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Guest Post: Personal Sacrifices: From JFK To The Federal Reserve
Submitted by Shawn Brown of SBrown & Asscociates,
The Senate Banking Committee’s confirmation hearing for current Vice-Chair of the Federal Reserve began with Janet Yellen delivering prepared remarks. Most observers likely tuned out well before the completion of the 2 ½ hours meeting to decide whether Yellen was worthy to succeed outgoing Chair Ben Bernanke and ascend to the top spot at the Fed. With the ongoing debacle of the Affordable Health Care website handcuffing Democrats, tough questions about QE, ZIRP, the oft talked about Taper and the possibility of reducing the Fed’s gargantuan $4 trillion balance sheet were verboten. That left Republicans to address the elephant(s) in the room. Predictably, it took nearly the entire hearing until a Senator from Nebraska offered his views about the damage being done by the various fiscal and monetary machinations undertaken to combat the Great Recession.
What happened, beginning just after the 2 hour point of the meeting, was both remarkable and revealing. Senator Mike Johanns, who won’t seek reelection, began by thanking Dr. Yellen for stopping by his office prior to the confirmation hearing. Yellen appeared startled when Johanns suggests that he “would like to continue, if I could with a few questions along the lines of what we talked about in my office.” Senator Johanns said,
“I found your testimony about asset bubbles to be interesting, just before the Chairman turned to me, I looked at where the Dow was at, it’s about 15,850. An economy that quite honestly most everybody would recognize has too much unemployment, an economy where people continue to struggle, an economy where it’s kind of hard to see where the growth is going to be. We are now starting to see real estate bidding wars just like the old days…
Dr. Yellen I kind of look at these factors and I think I could go on and on with some other items and I must admit, what am I missing here? I see asset bubbles and I think if you were to announce today that over the next 24 months you are going to bring that balance sheet down from $4 trillion to zero or $1 trillion, I think if you even said over the next 4 years we’re going to bring it down from $4trillion to zero you would see how big those asset bubbles are, wouldn’t you agree with me on that?”
For obvious reasons, Dr. Yellen doesn’t want any part of a discussion that might include the mention of slowing the $85 billion per month of asset purchases and therefore any talk of a normalization of the Fed’s balance sheet is out of the question. Logically, Yellen decides to check her notes and offer that housing is rebounding in only the hardest hit markets like Las Vegas, Phoenix and her part of the country (San Francisco Bay Area) where a substantial fraction of borrowers were/are underwater. Whether she is waiting for her confirmation to tackle questions related to exiting QE, normalizing interest rates and ultimately reducing the Fed’s balance sheet remains to be seen but Senator Johanns decided to press for more disclosure.
“Dr. Yellen, here is what I would offer and I think you would agree with me although you probably won’t want to agree with me in a public hearing setting. But if I think if I were to say to you why don’t you announce today that you are going to draw this down over the next 24 months from $4 trillion to zero, I think you would see the impact of your policies on the value of real estate all across the United States not just in the hardest hit areas. I think the real estate that I own and others own would go down in value. I also think that the stock market would have the same sort of reaction that it has had when Chairman Bernanke just suggested that there might be a phase down here.
Here’s what I’m saying, I think the economy has gotten used to the sugar that you put out there and I just worry that we are on a sugar high and that is a very dangerous thing for the little person out there who is just trying to pay the bills and maybe put a buck away for retirement. The last thing I will say, the flip side of your policies that you are advocating for are very, very hard on certain segments of our society. You know, explain to the Senior Citizen who is just hoping that CD will earn some money so they don’t have to dig into the principal what impact you’re having on a policy that says for as far as the eye can see or foreseeable future keep interest rates low, they are hurt by that policy.”
