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A Giddy Wall Street (And Maxine Waters) Praises The New Fed Chairwoman

Tyler Durden's picture


Today 3:00 pm nomination by Obama of Janet Yellen as the next Fed chair was hardly news (certainly wasn't news to stocks which briefly dipped below their 200 DMA) in the aftermath of Larry Summers' self-elimination, but nonetheless the sellside brigade was quick to praise her now official nomination for one simple reason: it means more of the same Bernanke policies that have done nothing to benefit broad America, but more importantly have resulted in year after year of near-record Wall Street bonuses, and unprecedented asset bubbles. Why shouldn't the banks then be giddy with excitement that the status quo will not only continue, but the monthly $85 billion in liquidity may in fact increase in time? Below is a selection, courtesy of Bloomberg, of the most vocal praises sung on behalf of the former San Fran Fed president byt the numerous banks that currently exist only thanks to the Fed's actions in 2008.


  • FOMC hawk voices to affect rates moves less going forward as Yellen appointment maintains view of dovish Fed for longer
  • FOMC minutes from Sept. 17-18 meeting expected to be broadly balanced between hawks, doves

David Kotok, CIO, Cumberland Advisors Inc

  • Yellen nomination likely to be greeted well by mkt agents
  • “Market-calming” effect to be short-lived * Yellen to proceed slowly on any taper policy

FBR Capital Markets

  • Yellen nomination is “as close to a sure bet as it comes” and makes it likely current accommodative monetary policies of Fed will continue
  • Expect some Republican opposition due to Yellen’s support of current Fed policies; sees near-universal Democratic support

Goldman Sachs

  • Yellen “optimal control approach” is one reason to expect a late Fed exit with the first funds rate hike in early 2016


  • “Republicans risk alienating women if they get too aggressive” trying to block Yellen nomination
  • Yellen “very qualified,” would be first female Fed chairman
  • Yellen may offer Feb. “surprise,” cut QE more than expected as early as end-Jan. in response to views she’s inflation dove

Jim O’Neill, former chairman of GSAM, Bloomberg View columnist

  • Yellen means more dovish Fed policy at the margin, “unless there’s some surprise jump in inflation expectations”
  • “I would imagine for the rest of the world, and particularly the beaten-up emerging world, it’s kind of good news”

Morgan Stanley

  • USD  may weaken if FOMC minutes today show structural shift transition toward a more dovish “Yellen Fed”
  • FOMC minutes take on extra significance today

And as a bonus, here is Li Daokui, former People’s Bank of China academic adviser. He does not sound quite as excited as the other praise singers for the simple reason that Yellen's ongoing crushing of the dollar means that the pegged Chinese currency will continue to appreciate if only in USD-relative terms.

  • Yellen
    appointments will lead to “prolonged period of appreciation” for the
    yuan because of a “relatively longer period” of expansionary U.S.
    monetary policy
  • Yuan to appreciate 1% by end-2013

Finally, perhaps confirming "all you need to know" here is Maxine Waters.

Congresswoman Maxine Waters (D-LA), Ranking Member of the House Financial Services Committee, released the following statement in anticipation of the nomination of Janet Yellen as Chairman of the Board of Governors of the Federal Reserve.

“President Obama’s choice in nominating Janet Yellen to lead the Fed is both historic and important for our nation’s economy. Ms. Yellen’s experience as a former Chair of the Council of Economic Advisers, Regional Fed Bank President, and Vice-Chair of the Federal Reserve make her one of the most people ever to be nominated. 


Ms. Yellen has demonstrated a unique understanding of the impact of the Federal Reserve’s policies on the middle class, particularly the crucial balance between stable prices and low unemployment. During the crisis, she advocated for the urgent need to implement financial reform quickly in order to avoid another meltdown. As Chair, I am hopeful that Ms. Yellen will continue to push for policies that address the still unacceptably high rate of unemployment.


Over the past several years, we have seen Ms. Yellen’s judgment on the economy validated time and again. Because predictions about the future strongly impact Fed policies, this is crucially important. When many economists were optimistic about unprecedented growth in the economy – she saw the bubble for what it was and predicted disaster in the banking system.


In addition to her impeccable qualifications, her institutional knowledge and working relationships with current Board members would provide for a smooth transition at a critical time for the U.S. economy. 


In the interest of stability at this critical time for our economy, I urge the Senate to quickly confirm Ms. Yellen.”


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Wed, 10/09/2013 - 12:44 | 4038238 hedgeless_horseman
hedgeless_horseman's picture



Inflation is a non-progressive tax.  Everyone that holds USD pays it.

Wall Street approves.

Wed, 10/09/2013 - 12:46 | 4038243 King_of_simpletons
King_of_simpletons's picture

Greed on Steroids.


Wed, 10/09/2013 - 12:46 | 4038249 Herd Redirectio...
Herd Redirection Committee's picture

Whats good for the goose is good for the gander.  With that being said....

MOAR!  I want MY QE!  If Yellen doesn't meet my moneyprinting needs I will fire up the printer in the basement.

Wed, 10/09/2013 - 12:57 | 4038292 MillionDollarBonus_
MillionDollarBonus_'s picture

This is a historical landmark for womyn's rights. For centuries, women have had to endure endless discrimination by the oppressive white male patriarchy which persists to this day. Finally a womyn has the opportunity to assume this truly honorable position of leadership that until today has been reserved exclusively for men. I am confident that Janet Yellen will be an effective chairman and do all that she can to achieve maximum employment and price stability not just for the white patriarchy, but also for wymyn and minorities.

