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Goldman: Yellen Confirmation Hearing Largely As Expected
In response to questions from members of the Senate Banking Committee at her confirmation hearing, Janet Yellen emphasized the need to maintain a highly accommodative stance of monetary policy in light of the disappointing economic recovery. Her comments were broadly in line with what Goldman would have expected, and by-and-large were very similar to statements made by Chairman Bernanke in the past; confirming moar of the same blindness to bubbles, lots of tools, and over-optimism.
(image h/t @PatoNet)
MAIN POINTS:
1. Yellen emphasized the high level of unemployment as a reason for continuing the highly accommodative stance of monetary policy, noting in particular the high level of long-term unemployment. She stated that "I consider it imperative that we do what we can to promote a strong recovery" and later said that "it is important not to remove support, especially when the recovery is fragile and the tools available to monetary policy, should the economy falter, are limited" in light of the zero lower bound.
2. On asset purchases, Yellen stated that "I believe the benefits exceed the cost" and that purchases "have made a meaningful contribution to economic growth and improving the outlook." More generally, she noted that "as the program gradually winds down, we have indicated that we expect to maintain a highly accommodative monetary policy for some time to come."
3. There was very little to go on with respect to the outlook for near-term policy decisions, whether tapering asset purchases or adjusting the forward guidance. She did indicate that "at each meeting we are attempting to assess whether or not the outlook is meeting the criterion that we have set out to begin to reduce the pace of asset purchases."
4. Asked about lowering interest paid on excess reserves, she cited concern about money market functioning, but noted that "it's a possibility."
5. Regarding financing stability, Yellen reiterated her view that asset price bubbles or financial imbalances can best be dealt with (at least initially) through regulatory policy rather than adjusting the overall stance of monetary policy.
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No-shave November!
Wow, that photo is the stuff of nightmares.
Damn you Tyler! I was eating lunch!
Tyler should form a habit of using food and beverage warnings, like WB7 does.
Luckily, I finished my sip of hot tea before opening this page. Good one, Tyler. Did the banzai have anything to do with this?
edit; never mind, saw the PatoNet thing. Good to see more people shooping.
Translation: "We must up purchases to 150B/month"
Janet Yellen actually Burl Ives after a sex change operation ? You decide ...
TD...that's the kind of disrespect i can respect
many zh readers may already be aware of who mr yellens spouse is
but in case not, check it out on the interwikz:
http://en.wikipedia.org/wiki/Andrea_mitchell
Can't see how Whitey Bulger expects this disguise to fool anyone.
Meet the new boss, same as the old boss
Yes, penis and all
That photo is hideous.
The economic outlook is the same...
Me likes tatters and facial hair....yum
She doesnt look any different than compared to normal
Didn't she play a female dwarf extra on the set of Lord of the Rings.
Jeebus, Santa Claus let himself go. Look for more QE in your Christmas stockings this year...
Janet Yellen: brought to you by Tim Burton - "Edwina Beardsieface"
Nice photo!
We should call it 'Bubbles'!!
My other thought was, "Is it a full moon already?". But then I realized that cannot be, because the Fed is run by vampires, not werewolves.
I have become a true believer of fiat.
Thanks Greenspan, Bernanke and Yellen
Oiy vey.
dammit ... now ican't eat my lunch ... thanks zero hedge ... perhaps you should post these horrible pictures in non-feeding time slots? like after midnight?
Bernanke must be feeling good getting out from under the bomb that is about to fall on his head.
he still needs to look out for guillotines though
Your Wife's a bigfoot gus...
Goonie googoo...
Ain't got nothin' on the Wookie though.
What a lovely coffee table... "it's not a coffee table, it's a piece of shit!"
She's got some Krugman going on there too methinks.
Paul Krugman, bearded potato, PhD.
And not a little bit of Freud, too.
Reverse Oedipus: (S)he kills you and screws you. [head explodes]
Lol, Yellen with a Bernanke Beard. Nice.
Kinda resembles David Duke, which is totally fitting for Ol' Yeller.
Yes, but did she inherit the lip quiver? Or are they gonna have to botox those things to death?
I do believe she has drawn the short straw for the next act in this drama.
With any and all criticism of her labeled as "sexism."
Yeah, the old hippie chick hairy pits crowd will come to her defense
(Little do they know that 60s 'Woman's Lib' was about taxing two breadwinners and getting their tykes in the public 'schools' to be dumbed down and indoctrinated. Websearch Nick Rockefeller statements to Aaron Russo. Ms magazine was CIA backed. Much of the 60s 'culture was a fabrication by the controllers. Power to the People ! (well just to a very few people)
New member of the clown possy
P u s s y
P o s s e
double error, pick your fix
Well we have a "duplicate" in the changing of the guard scenario.
At least she looks better with the whiskers than her predecessor.
Uncle Janet II!
great pic.
Now you know how she is getting into Bohemian Grove this July
These folks should have listened to Judge Smails and became ditch diggers, we'd all be better off.
"Largely as expected":
Unimpressive.
Replete with lies
Evasive during VERY important questions
Steeped in denial
Ultimately, fitting of Einstein's definition of insanity.
Perfect, you might say.
But, she admitted that "measured unemployment" and "real unemployment" are two different things-- From now on I'm differentiating "measured" facts from "real" facts.
Could someone just, using logic, show me the connection between QE and levels of employment???
She has that reassuring grandfather look
I told you guys she had a pair of nuts!
yep - she pulled up next to my urinal in the bathroom this morning, and bitched about how cold the water was
Deep, too!
Damn. The resemblence to Captain Kangaroo is a little disturbing.
Hemmingway wouldn't appreciate this one bit.