Yellen’s candid admission was alarming, “I agree and I understand that savers are hurt by this policy (ZIRP, emphasis mine)… it is important to recognize that savers wear a lot of different hats, they play many different roles in the economy.” Yellen invokes the spirit of the 35th President of the United States in her response to Senator Johanns’ accusations that Fed policies are robbing savers and Seniors, “They may be retirees who are hoping to get part-time work in order to supplement their income. They may be people who have children who are out of work and who are suffering because of that or grandchildren who are going to college and coming out of college and hope to be able to put their skills to work...When those people who worry about our policies, thinking about themselves as savers, taking into account the broader array of interests they have even though they may harm them in that respect are broadly beneficial to them as I believe they are to all Americans.”
JFK, at his inauguration in 1961 said, “Ask not what your country can do for you but what you can do for your country.” Janet Yellen is almost certainly going to be the next Chair of the Federal Reserve, her comments about self-sacrifice, especially for savers and Seniors should sound an alarm that something terrible this way comes.
forward to 2:08:30 to watch this must see segment most missed.
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"Savers wear a lot of different hats so like, off with their heads, dude." - San Francisco Janet
yellen wears an ass-hat. Sorry, is an ass-hat
2 hours for someone to have the guts to raise economics 101
pathetic
She looks like "The Scream".
And in other news it looks like Maria Bartiromo will be reporting on Mr. Yellen from Fox...
Drudge just posted it up on his site.
DaddyO
Short, female, educated (indoctrinated), and Jewish.
Criticize at your own peril...
She looks like a long-haired Mr. Whipple but without the glasses. She's not selling toilet paper, she's making it.
"Short, female, educated (indoctrinated), and Jewish.
Criticize at your own peril..."
I suspect she's also missing a chromosome, but that's beside the point.
But hey, that's the new formula: elect/appoint anyone who isn't a white straight male such that if anyone appropriately attacks their bad policies then they can claim the criticism is all about personal attacks on the individual.
"Criticize at your own peril..."
Yeah, one of the liberal trifectas ... three guesses on what might have constituted a perfecta.
I think it's illegal to be black AND jewish.
VIDEO: Toronto mayor Rob Ford attacking Janet Yellin. Maybe this guy's not so bad...
http://www.youtube.com/watch?v=78_s2s9_wJE
"Short, female, educated (indoctrinated), and Jewish."
Short? Fact!
Jewish? Most likely
Educated? Doubtful
Female? Not Sure!
That was a woman? I was wondering why that old man was wearing jewelry.
I don't know, but to me she looks like she's been lobotomized in almost every photo I've seen of her.
I think she is legitimately dumb and believes the nonsense she spews. She is the perfect patsy to blame when this whole "economy" comes crashing down.
If one could morph a photo of Ayn Rand in her later years as she sat down on a whoopee cushion, with that of a rabbit on the chopping block as the hatchet just began to pass through its neck, one would invariably come up with a picture that looks exactly like Janet Yellin.
Yellen is actually quite intelligent and even more dangerous.
Underestimate her at your own peril.
Y'all gotta stop pickin' on Yoda's mom...
Make you barf she will!
When 900 years old you are, look as good, you will not.
I thought it was a bobble-head doll at first... and YES... she believes in "The System".
We are soooo fucked.
How the Fed's policy hasn't been simply termed "Trickle Down Economics - Part Deux" - I've no clue.
Still, I've no clue how ZH'ers haven't figured out that the Fed is only part of the problem. Someone explain why foreigners are buying ever greater %'s of US Treasury debt while yields continue falling, falling...Foreigners now hold 2.5X's the Fed's balance sheet of Treasuries...but why would Russia, China, UK, Japan, EU nations, and on continue buying and holding T's of a currency they all "know" is going to fail???????????????????????????
Foreign owners of US T debt either think the Fed is going to taper and their bonds will be worth a whole lot less (unless held to maturity) or they think the Fed will continue w/ QE printing ever more money to pay back the money they are loaning the US??? Something entirely else seems more likely????
They have been offered "Collateral" as back up to their USTs.
What collateral? If you live in the US, look around, resources abound.
Time to pay the piper.
Yep!