Wed, 10/09/2013 - 13:02 | 4038320 Mercury
Mercury's picture

Hope she does better than this AA hero:


Wed, 10/09/2013 - 13:07 | 4038343 12ToothAssassin
12ToothAssassin's picture

She hasnt even been nominated OR confirmed yet ???

Wed, 10/09/2013 - 13:09 | 4038358 Mercury
Mercury's picture

Consider it done.


The point is she's either the best choice or she isn't. Period.

Wed, 10/09/2013 - 13:11 | 4038371 john39
john39's picture

up next, hitlary clinton, psychopath, as president.   its an NWO thing... time to put  aesexual women in positions of (false) apparent power around the world.

Wed, 10/09/2013 - 13:18 | 4038391 hedgeless_horseman
hedgeless_horseman's picture




  • Our Research Department strongly believes Yellen would bring a much needed toughness to the Chairman's position

Wed, 10/09/2013 - 13:20 | 4038421 Billy Sol Estes
Billy Sol Estes's picture

Face could stop a train

Wed, 10/09/2013 - 13:26 | 4038447 Intoxicologist
Intoxicologist's picture

Face could make an onion cry.

Wed, 10/09/2013 - 13:33 | 4038470 Sofa King Confused
Sofa King Confused's picture

Looks like her face caught on fire and somebody put it out with a sledgehammer.

Wed, 10/09/2013 - 13:45 | 4038509 Anusocracy
Anusocracy's picture

She looks like Yoda with his ears tied behind his head.

Wed, 10/09/2013 - 13:45 | 4038520 Enslavethechild...
EnslavethechildrenforBen's picture

Looks like a vagina is going to counterfeit for a change.

Wed, 10/09/2013 - 16:00 | 4039012 Manthong
Manthong's picture

If an event horizon was ugly and stupidity was gravity..

Maxine Waters would be a _____ ____ . (fill in the blanks)

Thu, 10/10/2013 - 12:33 | 4041842 12ToothAssassin
12ToothAssassin's picture


Wed, 10/09/2013 - 13:45 | 4038516 chubbyjjfong
chubbyjjfong's picture

Looks like someone pushed her face into dough to make gorilla cakes.

Wed, 10/09/2013 - 15:39 | 4038951 ParkAveFlasher
ParkAveFlasher's picture

Looks like she fell out of the ugly tree and hit every branch on the way down.

Wed, 10/09/2013 - 21:08 | 4039914 akak
akak's picture

And burrowed right into the soil afterward, smacking every major root along the way, until she hit bedrock and the earth recoiled in horror, vomiting her back to the surface.

Wed, 10/09/2013 - 13:28 | 4038456 Anusocracy
Anusocracy's picture

Looks like it already has.

Wed, 10/09/2013 - 13:34 | 4038475 Herd Redirectio...
Herd Redirection Committee's picture

It looks like Jamie Dimon in a wig.  Seriously.

Wed, 10/09/2013 - 15:06 | 4038776 auntiesocial
auntiesocial's picture

I just googled Janet Yellen nude...

Wed, 10/09/2013 - 15:33 | 4038928 Serfs_Up
Serfs_Up's picture

ghouls will be ghouls..

Wed, 10/09/2013 - 21:00 | 4039886 fooshorter
fooshorter's picture

Mother Of God.




Wed, 10/09/2013 - 14:16 | 4038611 BigJim
BigJim's picture

 Ms. Yellen’s experience as a former Chair of the Council of Economic Advisers, Regional Fed Bank President, and Vice-Chair of the Federal Reserve make her one of the most people ever to be nominated.

You hear that? She's one of the most people ever to be nominated!

Though I'm pretty sure Larry Summers would have been even more people, at least from a volumetric standpoint.

Wed, 10/09/2013 - 14:26 | 4038637 Pairadimes
Pairadimes's picture

One way to be certain that something is a bad idea is to discover that Maxine Waters approves of it.

Wed, 10/09/2013 - 13:12 | 4038383 General Decline
General Decline's picture

Well I think we should all give Janet "double flush" Yellen the welcome she deserves.


Fuck you Janet

Wed, 10/09/2013 - 13:09 | 4038364 THX 1178
THX 1178's picture

Janet'll take the rap 

for the upcoming collap

Bernanke: Goodnight sweet prince

I'm going to miss the "Fuck you bernankes"

But "Fuck you yellin" has a certain ring...

Wed, 10/09/2013 - 13:18 | 4038418 Meat Hammer
Meat Hammer's picture

Yellin rhymes with felon.

Wed, 10/09/2013 - 13:47 | 4038519 cameldojo
cameldojo's picture

looking forward to the limerick king prose

Wed, 10/09/2013 - 16:16 | 4039060 victor82
victor82's picture
  1. Who wants to fit her for her Orange Jumpsuit?
  2. Will she use Helicopter Ben's?
  3. Yes, she is the one stupid enough to take the Job, and the Fall. Ben knows that it's Better in the Bahamas.
Thu, 10/10/2013 - 07:38 | 4040767 DanDaley
DanDaley's picture

These people are corrupt and will never, that is NEVER take any responsibility for anything.