It's why he shot himself. He looked into a crystal ball and saw it coming.
she's got "untaper" written all over her
Better yet "Bearded wankette"
Hey Larry, Hey Curley, Hey Moe Your a Beckley Schmo?
These are not the Keynesians you are looking for. (S)he can go about his business. Move along.
It is probably just me, but it sure looks like the Clintons are quietly and slowly advancing a defacto coup of this administration by placing "their" people throughout the power structure.
HilaBarry answer to the same puppet master. If you look close, you'll see Soros' right and left fist up both their arses as he moves their lips.
Looks like the start of some wicked 'granny-tranny' porn, right there. Eeeesh!
She did say the untaper happened because of the unexpected rise in rates. So as long as rates will rise there will be no taper? Sounds like QE infinity to me.
btw - she's a typical Brooklyn Jew, expect to see lot's of fireworks and market volatility. She won't be able to keep it in for long.
I beg to differ, (s)he wasn't wearing a yid lid as we used to call them.
I love Phohtshop...
We barely grazed that 'berg....no need to worry....speaking of bearded wonders....
WB7, @PatoNet beat you to the Yellenanke picture - but I'm sure you can one-up him.
but add: devil horns, swastika necklace
Didn't she have the credentials to get hired into a decent job?
To date, the Fed does the opposite of what is anticipated.
The only parameter the Fed is looking at is bond rates. If the Fed can buy/monetize at low rates, they will do this until the cows come home.
But the bond markets are substantially larger than what the Fed thinks they can control - once the rates move, the Fed will slow.
And this spew about unemployment numbers is a smoke screen.
"Regarding financing stability, Yellen reiterated her view that asset price bubbles or financial imbalances can best be dealt with (at least initially) through regulatory policy rather than adjusting the overall stance of monetary policy."
The wealth effect bubble is a monetary policy of the FED.
Wonder if she sees a face on Mars. Looks a little like Richard Hoagland.
Kind of looks like Dick Bove wearing women's clothing. Hmmm.
The boring Yellen was boring. The excitement came with Jason Furman "Chairman of Economic Advisers. This guy is really a Kamikaze!!
He came in and told what He and the President was going to do! He definitely iterated how basically at an idiot level most other who would disagree really are! He probably won't tangle with anyone who could argue. He's safe in Congress where most are looking for their gym pass or their next toddy. This meeting was like a young wolf sitting in front of old fat buffalo with a protective window. Lets get his writing and his written responses and have a reply that will set a real fight up!
From the March 1992 edition of Spy Magazine.
Separated at birth:
Janet Yellen Boris Yeltsin
Up my FASFA. Yellen muthha fukkha.
I still say she looks like a modern day grown up LGBT sex change freakshow version of Egghead Jr. from the Foghorn Leghorn cartoons.
Is that you Richard Attenborough, Is this me?
http://img.thesun.co.uk/aidemitlum/archive/00688/SNN2201DICK-280_688163a...
Edit.. Lord Richard Attenborough
I'd like to send 0.01 BTC to whoever made that pic of Yellen with the Bernanke beard.
ROFL!
I looked at that pic and I immediately heard: Silver... and gold. Silver... and gold....
Muthafuckin Burl Ives!
If silence is golden why is duct tape silver?
Nice!
I have to hat tip Stackers, he has quicker wits and fingers than I do.
Who did this shit anyway, WB7? Hilarious
why don't we replace this lady by Liz Warren who asks all the right questions, and gives NO WRONG ANSWERS, like u kno whooo!
1,) She's not je.......skip it.
Down voted due to ignorance. Liz Warren was hired to administer the TARP bail-out when she was still at Harvard:
http://www.politico.com/news/stories/0911/64099.html
She is just as much a part of the problem as the TBTF banks, and is an institutionalized bureaucrat that likes to talk tough (and an economist on top of that, yuck). Another blossoming ideologist to make us all think there is hope (sound familiar?).
I wonder if this woman has ever even heard of ZeroHedge or WilliamBanzai7??? I just gotta wonder if she knows the shit she's been getting over here, LOL...
Same with the Bernank or pretty much any of the government schlups who get tarred and feathered on ZH. I'd love to be a fly on the wall when any of them read about themselves on here and they just freak out in anger and temper tantrums! LOL
I'm sure they're too busy talking about their gold shipments out of the country purchased with freshly minted dollars.....and the free property they will build their mansions on in the promised land. If ZH is discussed its with laughter except when discussing the sacred Golden Rule (He who has the gold RULES.
Bernellen -
If you liked the Bernank, you can keep her.
I know I have a reputation around here for thinking that some odd looking women (Masters, Sebelius) are attractive but this is where I draw the line.
That picture is truely shudder-worthy.
She'll be even better than Bernanke when convincing Sheople Nation that Fed policies benefit Main Street just as much as Wall Street.
The worst part about her confirmation hearings is the political grandstanding from the likes of Warren and others. They know damn well our monetary system won't change, and they don't have the guts to introduce legislation to change it. So they practice CYA because they all know how wrong and fucked up our system is.
If an angry populace ever rises up against status quo, they just want to point to something saying "Hey, I was on your side all along!".
Evil Grimace
http://www.youtube.com/watch?v=GP6WSOS0rUc (1:02)
Fucking cunt!
It's Captain Kangaroo Pimp! And yes, she sells drugs to the community.
Open letter to Tyler of Zero Hedge
Dear Tyler,
Please don't post a picture of Janet Yellen with a beard ever again. It's not funny and had resulted in a previously virile man developing a case of erectile dysfunction.
I trust we never need discuss this again.
Regards
Bringontheasteroid
Heal thyself!
that photo is terrifying
Bernankeyellen? "You didn't make that beard."
WB7's Bernanqualung masterpiece was better.