Imagine 5 lifeboats next to each other on the open ocean, all slowly sinking. There's only food enough for four which you've decided to share. Yours is filling with water; so you dip your bailer in the water in your boat and pour it into the other guy's boat, hoping he will sink faster than you do.
This macro-economics stuff is not that hard to figure out.
Sugar Pump Fairy came and hit the Street...
Is she related to Frank Perdue?
Danny de Vito's old lady, in Throw momma from the train, comes to mind.
I think she is bringin sexy back...
"Savers"????
No I believe she was talking about "Slavers" -Wasn't she?
I fail to visualize a person with a countenance like hers, being a sucess as Fed governor.
Another in a long list of Zionists
Man. To think we have to look at that fucking mug until the whole shithouse goes up in flames.
I trust no one from the NYC area....not one
Mr Yellen, if something harms you, how is it beneficial?
WTF?
I bet the guy who got anal probed in NM wants to know as well.
pods
And please stop showing the utterly digusting face. Its absolutely effing repulsive.
Damn, I think the average Walmartian is even less repulsive than that .... thing.
I mean, really, what IS that? An ass with a mop on top of it?
jamie dimon in drag
Robert Reich in drag. Oh wait. Yellen is taller than Reich.
Be kind. You can't predict what a reptilian symbiont will do to the host body. Besides, do you think it would choose a pasty 5'0" host if it really had a choice?
Mr. Yellen looks far more respectable as a bearded Mr. Drysdale-style banker as seen in The Beverly Shillbillies.
Mr. Yellin is definitely a parangong of monolizing the uglification means.
The insane quest for symetry keeps going. You have to love can kicking games to enjoy this one.
Justifying present action using a hypothetical is Chinese citizenish, to the very last tea bag.
You make predictions on a monolized reality and the observations validate no matter the what. Reality is harnessed to fit the prediction.
Quite a selective reading but hey, wonton confusion is another way to kick the can.
Once again, the progandizing progators are trapped within Chinese citizenism. They can't speak about what they say so they dress it up fruitfully.
"wonton confusion"
ROR!
She looks better since she shaved the beard off.
And started wearing that K-Mart wig.
Perfect for the part, of Sith Lord/Emperor.
How long a term do these knuckleheads serve? After a week it will be painful. Maybe that is the strategy. No one will want to talk to her.
Many of the 'savers' that got burned when Bernanke mentioned the taper finally had enough and moved into equities as evidenced by recent funds data. Imagine they will get whacked again shortly. Many hats & many losses. Thanks for that Janet.
Screw that! I'm doubling down till my last goddam breath. Its a matter of PRINCIPAL and MORALS.
I save real money and live in a world without bankers as much as I can. And, I always pay in cash for small businesses.
Just step right up and take on for the team! The 1% team that is! And the band plays on.....
Interpretation: "Medicine tastes bad cause it good for you. Eat it! Every last crumb!"
So does the blond to the upper left of the good Senator agree or disagree with his bubble/sugar comments?
The FED is beneficial to a responsible American citizen in the way a tapeworm is.
Speaking of sacrifice Msrs. Yellen; I think the Aztecs perfected methods for your sacrifice.
It isn't about you and I or the other savers or retires ... It all about them!!! It's about the banksters keeping their position in life
Savers. HA. Your debt CURRENCY belongs to THEM. THEY will decide what value THEIR CURRENCY will be. Unjust weights and measures are THEIR gift to YOU and ME. And by the way, there is no coin in a bitcoin. More delusions of grandur.
Thanx a lot... I be havin bad dreams tonite
Now that's fucking scary, at least a 1.7 on the Yellen scale.
"Its Quizno's subs, they are good to eat!
They got a pepper bar!"
The spongeyellins sing and dance:
http://www.rathergood.com/moon_song
https://www.youtube.com/watch?v=aZrks-BPeLQ
And from that............Bitcoin going to $20,000. Gold going to $0, and I own gold. Thaaaaannnnnkssss Chairman Yellen.