Wed, 10/09/2013 - 13:09 | 4038355 nope-1004
nope-1004's picture

Dude looks like a lady.


Wed, 10/09/2013 - 13:41 | 4038493 BobPaulson
BobPaulson's picture

Best androgyney joke so far.

Wed, 10/09/2013 - 13:16 | 4038395 ndotken
ndotken's picture

Maybe I'm wrong, but it looks to me that if Ben shaved his beard and put on a wig, then he'd look just like the "woman" in the picture.  Hmmm ... would they have ... ???

Wed, 10/09/2013 - 13:10 | 4038361 Billy Sol Estes
Billy Sol Estes's picture

Resist We Much

Wed, 10/09/2013 - 13:17 | 4038414 Stoploss
Stoploss's picture

MOAR VAGINA............................                    

You may have it all, please.. They are with out morals anyway.

Wed, 10/09/2013 - 13:21 | 4038429 smartstrike
smartstrike's picture

Tell it to the Brits who had to endure Margret Thatcher and the impact she made on monetary poilices of Hedge Fund western economies.

Wed, 10/09/2013 - 21:08 | 4039915 logicalman
logicalman's picture

I lived in Sheffield when the wicked witch was at work in the UK.

Steel city in a coal mining region.

The bitch killed steel and coal.

The joke at the time was that she did more harm to Sheffiled with a pen than Hitler did with bombs.

If there is a hell, she is certainly deserves to be in one of the hotter parts.

Wed, 10/09/2013 - 22:26 | 4039804 Radical Marijuana
Radical Marijuana's picture

Hah! One really must wonder about what level of seriousness MillionDollarBonus_ actually operates at, when posting such platitudinous comments! What racial "equality" and sexual "equality" actually amount to under the still established BANKSTER SYSTEMS, is the right to be robbed equally or the right to be an equal puppet for the banksters.

"Women's Liberation" was highjacked, and skillfully exploited to be turned into its opposite, by people like Edward Bernays, and his ilk. The women who were leaders in that movement often had to be at least twice as competent as the usual available men, in order to do what those men would have otherwise done. Most of "women's liberation" actually ended up doing the same stupid things as men used to do, only more so.

Obviously, the same comparison could be made to Obama becoming another in the long line of Presidents who were banksters puppets. It was supposed to be some kind of break through for civil rights. However, the actual social facts all indicate that claim is ridiculously opposite to what has actually happened.

Having people who are members of historically disadvantaged groups become the symbolic figureheads of the established power systems, which are currently primarily the expressions of the banksters legalized and privatized financial frauds, enables those systems to continue being camouflaged, or concealed, with arguments that criticisms of those systems have become racist or sexist.

Putting in a half black President in place as a bankster puppet, or putting in a women as the figurehead of the Federal Reserve Board, does not change anything significant, other than provide new sets of rhetorical tricks when defending those entrenched frauds.

The old "white patriarchy," which evolved from the selections of the history of patriarchal militarism, has devolved to become based on abstract numbers operated by algos. The deeper crucial developments are the ways that frauds have runaway to become automated, where the basic numbers are NUTS, and the systems merely become automatically more NUTS, no matter who the figureheads are, like the hood ornaments on that runaway fascist plutocracy juggernaut, which is going turn turn most of the world's flesh and blood beings into its road kill.


I just got around to watching

Hidden Secrets Of Money Ep 3

- Dollar Crisis To Golden Opportunity

- Mike Maloney

A lot of that video is a review of the rapid destruction of the American Dollar as the world's reserve currency, which seems clearly to be part of the deliberate agenda of the international banksters that own the Federal Reserve Board. That video goes through the quicker and quicker steps in that process, which Yellen is now probably being coached to quarterback, as she throws the game.

Although the basic concept of making "money" out of nothing, as debts, is always astonishing to wrap one's head around, the invention of credit cards always struck me as one of the most astonishing ways that advanced. At around the 23 minute mark is an interesting chart indicating how credit cards added to money-as-debt. Private banks issuing credit cards
amounted to automated financial frauds, distributed to anybody who was able to get some of those cards!

I also liked how the series of charts shown in that video zoomed back, and back, so the exponential growth of the money supply could be better shown. All features in the old charts, measured in millions then billions, disappear from being seen when the new charts are in trillions!

Old-fashioned guys like Mike Maloney may well be relatively successful within the established systems, and provide good actionable intelligence to those operating within those systems. However, unless there are some rapidly emerging new energy technologies, none of which have been so far proven to be able to be scaled up, then the coming collapse to chaos will surely result in mass murder.

Although quite worthwhile to watch, to gain some perspective on the Federal Reserve Board, a preposterous thing that Mike Maloney asserted at around the 1:30 mark was: "Wealth is never destroyed, it is merely transferred."

That seems like an insane statement when "wealth" was the ability to transform natural resources into garbage and pollution, as fast as possible, which was destroying "wealth" at an exponential rate!

Wed, 10/09/2013 - 12:58 | 4038299 knukles
knukles's picture

So good old Maxine thinks somebody's gonna tie her shoes for her now? 
What praise!

About the last person you want in your Peanut Gallery

Wed, 10/09/2013 - 13:02 | 4038323 101 years and c...
101 years and counting's picture

i'm praying the fat cow had a few abortions while in college and the republicans are able to dig it up.

Wed, 10/09/2013 - 13:05 | 4038344 rpboxster
rpboxster's picture

Dude...nobody hit that.

