, but if I were to describe it, it would look something like an “L” with a gradual upward tilt of the base. With such a slow rebound, unemployment could well stay high for several years to come. In other words, our recovery is likely to feel like something well short of good times.
What letter looks like a mushroom cloud?
Using Mandarin I can create a recovery that looks like Chinese tanks enforcing real estate liens in Kalifornia.
LOL
Actually, having read through the whole speech, it is rather benign in terms of unrealistic expectations. She calls for a "L-shaped recovery, with an upward tilt" - the long slow slog back. Sounds about right. For the real economy, that is. Please understand that these remarks have nothing to do with the equities markets and the casino action which is beyond such trivial concerns as "final consumer demand" and "high unemployment." I did find her "so go ahead, pat us Fed Folks on the back" bullshit at the end to be ridiculous, but hey, the data and the hard evidence suggests she's right.
Bwahahahahahahahahahaha! :D
You couldn't make this shit up!
Oh, wait...
Yellen and Miskin must have had a powwow.
In Iceland.
Studies show that people who have fixed beliefs only listen to information that supports what they believe. The brain actually blocks it out. That is why they continue to put out drivel. That and they get paid to do it.
ROFL
Is this the new terminology to take over from the variations on "contained"
She's the female Candide, skipping through this Best of All Possible Worlds!
The lady doth protest too much, methinks.
"Broke the economy's downward spiral" more like the stock market is all she was talking about....
as for her ridiculous figures for unemployment..... they are still on a big downward spiral
But the banksters bonuses are on an upward spiral again so that's alright then
The Fed desperatly needs to subscribe to John William's Shadow Government Statistics
I'm gonna find out what JL is smoking and get some ASAP!
"But experience teaches us that budget deficits do not cause inflation in advanced economies with independent central banks that pursue appropriate monetary policies."
Why yes, I did see that unicorn perched on the back of the flying pig landing next to the leprechaun with the pot of gold at the end of the rainbow.
Good thing we're an advanced economy, eh?
Well, at least the leprechan is set in advance. Good for him.
not to mention our pursuit of "appropriate monetary policies"
...and I want to believe that humans and dinosaurs co-existed.
...Afterall, it would be extremely cool. It's really too bad about all that pesky and overwhelmingly-contradictory evidence.
I have never heard from a Federal official a greater and more dangerous lie than this. Look up liar in the dictionary, and there is Yellen’s picture. I don’t think a man could have gotten by with this: we must just assume she doesn’t know any better.
The news is everywhere but seems to have bypassed Janet: the economy isn’t running except on government stimulus. As Bernanke and Congress drive deeper and deeper into financial mire, the economy is faltering more and more into stagnation. This is not an economy fueling itself on free enterprise competitive production, balanced by supply and demand—it is banks using the monopoly of government for their own private business.