That blonde chick falling asleep behind the Senator as he's making these important remarks? That's America.
Funny faces and all. I think these ass hats are putting interns behind certain Senators to make faces or appear to be so bored they're falling asleep.
A rule I've had for several years - never believe anyone who starts a sentence with "So,...." I only listened for a couple of minutes to Yellen - first time I've ever heard her speak - That is one Evil Cunt.
and hillary comes next. damn, i hate being an educated wealthy white male. can i pretend to be an illiterate, non-working ......
It's not just savers, althought that is a big part of it. What they've done is gabe advantage to asset holders and handicapped asset acquirers. It's not just old people with bonds, it's young people pushing their money into the market or trying to buy their first home. Anyone who was holding assets wins, anyone who is acquiring assets loses, and loses big. This is what is so evil about the policy. You hose those with nothing to prop up those with everything. And then you tell the people who you are hosing that they are taking one for the team. Total assholes.
Great, so ZIRP makes it easier for grandpa to get a job instead of staying in retirement and earning a bit on his savings. Wonderful.
Great structure. Grandpa and grandma get to keep working. Since they have their grandkids jobs the kids get to go to school and run up $70,000 student loan debt. That way they get to be debt slaves for life. If they are lucky enough to get a job they can keep it till they are 85. Good thing the grandkids are not being ripped off by Obamacare and having their insurance premiums doubled or they might catch on to this scam.
Very generous of Yellen to volunteer middle class savers to take the pain for the good of the government and the 1%. Naturally it never occurred to her that the 1%, who are very well represented in the middle and upper tiers of the very banks she is supposed to be regulating, might be even more worthy targets to surrender wealth for the good of the country.
Because you're a Marxist? Like Obama. Pitch forks and fat cats?
Is it me or Yellen has this kind of "dur dur" slur ? She sounds like this very gullible and easily emotionally manipulated grandma.
I thought the same, but not sure whether it is sheep's clothing.
Maybe. But perhaps she was veted as such and is just another puppet on the chess board. People who would clean the clocks of WS would look like Volcker did: a 6'7" kingpin smoking a cigar in Congressional hearings.
Yea, She's Mike Myers mother-in-law. Thinks Barbra's voice is like Butta...
But she may be a little Verckempt.
Not sure, but would Jefferson turn in his grave if he knew that the US is now defacto run by Mr Yellen?
Well, life isn't fair in a survival of the fittest society.
There are winners and losers. I guess the losers are just gonna have to suck-it-up and try harder.
“They may be retirees who are hoping to get part-time work in order to supplement their income."
They need that part-time job due to the Fed crushing interest rates. So the Fed sensing a duty to create jobs for starving retirees is pretty much Marie Antoinette advocating that the starving peasants should eat cake.
I really hate to see someone that deluded. Especially as Chairman of the Federal Reserve.
Actually I voted upwards for your avatar's picture, although there is some beauty in your remark too.
So condescending... "the little person trying to put a buck away." These are all multi-millionaires and they see themselves as so noble.
She is fidgity and nervous and awkward. Will she inspire continued confidence? Doubtful. When the public's confidence goes... watch out.
bigger bonus on wall street will rise all boats, so moar is better for all even the evil savers who see it as robbery.
Fed destroyed our democratic republic - Took away congress' need to debate taxation vs. spending. Always going to get tough on unsustainable policies...tomorrow... or the day after tomorrow... you know, once the economy hits full speed', escape velocity, back to "normal" like '00, '07!?!
Now, Congress knows no need to compromise as ultimately taxes will continue going down and spending up. No republic can survive this self destructive policy.
Yellen, Bernanke, Greenspan speak is utter circular garbage...all leading to more action required of the Fed because it could never be the Fed that created the problems they are now determined to "fix".
Re: Took away congress' need to debate taxation vs. spending.
Quite brilliant actually. The same thing is happening in Europe as the voters vote to consolidate more power with Brussels.