Wed, 10/09/2013 - 13:11 | 4038384 bread n circuses
bread n circuses's picture

...make her one of the most people ever to be nominated...

Freudian slip or bad grammar?

She is definitely more people than Greenspan, Paulson or Bernanke.

Thu, 10/10/2013 - 07:30 | 4040755 DanDaley
DanDaley's picture

No Freudian slip...Waters IS a moron.

Wed, 10/09/2013 - 13:04 | 4038325 Herd Redirectio...
Herd Redirection Committee's picture

I actually believe this is what Maxine said "one of the most people ever to be nominated. "

Maybe theres a typo or word missing, but maybe its just a Maxine Waters quote!

Wed, 10/09/2013 - 13:05 | 4038331 yogibear
yogibear's picture

The government freeloaders now have a sugar lady. Old Yellen will provide all the candy they need in Obamaland and on Wall Street.

All until the US dollar crashes and burns.

Wed, 10/09/2013 - 13:06 | 4038336 g'kar
g'kar's picture


Wed, 10/09/2013 - 13:47 | 4038526 NidStyles
NidStyles's picture

I had forgotten that good ole' Maxine existed. Shows how relevant she is in the grand scheme of things I guess....

Wed, 10/09/2013 - 14:19 | 4038620 Winston Churchill
Winston Churchill's picture

Must have swallowed her gag.

Wed, 10/09/2013 - 12:55 | 4038282 The.Harmless.Who
The.Harmless.Who's picture

ahhhh Yellen.... 






Down with these Governments!



Wed, 10/09/2013 - 13:23 | 4038443 Groundhog Day
Groundhog Day's picture

good ol yellen

Wed, 10/09/2013 - 12:46 | 4038247 Nothing but the...
Nothing but the truth.'s picture

The printaholic has arrived.

Wed, 10/09/2013 - 12:54 | 4038273 Grande Tetons
Grande Tetons's picture

Shitty timming for the Yellen bounce. As if it mattered. They are all printaholics. 

Wed, 10/09/2013 - 12:58 | 4038290 fonzannoon
Wed, 10/09/2013 - 13:09 | 4038350 wearef_ckedwith...
wearef_ckedwithnohope's picture

Yes, we are screwed.  The Primary Dealers get the free money and there is no mechanism to ensure it gets out into the economy.  Actually, they are motivated not to spread it out as been covered previously.


A solution would be to designate a consortium of community banks and credit unions as a Primary Dealer with the proviso that they IN FACT feed free money into the economy with NO REGARD WHATSOEVER for fees, bonuses and profits.  Appoint someone like Bill Black as acting head. 

And make all Primary Dealers then answerable NOT TO THE FED, but to other parties as to what they actually did with their free monies.  If they lined their pockets, hold them accountable by reviewing their continuing status and putting them on notice.


If it takes a Constitutional Amendment then go for it.

Wed, 10/09/2013 - 13:11 | 4038370 ParkAveFlasher
ParkAveFlasher's picture

Gold, bitchez!

Wed, 10/09/2013 - 16:19 | 4039066 victor82
victor82's picture

Nope. Confiscation of your Physical, bitchez.

It's what's Next....

Wed, 10/09/2013 - 13:10 | 4038374 Grande Tetons
Grande Tetons's picture

That is the problem. Even a correct equity short might not be paid out....if it gets that bad.

Hey, at least Kyle can keep his tan.    



Wed, 10/09/2013 - 20:28 | 4039808 fooshorter
fooshorter's picture


Wed, 10/09/2013 - 12:53 | 4038274 1100-TACTICAL-12
1100-TACTICAL-12's picture

Yellen is uglier tnan aunt Janet ...she needs a black stripe it would look like two skunks muff diven when their 69n.

Wed, 10/09/2013 - 15:11 | 4038810 XitSam
XitSam's picture

Q: Uglier that Janet Reno or Napolitano?

A: Yes

Wed, 10/09/2013 - 21:08 | 4039923 logicalman
logicalman's picture

A difficult thing to pull off!

Wed, 10/09/2013 - 12:50 | 4038256 Ghordius
Ghordius's picture

"Inflation is a non-progressive tax" correct. it hits the working poor most, followed by the moderately wealthy

"Everyone that holds USD pays it" also correct. currently, you could call it a global tax

Wed, 10/09/2013 - 15:14 | 4038820 XitSam
XitSam's picture

I suspect that there is a Leprechaun wearing scuba gear that is not affected by inflation.

Wed, 10/09/2013 - 13:10 | 4038382 Rathmullan
Rathmullan's picture

What bonehead keeps putting up a photo of Boris Yeltsin in every news article on this janet yellen bitch?!!!

Wed, 10/09/2013 - 12:43 | 4038240 Tim Knight from...
Tim Knight from Slope of Hope's picture

She's quite a guy.

Wed, 10/09/2013 - 12:48 | 4038250 BandGap
BandGap's picture

She's Romulan.

Who really gives a shit, it's not like you can't see the lip synching.

Wed, 10/09/2013 - 13:01 | 4038257 Canadian Dirtlump
Canadian Dirtlump's picture

she is bizarro vulcan. She operates on emotion only, not logic. Either way fuck her bowlcut to the three stooges theme song.

