This page has been archived and commenting is disabled.
A Giddy Wall Street (And Maxine Waters) Praises The New Fed Chairwoman
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.
Citi
- 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
Guggenheim
- “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.”
- 14965 reads
- Printer-friendly version
- Send to friend
- advertisements -


Why don't we puke hair balls in unision. Janet Yellin and Maxi Pad Waters..... The USSA is infested with these treasonous whores. BY THE BY,MDB is really a top notch ASSHAT today.
Well, in percentages, there are more male whores running things than female ones.
** Yellen may offer May 2014 surprise QE taper with test pilot program of $84.9 billion per month, which should follow a September increase to $100 billion per month in order to stabilize capitulating markets.
** Expecting a follow-up test pilot program around May 2018 when 2 USD = 1 EUR
Thanks for reminding me that Maxine Waters exists and ruining my day
http://en.wikipedia.org/wiki/List_of_current_members_of_the_United_State...
This will ruin your day also.
And this.
http://en.wikipedia.org/wiki/Seniority_in_the_United_States_Senate
she saw the bubble for what it was and predicted disaster in the banking system.
WTF ???? BULLSHIT!
http://www.weeklystandard.com/blogs/did-janet-yellen-predict-recession_7...
[snippet] At a Fed meeting in September 2006, Yellen was similarly sanguine, despite by-then falling home prices: “The speed of the falloff in housing activity and the deceleration in house prices continue to surprise us,” she allowed. But not to worry! “Of course, housing is a relatively small sector of the economy, and its decline should be self-correcting,” she cooed.
So then, the difference between "contained" and "self-correcting" amounts to prescience? It's enough to make you weep.
Re: It's enough to make you weep.
I'm sure they've learned their lesson, and are must better prepared as a result.
Crying Towel Dispenser?
The liberals are flat out lying now. Not just hyperbole, but conscious mis-statements of easily disproven facts. And the media repeats it all without challenge.
You might challenge this, that liberals have always been liars, but it used to be if they were caught they would say "I misspoke" or was "misquoted". Not now. They double down on the lie.
I heard that the giant NSA data center in utah is not for spying it's really Yellen's new supercharged printing press. The reason it's dumping the breakers is they are testing it for the next round of printing and finding that it will take a lot more power to print the next round of QE to infinity.
Waters would be in jail for corruption were not she black.
Pat can juice the markets like Ben did, but "diminishing returns" have already kicked in.
If Pat wants to print, the market will respond with higher bond rates - now that's the road to default.
So let's start this off right.
FUCK YOU JANET!!
Keep stacking.
I found a picture of Janet sans wig and makeup.
http://www.flickr.com/photos/kwixted0/190870188/
Reprinted by Popular Demand:
LIGHT INTRODUCTIONS
Fun with Ben and Janet.
Ben: It's up to you now Janet.
Janet: I won't let you down sir.
Ben: You know Janet, I'm old and tired. I'm just hoping this whole thing doesn't come cascading down around our heads in One Big Toilet Bowl Flush.
Janet: You mean the proverbial Shit Hitting The Fan Sir.
Ben: Exactly Janet.
Janet: Well sir that just seems impossible given the way you have guided us so well these years through The Perilous Waters Of Systemic Economic Collapse. Why even Mr. Icahn said today you've done such a good job.
Ben: Yes well we both know Icahn is an idiot who has stuck his foot in his mouth more than once.
Janet: I think you're being too hard on yourself sir. You should go out to the party, have another piece of cake and put on your party hat. They love you dearly you know.
Ben: They're clueless Janet. They don't really and can't really understand what I've created here. They don't understand that we've really just been bluffing, kicking the can as long as we can. It's only a matter of time Janet.
Janet: Don't talk like that sir. I believe in you.
Ben: Own any property in South America Janet?
Janet: No sir. Do you?
Ben: Truth is we both know I'm getting out just in the nick of time Janet.
Janet: What do you mean sir?
Ben: Well lots of people saw through The Taper Rouse. A growing number of investors and even common citizens are realizing that we've completely lost control of the bond market and interest rates. They can see that we are caught between the proverbial rock and a hard place. Even the Permabull Idiots in the equities markets are starting to Smell A Rat. And that's saying something because those folks make people who Look At Life Through Rose Colored Glasses look like Virtual Prophets.
Janet: Whatever do you mean Ben?
Ben: I just didn't have the balls to go through with it. I'm pretty certain that's how history will see me: Gutless Ben - The Fed Chairman Who Didn't Taper when he had to. I'm no Paul Volcker, but I wish I was.
Janet: You've got nothing to fear with me Sir. I'll maintain your policies till the bitter end, if it comes to it. I'll stand by you sir. I'll Go Down With The Ship if I have to.
Ben: You know Summers saw what was coming too. Truthfully, you're the only one we could find to take the job.
Janet: Whatever do you mean sir?
Ben: Oh come on Janet! You can't be that dense. The U.S. is Headed Down The Toilet in a big way no later than 2016. You're the Fall Person. Surely that thought has not escaped you.
Janet: You've got a little piece of cake stuck to your upper lip sir.
END OF TRANSCRIPT
The Chairsatan is dead!
Long live the Chairsatan!
Just another ivy-league oral defecator. A know-nothing know-it-all who has spent her life in academia, isolated from the real world.
The only thing that she has, that Bernanke didn't, is a vagina. The fact that "being the first woman Fed chair", or a "woman" at all, is a media talking point, only serves to demonstrate that she offers nothing besides her gender. Like Bernanke, she is just another puppet, to whom the strings have apparently been attached.
...make her one of the moar people ever to be nominated...