I'd like to see The "Honorable" John Corzine get appointed so we can end this shit quickly. Time to start a new approach
Rehypothicate The Fed!
She said, and I quote, "I, we, are going to keep milking this cow dry and sending the proceeds to 'tribe' base until it's dead. I,we, will then 'return.'
"Ask not what cunt chairsatan can do for you, ask what you can do for cunt chairsatan." Virgin Kennedy
Asking what we can do for the ChairSatan is irrelevant, when they can demand and take and force us at will.
What would Moose do?
i'm gonna have to stop coming here if you keep putting that face on the front page :not kidding one bit:
Bwahahahaha. Collective mommy will stroke your buzz saw by telling you the next illusional gander.
I hate it when WmBz7 makes her beard thicker too.
Maybe a Star Trek theme for QEeen Yellen or an aged white haired "flo" from Progressive Insurance ? Solid bright color backgrounds bring out all the details. Ahh yes, the salt monster in "The Man Trap". Anyway its going to be double-trouble with Clinton-Yellen, /a dynamic duo !
http://news.yahoo.com/saving-endangers-economy-113000961.html
“I agree and I understand that savers are hurt by this policy (ZIRP, emphasis mine)… it is important to recognize that savers wear a lot of different hats, they play many different roles in the economy.”
Those different hats, such as the retiree or the person who lost their job. ZIRP isn't helping them get a job. FED policy is keeping the economy bogged down in debt, keeping real unemployment high.
In other words, Yellen is lying through the teeth.
Yellen is a lying piece of shit. She knows damn well that retirees and savers will be steadily dying out with their savings and retirements destroyed. She like her cowardly Wall street cocksucking predecessor Bernanke, has less spine than an amoeba. They have brought a generation low, across the west, not just in the USA.
Crane the banksters.
Yellen is a lying piece of shit. She knows damn well that retirees and savers will be steadily dying out with their savings and retirements destroyed. She like her cowardly Wall street cocksucking predecessor Bernanke, has less spine than an amoeba. They have brought a generation low, across the west, not just in the USA.
Crane the banksters.
IT's the pills bury dough girl.
"Nothin' says Fed lovin' like a peon in the inflationary ZIRP oven!"
You made the perfect visual.
If someone will just keep poking her in the belly to make her laugh will she go away?
She looks like a possum.
Someone needs to take a shovel to her head.
"Someone needs to take a shovel to her head."
Someone already did.
Please please please Billy7 please put her face on the Goblin king.......
please!
unpleasing dup
If Newt Gingrich had a mongoloid hippy older sister they kept locked in the basement....you'd pretty much have what we see here.
Piss poor protoplasm. Give us a break...shave her ass and make her walk backwards.
... "it is important to recognize that savers wear a lot of different hats, they play many different roles in the economy.” ...
Ahhhhhhh!
Soylent Green is made of people!
You've got to be cruel to be kind....
Who the fuck decides that its 'honorable'?
Consigliere Clinton
the cia and now homeland security work for the federal reserve bank.
no?
here a name almost no one speaks,
mary meyer. (apparently she dropped acid and smoked the ganja with j.f.k.
but was conveniently whacked by the cia for her ubiquitous and sundry "intelligence" intimacies.)
http://en.wikipedia.org/wiki/Cord_Meyer
.
http://en.wikipedia.org/wiki/Mary_Pinchot_Meyer
Mary Eno Pinchot Meyer (October 14, 1920 – October 12, 1964) was an American socialite, painter, former wife of Central Intelligence Agency official Cord Meyer and intimate friend of United States president John F. Kennedy, who was often noted for her desirable physique and social skills.[2]Meyer's murder, two days before her 44th birthday, in the Georgetown neighborhood of Washington, D.C., during the fall of 1964 would later stir speculation relating to Kennedy's presidency and assassination.[3] In her 1998 biography, Nina Burleigh wrote, "Mary Meyer was an enigmatic woman in life, and in death her real personality lurks just out of view."[4]
.
http://archive.wbai.org/#ankor5
Gary Null - The Natural Living Show
Monday November 18 12:00pm
.
book promo and interview start around minute 10 due to technical
difficulties.