Wed, 10/09/2013 - 13:07 | 4038357 yogibear
yogibear's picture

All she needs is to drop 50 lbs and have pointed ears.

She could also go for a Moe part.

Wed, 10/09/2013 - 13:11 | 4038369 ShrNfr
ShrNfr's picture

I thought that was what happened to Vulcans in rut.

Wed, 10/09/2013 - 13:07 | 4038341 g'kar
g'kar's picture

Her universal translator is glitchy.

Wed, 10/09/2013 - 12:49 | 4038260 McMolotov
McMolotov's picture

Just think how sweet it'll be come 2016 when we've got this dude and the Hillicunt running things.

Wed, 10/09/2013 - 13:04 | 4038289 silverserfer
silverserfer's picture

you watch your dirty mouth! your words are menstruation to my ears!

Wed, 10/09/2013 - 13:12 | 4038378 Billy Sol Estes
Billy Sol Estes's picture

With the accompanying iron taste?

Wed, 10/09/2013 - 13:02 | 4038246 JonNadler
JonNadler's picture

meet the new hoe, ..worse than the old hoe

Wed, 10/09/2013 - 13:09 | 4038259 The Gooch
The Gooch's picture

Fuck You Uncle Janet II !


Wed, 10/09/2013 - 21:13 | 4039933 logicalman
logicalman's picture

Now there's a question I'd love to see the answer to!

Only the temp staff at Jeckyl Island could give a clue, and I'm guessing there's non still around.

Wed, 10/09/2013 - 12:49 | 4038261 slaughterer
slaughterer's picture

Can we have Summers back?

Wed, 10/09/2013 - 12:52 | 4038272 dick cheneys ghost
dick cheneys ghost's picture

what would Conrad Dunn say?


Wed, 10/09/2013 - 12:55 | 4038275 no more banksters
no more banksters's picture

It makes no difference:

"The first big victory of the big bankers recorded in December 1913, when under Woodrow Wilson administration, the control of dollar finally passed to the big private banks through the Federal Reserve Act. For the record, the final signature by the president Wilson came just two days before the Christmas holiday of 1913, if this means something. Thus, the US central bank continued to be "Federal" only by name, since the complete control of the quantity and flow of money, finally passed into the hands of the big bankers."

Wed, 10/09/2013 - 12:56 | 4038288 Tenshin Headache
Tenshin Headache's picture

Woodrow Wilson should be exhumed, shot and re-buried. Even if he did subsequently show remorse, his failure to stop the takeover of the money suppy still haunts us.

Wed, 10/09/2013 - 13:09 | 4038365 yogibear
yogibear's picture

May he burn in hell. He sold the coutry's soul to the devil.

Wed, 10/09/2013 - 16:33 | 4039096 victor82
victor82's picture

Ah, Woodrow Wilson and the Wilson Administration:

Fascism without the Jackboots. Mussolini without any redeeming sense of style!


  1. Started the Fed.
  2. Got us into WWI
  3. Imprisoned War Resisters such as Eugene V. Debs.
  4. Engaged in mass propaganda and press censorship.
  5. Used regulatory schemes to control the economy during the war.
  6. Imprisoned, most times without trial, concientious objectors, during the War.
  7. Was a virulent racist and hated the negro.

Dig the sumbitch up and put his zombie corpse on trial!






Thu, 10/10/2013 - 13:34 | 4042051 Nubbin-Fingered...
Nubbin-Fingered Jake Roedel's picture

Well, according to your list of grevences, Wilson wasn't all bad.  At lest he was on point about the Negro question.  I mean a White man hasn't really enjoyed the benifits of living (or dying) in our diverse nation until he's been a participant in the Negros' fun and exciting Knock-out game or Slap-Happy:

I guess Wilson's true crime against humanity is that he lacked the Balls to solve the Negro problem back then.  So, while his Bankster buddies continue to srew us econmically - we can fix that with resolve.  But, solving the Black-on-White issue will take a little more effort on our part:

Wed, 10/09/2013 - 13:12 | 4038376 Cacete de Ouro
Cacete de Ouro's picture

So, no mention from the financial sector cheerleaders about the Federal Reserve being a private organisation, with nothing federal or reserve like about it...

But, why would they? They are either too thick or too aligned to ever utter anything about this...

Wed, 10/09/2013 - 13:26 | 4038455 no more banksters
no more banksters's picture

Unfortunately, banksters expand their power through ECB too:

Wed, 10/09/2013 - 13:25 | 4038452 FeralSerf
FeralSerf's picture

The world can thank Teddy Roosevelt's attempted power grab in 1912 and "Colonel" House's control of Wilson for Wilson's disastrous reign.

Wilson makes the current chief narcissist look like an amateur narcissist.

Wed, 10/09/2013 - 12:56 | 4038280 Tenshin Headache
Tenshin Headache's picture

A Jewish banker with an inflationary bias. I think I've seen this movie already.

Wed, 10/09/2013 - 12:56 | 4038285 Bam_Man
Bam_Man's picture

Things are going to "get ugly" once she's in charge at the Fed.

Wed, 10/09/2013 - 13:09 | 4038372 donsluck
donsluck's picture

So, here we are living in the most manipulated economy in the country's history and Maxine coos "stability at this critical time for our economy".

So, we can expect the manipulation to continue in honor of "stability".

Wed, 10/09/2013 - 12:58 | 4038286 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

I agree. Ms. Yellen will make an excellent Treasury Secretary .... uh, what?