A resurgent stock market? “Bernanke has underwritten every sector of the financial system with government guarantees. The market can no longer operate without the Fed. The Fed IS the market, which is why it is foolish to talk about ‘recovery.’ …Everyone who watches the market has noticed the inverse correlation of stocks to the dollar. When the dollar fades, stocks soar. And when the dollar strengthens, stocks plunge. Eventually, the dollar will reverse-course and stage a comeback, probably when Bernanke stops his printing operations. That will trigger the next severe correction which will burst bubbles across all asset classes. ” Mike Whitney
Consumer spending? “Except for the super rich, there has been no growth in consumer incomes in the 21st century. Statistician John Williams of shadowstats.com reports that real household income has never recovered its pre-2001 peak… there is no basis for a growing consumer economy… In today’s America, the only incomes that rise are in the financial sector that risks the country’s future on excessive leverage and in the corporate world that substitutes foreign for American labor. If measured according to the methodology used when I was Assistant Secretary of the Treasury, the unemployment rate today in the US is above 20%. Moreover, there is no obvious way of reducing it. There are no factories, with work forces temporarily laid off by high interest rates, waiting for a lower interest rate policy to call their workforces back into production… The work has been moved abroad… Despite 20% unemployment and cum laude engineering graduates who cannot find jobs or even job interviews, Congress continues to support 65,000 annual H-1B work visas for foreigners.” Paul Craig Roberts
Jobs? “The analysts completely ignored the continued trend of replacing goods-producing jobs with those jobs that require production from other sources. For example, we lost 61,000 manufacturing jobs last month, but added 45,000 jobs in education and health services…the addition of health care workers is nothing to celebrate…just as a family’s economic position is not improved by higher medical bills…” Peter Schiff
The dollar? “The offshoring of jobs, the bailout of rich banksters and war deficits are destroying the value of the U.S. dollar. Since last spring, the U.S. dollar has been rapidly losing value. The currency of the hegemonic superpower has declined 14 percent against the Botswana pula, 22 percent against Brazil’s real and 11 percent against the Russian ruble. Once the dollar loses its reserve currency status, the U.S. will be unable to pay for its imports or finance its government budget deficits… Offshoring has made Americans heavily dependent on imports, and the dollar’s loss of purchasing power will further erode American incomes. As the Federal Reserve is forced to monetize Treasury debt issues, domestic inflation will break out. Except for the banksters and the offshoring CEOs, there is no source of consumer demand to drive the U.S. economy.” Paul Craig Roberts (October 15)
Housing? Industrial production? “Despite the lowest level of housing starts in 64 years, the US housing market is flooded with unsold homes, and financial institutions have a huge and rising inventory of foreclosed homes not yet on the market…. Industrial production has collapsed to the level of 1999, wiping out a decade of growth in industrial output.” Paul Craig Roberts (October 20)
The middle class? “Income inequality in the US is now the most extreme of all countries. The 2008 OECD report, “Income Distribution and Poverty in OECD Countries,” concludes that the US is the country with the highest inequality and poverty rate across the OECD and that since 2000 nowhere has there been such a stark rise in income inequality as in the US… The stark increase in US income inequality in the 21st century coincides with the offshoring of US jobs, which enriched executives with “performance bonuses” while impoverishing the middle class, and with the rapid rise of unregulated OTC derivatives, which enriched Wall Street and the financial sector at the expense of everyone else.” Paul Craig Roberts (October 25)
A better financial system? “When Goldman Sachs recently announced that it was paying massive six- and seven-figures bonuses to every employee, public outrage erupted. In defense of banksters, saved with the public’s money, paying themselves bonuses in excess of most people’s life-time earnings, Lord Griffiths, Vice Chairman of Goldman Sachs International, said that the public must learn to “tolerate the inequality as a way to achieve greater prosperity for all.” Paul Craig Roberts
No, Janet. There is no Santa Claus, that’s the American people you’ve ripped off. The crooks have the government.
The speech message; the worst is not over, with some FED frosting on top. Officially, she could not declare the recession over, and stated in clear terms that much of the recovery was due to stimulus, which is coming to an end, and not natural economic forces. Also, she talked about a jobless recovery being probable, and the use of QE to control private interest rates.
But, towards the end, in FED speak, given the other facts presented, it got stupid and goofy.
The FEDs goal of price stability = clearly price manipulation and asset bubble creation in buying GSE MBS, and ultra low rates.
The FEDs goal of full employment = A disaster at 10.2%, and a track record of no jobs recovery after past recessions.
Given the fact the FED is not longer effective in achieving its goals, I find Yellen's expertise and personal integrity in question. Janet, I ask myself, exactly who do you speak for?
Thanks goodness this is only text. My four year-old caught a glipse of a video of her I was watching last month and started screaming and crying hysterically.
She is a freaking idiot who will wind up either in jail for the rest of her life or ripped apart like Chief Quinn in "Forbidden Planet", not by the ID monster but by the million man mobs that descend upon Washington and NYC.