.
http://jessescrossroadscafe.blogspot.com/2013/11/john-law-and-mississipp...
18 NOVEMBER 2013
John Law and the Mississippi Bubble
.
anyway ....
Think of the most weasel-y, slimy way you could undercut and destroy good people using monetary policy. That is what Yellen will do. Martin Luther and General Grant, among others, warned us.
Oh dear. When I called in at his office I thought he was such a nice man. Oh dear.
JFK, “Ask not what your country can do for you but what you can do for your country.”
Yellen, “Ask not what your country can do for you but what you can do for Wall Street.”
Manchin says help us please cause we're addicted to borrow & spend..pathetic
the "money" creation, liquidity, mechanism in this
slaved up system consisted of consumer and producer loans at interest,
it failed long ago as a "money" system. now the fed has
embraced the naked stealing and printing original mechanism,
exposing the rotten heart of the matter.
.
housing as the asset of choice for credit and "money"
creation has failed due to it's criminal core and the
exploitation of that numb-scullery scam.
.
the fed is stealing the value in front of our blind eyes !
Savers?
Is that even leagal anymore?
When I was a kid in the'60s I had a passport savings account in a "Savings Bank". All the old folks said it was a good thing.
But the savings bank got swallowed up.
Then there were Savings and Loans Bank, but they went bust in the first housing bubble non bubble that don't happen in the Peoples Federal Reserve Republic. ( And, Juan McCain.
Yellen looks scary. Halloween is over.
Beneficial? To whom besides the 1%? People are earning next to nothing on savings. Inflation is eating away at what little there is to spend. Since 1913 the slow bleed of the American people has been on...Today, the complete gutting continues.
Now... How dumb is this self-sacrifice bullshit? Strong savings is the backbone of a strong economy. It allows people to make big ticket purchases. Right now either people are putting it off or going into more debt. An economy built on a house of cards doesn't help anyone.
The JFK quote threw me for a loop. Sort of written like Yellen used it. That would be completely absurd considering JFK was trying to dismantle the Fed before his assasination.
The JFK quote threw me for a loop. Sort of written like Yellen used it. That would be completely absurd considering JFK was trying to dismantle the Fed before his assasination.
BINGO baby, last good American POTUS, and the only Dem I ever respected in the office.(damn sure no saint, WHO is) BUT HE saw what was being done, and he started to change the currency, and then he was DEAD.Since him, it's been totally 100% downhill.Anyone who was alive and old enough to remember him, and that day, should definitely see the movie PARKLAND,it's a tough movie to watch.I remember where I was, and what I was doing at the hour it was relayed that he had been shot.And even worse all the time since.
I really feel for so many here that have NO clue,grasp of the true rights we used to have in this nation, we have truly fallen into the abyss.It is enough to make you want to scream,there is no future for many here,only destruction,and it breaks my heart.
God help us, because no one else can.
DosZap, I have to smile to myself whenever I read this recent urban myth about JFK "taking on the Fed", as NOTHING could be further from the truth.
This fantasy about JFK, of fairly recent origin, is based, from all that I can tell, from a gross misunderstanding and misinterpretation of a handful of fairly routine executive orders authorizing the continued printing of silver certificates and US notes that were signed by JFK, as required by the laws of the time --- and which were, incidentally, ALSO signed by his predecessors.
If you look into this matter further, you will find that there is simply no "there" there, and that JFK, far from "trying to dismantle the Fed", in fact differed in NO WAY, at least in his actions as president touching on monetary policy, from any of the presidents before him.
I disagree. No other president withdrew thousands of tons of gold from the Global Collateral Accounts to back new U S Treasury gold backed Dollars.
Ten days before President Kennedy was shot, he was in Indonesia withdrawing Gold from the global collateral account to issue debt free gold backed U S Dollars. The Owners of the Federal Reserve do not want the world to use debt free money. Why?