Wed, 10/09/2013 - 12:58 | 4038294 J Pancreas
J Pancreas's picture

Summers was a tolerable blob to look at each time ZH posted the pic of him snoozing. I'm aghast that I will see that face for the next umpteen years until she gets burnt at a stake for Keynesian witchcraft post collapse.


What color panties is she wearing in that pic? Trick question, she only rolls commando.

Wed, 10/09/2013 - 13:17 | 4038410 Bastiat
Bastiat's picture

I down voted you for that horrific visual.

Wed, 10/09/2013 - 14:19 | 4038615 NotApplicable
NotApplicable's picture

Hardly any worse than Tyler's "Larry Summers' self-elimination."

I was eating lunch still!

Wed, 10/09/2013 - 13:59 | 4038567 perelmanfan
perelmanfan's picture

J, your post made me laugh out loud - you've got the gift.

Wed, 10/09/2013 - 21:14 | 4039946 logicalman
logicalman's picture

Down vote, in agreement with Batiat.

I may be scarred for life!

Wed, 10/09/2013 - 12:58 | 4038295 Yancey Ward
Yancey Ward's picture

I doubt Maxine Waters is even capable of figuring out how to wipe her own ass, but she would be just as good a Fed Chairperson as Yellen.

Wed, 10/09/2013 - 13:03 | 4038317 knukles
knukles's picture

Hah ha ha ha ha
I could just see her on the answer the question side of the dias.

Even funnier than now...

Wed, 10/09/2013 - 13:00 | 4038296 polo007
polo007's picture

According to CIBC World Markets:

Enter Yellen: What a New Fed Chair Could Mean for Policy

The nomination of Janet Yellen as Fed Chair, to be announced today according to the White House, and likely to be approved early in 2014, does not usher in a new era of more dovish policy for the Fed as some in markets may fear. Yellen’s FOMC voting record has matched Bernanke’s and her speeches have largely echoed the themes of her predecessor. Bonds may see a temporary boost on the appointment of Yellen to the helm (pending Senate confirmation), given her support of the Fed’s overall dovish stance. However, assuming an amicable passing of the current debt ceiling and budgetary deadlock, we see longer-term risks of a sell-off as the drag from fiscal policy eases in 2014, giving even a Yellen-led Fed justification to scale back bond-buying by early next year.

Profile: Vice Chair of the Federal Reserve, formerly Chair of the White House Council of Economic Advisers under Clinton and President of the Federal Reserve Bank of San Francisco.

No Perma-Dove: A look at Yellen’s speeches may lead some to believe that the next Fed Chair is a staunch monetary policy dove. Her emphasis on the destructive nature of long-term unemployment and the cyclical drivers of higher joblessness has highlighted the need for continued easy policy. She has also stated that the Fed’s growing balance sheet is not a roadblock to an eventual smooth exit from QE, and that there is no evidence that asset
purchases are harming financial market functioning. And as Chair the FOMC Subcommittee on Communications, she has been a driving force in formulating tools, including threshold guidance, which have been used to reinforce the Fed’s easing.

But Yellen is no easy-money ideologue. With the Fed facing the greatest downturn since the Great Depression, Yellen’s dovish views and speeches have simply hewn closely to the Fed’s overall dovish stance. A look at her voting record shows votes cast in line with the FOMC majority, including Ben Bernanke, with not a single dovish dissent since the onset of the crisis. Her lack of concern about inflation has been vindicated by the facts, with annual CPI trending below the 2% mark. And she hasn’t always been the voice for more monetary policy accommodation on the Fed. There have been episodes in her career when she has taken a more hawkish tilt, including the May 1996 FOMC meeting where she pointed to the “…need to be nervous about rising inflation”, later that year describing labour markets as “undeniably tight”.

Yellen’s Preferred Employment Indicators: One factor explaining Yellen’s support of the Fed’s easy policy is the continued stagnation in the jobs market. In a March 2013 speech, Janet Yellen identified her preferred indicators for gauging whether there has been a substantial improvement in the labour market outlook justifying a tapering in Quantitative Easing.

- Hiring as a share of employment (Chart 1, left)

- Job quits as a share of employment (Chart 1, right)

- Nonfarm payrolls (Chart 2, left)

- The pace of spending growth (Chart 2, right)

Only the quit rate, which could signal that workers are more optimistic about finding new jobs, has been trending stronger in recent months, with the remaining measures of job market health either flat-lining or softening relative to earlier in the year. So rather than a hawkish/dovish ideological slant, the cold hard fact that the US jobs market has yet to show signs of measurable improvement is likely the key factor motivating Yellen’s support for continued QE bond buying.

For now, fiscal uncertainty continues to cloud the outlook for US economic growth. But if policymakers in Washington are able to extend the debt ceiling and agree on a fiscal deal without new cuts to 2014 spending, an easing fiscal drag could see a 3%-plus pace of US growth next year. That substantial improvement in the outlook for economic activity and hiring could see the Fed begin to scale back the pace of its asset purchases by early 2014, to the surprise of many in markets who may be erroneously expecting more caution from a Yellen-led Fed.

Wed, 10/09/2013 - 13:12 | 4038377 Herd Redirectio...
Herd Redirection Committee's picture

"the cold hard fact that the US jobs market has yet to show signs of measurable improvement is likely the key factor motivating Yellen’s support for continued QE bond buying."