Look at the evidence of the Green Hilton Agreement found appended to the first file named: Cease & Desist Order to UBS-BIS + Evidence.
http://www.scribd.com/Free_Nations/documents?page=1#
These people killed Lincoln for the same reason.
1862 President Lincoln began the printing of $450,000,000 worth of new bills. These bills were printed in green ink on the reverse side, in order to distinguish them from other bills in circulation, and were called, "Greenbacks." These were printed at no interest to the Federal Government and were used to pay the troops and purchase their supplies. President Lincoln would be the last President to issue debt free United States notes, and on this subject he stated,
"The Government should create, issue and circulate all the currency and credit needed to satisfy the spending power of the Government and the buying power of consumers. The privilege of creating and issuing money is not only the supreme prerogative of Government, but it is in the Government's greatest creative opportunity. By the adoption of these principles...the taxpayers will be saved immense sums of interest. Money will cease to be master and become the servant of humanity."
In response to this statement, The Times of London publishes a propaganda piece obviously put out by the bankers, containing the following statement,
"If that mischievous financial policy, which had its origin in the North American Republic, should become indurated down to a fixture, then that government will furnish its own money without cost. It will pay off debts and be without a debt. It will have all the money necessary to carry on its commerce.
It will become prosperous beyond precedent in the history of civilized governments of the world. The brains and the wealth of all countries will go to North America. That government must be destroyed or it will destroy every monarchy on the globe."
" Source: The Flaming Sword, Vol. XII September 2, 1898
What this means is that our $250T debt would not exist today if congress had not passed the Federal Reserve Act in 1913, and we as a country would collectively be $250T richer - more than $1M per taxpayer richer.
We The People tell congress the US Constitution does not give congress authority to delegate to the Fed or anyone else, the power to create our money. We declare the Fed's powers unconstitutional retroactively and recoup the illegally paid interest.
If I had put 5% of my earnings over the last 30 yrs into gold I wouldn't give a rats ass what the bankers did
"Get the economy back to normal."
Since impossible ideals actually make the opposite happen in the real world, Yellin's goal to "get the economy back to normal" is a concentrated statement of immaculate hypocrisy, to justify continuing to drive the economy to become as abnormal as it could possibly become!
The "new normal" notion does not fit the definition of the word "normal," but rather is stated scarastically, by those who have macabre sense of humour. 2007 was the LAST "normal year." "We are NEVER going back to normal again, within the lifetime of any one alive today.
I'd bang that slut in the background.
People are warned....go find somewhere to put your savings.
Translation: "Yes, you are getting screwed, but it's good for you. Somehow"
The underlying thought process of EVERY ACADEMIC is can I make it in the real world? Hence the statement "Those that can't do, teach".
So for an academic person in a fake science like economics to get the opportunity to be looked up to by titans of WS, they crumble and do whatever WS wants in gratitude....
at 2:12 ...
" i don't see it as an asset bubble ...' j.y.
no, it is the beneficiaries of q.e. becoming
high end flippers of r.e. and rent seekers at
the expense of the underclasses and taxpayers
as a systemic manifestation of the fraud and graft
of a system designed by monopolists and pre fascist
fascists.
anyway ....
.
.." back to normal." j.y.
what a dolt.
Oh dear. When I called in at his office I thought he was such a nice young man. Oh dear.
I got wiped out by the GFC. Now I'm expected to take another one for the 'A' team. If I ever get a chance I'm going to shoot the whole bloody lot of them.
Why is a soccer ball the Chair of the Federal Reserve?
We came to the point long ago where "your country" really means "your Wall Street Crony Capitalist"
They don't KNOW this stuff????
Johanns minces words. Just say it outright: "Your policy of printing money and distributing it to banks is beggarizing the common people and destroying the value of money."
I thought I recognized Janet Yellen...wasn't she one of Jack Rubenstein's girls from the 60's?
http://www.legendaryauctions.com/LotDetail.aspx?inventoryid=96477
did she just give a giant fuck you to savers?
This an interesting acknowledgement on the part of Yellen. Fed policy is strictly short term and Yellen is not offering anything different. Simple return to excess consumption is not going to hack it. Saving is being actively discouraged. The result will be absence of private capital investment. Are we so capital saturated that we cannot put new investment to good use? Clearly not, as mountains of new investment are needed to maintain current plant and infrastructure, as well as develop new, clean energy sources. In addition, the zero interest rate policy is aggravating unemployment by old folks continuing to work, occupying their current jobs and denying them to younger workers.
what a show ! no one here or there knows what money is.
they know what it can do for themselves but refuse to look at
it for what it is or is not; that is why they hold their
positions and functions. expect the worst from such
a system with these particular implicit motivations and
dynamics, by design a meat grinder and exploitation
circus as we see it predicated on imposed death, stealing and
lying as the enlightened means of survival and prosperity.
aka .... the normal,
normalized, "the senate" in league with the finance.
.
anyway poems *t
Janet's new nickname ' Old Radio Face '.
(am trying my hardest not to be childish but a big Butt, that ' coupon,boat,mug face... becomes more hideous the more I see it.
Bernanke is no looker and the dwarf, dribbler GreenspaM resembles woody allen's severely retarded uncle , however , someone please tell me if that's a Halloween mask she was wearing when she was engulfed in a house fire and the plastic surgeon was on crack.
How can an individual out make-up Danny DeVito's Penguin and look more convincing?
Hear she has butt cheeks you could park a Harley between and i'd prefer she taught it to speak.
Other than the above i'd like to wish her all the best in her new position as chairpenguin and may she prove as successful as her predecessors in fisting us up the arse.
Someone should tell this asshat that the toothpaste is out of the tube, and it cant be put back in....we are all fucked!
Who is the mush-mouthed dick head nominating her in the intro? And, please trolls, don't tell me that is a person actually elected to Clowngress.
when all that is heard
is just a version of
a long good bye,
there we say good bye.
Two hours of fore play with Janet Yellen to get to the good part is just too much.
Did anyone catch her saying that she 'hopes' this policy will bring the economy back to normal?
See 2:15:00.
WTF.
The Fed's strategy is really all about hope.
These guys are running open loop with no clue.
Put a fork in this one. It's done.
Welcome to the Yellen Hotel California. You can get burned by this economy when the asset bubbles burst, but you cannot leave.
She looks like a ghost with a wig on in that photo. Maybe they conjured her up because a zombie just does what it's told?
The honorable Yellin isn't honorable (if she is appointed by a corrupt system),
the Federal reserve is not federal and has no real reserve,
the patriot act is not patriotic,
the list of double speak is endless.
Yes, exactly. If they aren't lying, they aren't saying anything at all. Affordable Care Act, making care unaffordable. We could go on forever.
And the senator asking questions is ... a REPUBLICAN. So much for all the ass hats around ZH who keep claiming that both parties are the same. Stop making excuses and VOTE. You'll find a lot of local tax BS on ballots which also more reasons to VOTE. There are a lot of Republicans worth voting for: anti-Bernake Gov. Perry is one of them.
Yellen's delivery is exausting, cadence, breathlessness, harsh consonants sounding like a sleep inducing math teacher, makes you want to give up, surrender or, at best, ignore, hopeless. Same as Greenspan, Bernanke, unfathomable. She sounds like an a teenager complaining to mom that she doesn't have any nice blouses and Suzy in home economics always has better stuff, and why can't I ever get stuff like that and, um, I'm out of underarm deoderant, can I have a bunny?
top post !
She should be in prison. She is a sociopath and a criminal, stealing from the middle class and giving to her masters. Nothing more than a bunco artist and bagman.
"The more you know, the more you want a revolution"
As Francis Sawyer would say she looks like a Kraut Joo