Maybe I am missing something, but wouldn't a tangible link have to exist between increased employment and QE, for this to be true?

QE correlates to the stock market rising, sure, but to increasing employment?  Not so much.  So where do we make this massive leap of faith that QE can INCREASE EMPLOYMENT?  BASED ON WHAT??!?!?!

Wed, 10/09/2013 - 13:00 | 4038298 pragmatic hobo
pragmatic hobo's picture

if picking a woman to fed chair is "historic" imagine what it might have been if obama picked a lesbian to fed chair ...

Wed, 10/09/2013 - 13:02 | 4038315 Ancona
Ancona's picture


Wed, 10/09/2013 - 16:35 | 4039102 victor82
victor82's picture

So, who's the Lucky Guy who's married to her?


Wed, 10/09/2013 - 12:58 | 4038300 fooshorter
fooshorter's picture



Said it first.

Wed, 10/09/2013 - 13:13 | 4038386 James-Morrison
James-Morrison's picture



Wed, 10/09/2013 - 14:09 | 4038589 Intoxicologist
Intoxicologist's picture


Wed, 10/09/2013 - 13:00 | 4038301 monopoly
monopoly's picture

I think I am going to be sick.

Wed, 10/09/2013 - 13:01 | 4038304 Seasmoke
Seasmoke's picture

Doesn't look Jewish. Actually don't know what she looks like. 

Wed, 10/09/2013 - 13:00 | 4038310 J Pancreas
J Pancreas's picture

Her horns are well disguised among the bowl cut.

Wed, 10/09/2013 - 13:13 | 4038385 Herd Redirectio...
Herd Redirection Committee's picture

I listened to her talk one time.  Lasted about 2 minutes before I had to turn it off.

Wed, 10/09/2013 - 13:03 | 4038326 OwnSilverPlayMusic
OwnSilverPlayMusic's picture

Shrek and Barney Fife's lovechild?

Wed, 10/09/2013 - 13:16 | 4038409 1C3-N1N3
1C3-N1N3's picture

Droopy Dog.

Wed, 10/09/2013 - 13:17 | 4038306 J Pancreas
J Pancreas's picture

Need Anna Cariad eyebleach.

Wed, 10/09/2013 - 13:02 | 4038307 superflex
superflex's picture

Maxine "I have full faith in Frankin Raines" Waters

I thought so.

Wed, 10/09/2013 - 13:16 | 4038400 Billy Sol Estes
Billy Sol Estes's picture

How is Ol Franky doing these days?

Wed, 10/09/2013 - 15:03 | 4038760 Blankenstein
Blankenstein's picture

He was doing pretty well in 2008:


"In the four years since he stepped down as Fannie Mae's chief executive under the shadow of a $6.3 billion accounting scandal, Franklin D. Raines has been quietly constructing a new life for himself. He has shaved eight points off his golf handicap, taken a corner office in Steve Case's D.C. conglomeration of finance, entertainment and health-care companies and more recently, taken calls from Barack Obama's presidential campaign seeking his advice on mortgage and housing policy matters."

Wed, 10/09/2013 - 13:00 | 4038308 NOTaREALmerican
NOTaREALmerican's picture

I would like the be amongst the first to welcome Mz Yellin and would like to say that as a REAL patriot and supporter of our Merican Free Enterprise system (cue: slow motion eagle) and an employee of one of THEE most profitable TBTF banking institutions (institutions which are the bedrock of Merican Freedum-n-democray) I personally - but unselfishly - hope that Mz Yellin will continue the highly successful QEn+1 programs which saved this great and glorious country from financial ruin and destruction, and has help sustain the robust but fragile economy recovery that most of us (but regretably not everyone) has enjoyed over the last few years, and only by continuing QEn+1 will this great and glorious country be able to continue to be great and glorious as our foundin-fadders knew - in their hearts - would always be true which is why they created the Federal Reserve Bank of THEE YOU-united States of Merica - the greatest and most glorious bank of the world's greatest and most glorious country the world has ever seen (cue: slow-motion flag,  banker looking skyward, Federal Reserve building in background,  tears welling-up,   is this the greatest country the world has ever seen, or what?)


Wed, 10/09/2013 - 13:12 | 4038381 walküre
walküre's picture

Save your speech when cruela turns off the tab. Don't think she will? Just watch her.

Wed, 10/09/2013 - 13:00 | 4038309 OwnSilverPlayMusic
OwnSilverPlayMusic's picture

We're so fucked if the next Hitler is a gay, black woman or even any one those.  What? She's incinerating people? Good for her! It's about time! That's so empowering!

Wed, 10/09/2013 - 13:06 | 4038348 The Burning Planet
The Burning Planet's picture

We must have diversity. Even if it kills us. 

Wed, 10/09/2013 - 13:07 | 4038356 g'kar
g'kar's picture

I nominate Sheila Jackson Lee.

Wed, 10/09/2013 - 13:16 | 4038408 McMolotov
McMolotov's picture

I use the name "Hitlery" for a reason.

Wed, 10/09/2013 - 15:20 | 4038850 XitSam
XitSam's picture

Just wait till she gets control of the kill list.

Wed, 10/09/2013 - 13:03 | 4038318 economessed
economessed's picture

Waters quote (above):  "...and Vice-Chair of the Federal Reserve make her one of the most people ever to be nominated."


"one of the most people ever to be nominated"  Most what?  Most visually displeasing people since Janet Reno?  Most dangerous?  Most fiscally reckless?  Most apocolyptic?

Editor nazi's want answers to these missing words!!!!!

Wed, 10/09/2013 - 13:06 | 4038335 knukles
knukles's picture

Lighten up on the negative comments.

That's Formal Ebonics to you

"one of the most people ever to be nominated"
What was that about a box of rocks?

Wed, 10/09/2013 - 13:05 | 4038339 Tinky
Tinky's picture

She forgot to insert the word "volumptuous" (sic).

Wed, 10/09/2013 - 13:04 | 4038319 Fix It Again Timmy
Fix It Again Timmy's picture

Has anyone told Maxine Waters that Janet Yellen is not black?...

Wed, 10/09/2013 - 13:03 | 4038327 The Burning Planet
The Burning Planet's picture

Pfff. Wall Street is praising her. You know what that means don't you? This bitch is going to make the Bernank look like a hawk.

Wed, 10/09/2013 - 13:03 | 4038328 Seasmoke
Seasmoke's picture

I Want to meet the guy who is fucking her at night. 

Wed, 10/09/2013 - 13:10 | 4038380 g'kar
g'kar's picture

He would be the guy with a bag on his head.

Wed, 10/09/2013 - 13:05 | 4038330 Billy Sol Estes
Billy Sol Estes's picture

Go Long on Diversity

Wed, 10/09/2013 - 13:06 | 4038333 moneybots
moneybots's picture

"Why shouldn't the banks then be giddy with excitement that the status quo will not only continue, but the monthly $85 billion in liquidity may in fact increase in time?"


The problem is that the status quo is financial fraud.

Wed, 10/09/2013 - 13:07 | 4038345 NOTaREALmerican
NOTaREALmerican's picture

Re:  The problem is that the status quo is financial fraud.

That might be a problem for a moral society, but for a nation of fraudsters it's just how the "most fit" survive.  

Wed, 10/09/2013 - 13:06 | 4038346 knukles
knukles's picture

Bigger is Better
   -Janet and Maxine

Wed, 10/09/2013 - 13:06 | 4038337 MickV
MickV's picture

What a disgusting PIG. I think the domestic enemy Obama has a penchant for bull dykes ramming him in the ass with a strap on.

Wed, 10/09/2013 - 13:04 | 4038338 philosophers bone
philosophers bone's picture

I'd love to be a fly on the wall at the Obama dinner table:

Michelle:  "Why did you do that"? ["that" being any number of things - Syria, Egypt, Libya, Yellen, Apple/Samsung waiver/non-waiver, Keystone delay, etc., etc., etc.]

Barack:  "I had no choice."

Michelle:  "Don't they know you're the President and the people elected you to make the decisions?"

Barack:  "Let's just get through these next few years without too much reputational damage, we can put this nightmare behind us and we'll make $100 million annually from speaking engagements.  I can live with that."

Michelle:  "OK, me too."

Wed, 10/09/2013 - 13:05 | 4038342 walküre
walküre's picture

Ben was uncle sugar, Janet is aunt cruela. Haven't met a woman in power yet who was not overreaching and trying to overachieve in her first years of management. When everyone assumes they have her pegged and know what to expect, I would assume just the opposite from my experience of female leadership and management. Her Jewish background may make things even worse. She is not Mother Theresa. Just sayin'

Wed, 10/09/2013 - 13:09 | 4038363 knukles
knukles's picture

Mother Theresa was Jewish?
Oy vey, Barrie!  Quit dwaddlink and get the cake for the dinnah.  And don't forget the lox and gafiltefish.  Be a good boy for yo mothah...  You oain me so... For the life of me....  Tell the nice grocer, Mr Schmaltz to put it on your father's bill...

Wed, 10/09/2013 - 13:14 | 4038392 walküre
walküre's picture

mazel, you misunderstood my point

Wed, 10/09/2013 - 13:23 | 4038434 economessed
economessed's picture

"Free ham."

Wed, 10/09/2013 - 13:16 | 4038399 yogibear
yogibear's picture

Another Jewish American Princess?

Summers also figured he would be blamed when it all blows up. It won't seem as bad when pin the blame on her.

Bernanke and Greenspan will be laughing at her when she gets the blame for their mistakes. Just like they blackballed Brooksley Born.

Wed, 10/09/2013 - 13:10 | 4038362 Dr. No
Dr. No's picture

This is bullish.  maybe we can start to gain some of the lost 500M jobs back!!

Wed, 10/09/2013 - 13:14 | 4038396 JR
JR's picture

Dear Ms. Janet,

Thanks for saving us and giving us the taxpayers’ money.

Sincerely yours,

Goldman et al.


 It’s time for ‘ol Yeller (credit to Banzai) to take a victory lap, already

Wed, 10/09/2013 - 13:14 | 4038398 OldE_Ant
OldE_Ant's picture

Yellen, New bitch same as the old dick.

Wed, 10/09/2013 - 13:15 | 4038406 TrustWho
TrustWho's picture

Does NOT matter!!!!!!

Wed, 10/09/2013 - 13:19 | 4038423 Seasmoke
Seasmoke's picture

I still believe they picked her , so when it collapses, the race will be calmed by a woman ...... I don't think it's going to help, but we shall see. 

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