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Janet Yellen May Have A Problem Explaining This Slide
We can't wait to hear how Janet Yellen explains the following slide that the Chairman of the Joint Economic Committee Kevin Brady just lobbed at her.
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what difference does it make! no comment on this slide expected. green shoots! all i hear is high fives low employment, expansion, etc. yea buddy
"What's good for Wall Street is good for Main Street." - Same old, same old.
As the Deep Capture of all institutions, from the Executive Branch to Legislative Branch to Judiciary, marches briskly on, "What's good for Wall Street is good for Wall Street, and those immune from insider trading laws, such as Nancy Pelosi, Harry Reid, Nancy Boy Graham, Senior John McCainus...and what's the rest?...oh yeah, and Duck Main Street, bitchez."
Did anyone else get a good ol' "lol" at the "Main Street Families" thing.
What is exactly a "Main Street Family" and when was the last time the average middle class household lived on "Main Street."
I don't know nothing about Main St, but I feel like I'm about to start main lining heroin!
Weak attempt.
They take care of their own. Anyone else, meh...
When they confiscate 401(k)s guess who'll be laughing.
"Send us $50 so we can ship you your Nigerian lotto winnings."
They don't call them MYRAs for nothing.
mustard seeds? lk is annoying
She just needs the stats from this demographic to even out that chart and show how well Main Street is doing.
It's the government way.
Speaking of "explaining this" don't be one of those pitiful morons trying to explain to their children years later why they didn't bid $400 BTC.
BUY NOW!
Why that chart looks "Double-Plus Good!"
Only during the Two Minute Hate.
Could it be that we are dealing with 2 legged beasts here?
We are. Brilliant beasts.
You'd think that chart would have riots on the streets and burning banks before noon, but all we'll get is a great big whimper.
By the way, it's all much worse here in India, not even worth commenting regarding the socio/politico/crony-capitalo situation....which incidentally also makes it the eqivalent of the great wild west for those that are into taking hints.
Incidentally I have a ground floor tech opportunity at hand for a seasoned tech investor. The next big thing. I'm on the team. LA based. Hint hint.
Would love for a hedger to benefit. You'd have to be a player though. No hate please, this is totally serious. There are enough takers for what is available, just that to have a say. Happy to splain more in person.
There, an openish opportunity for someone to close that gap....
ori
But, but, but, Wall St is Main St., in the same way corporations are people!
^ This.
In a nutshell, exactly.
THIS PROVES THE WEALTH EFFECT WORKS!!!!!
....at a ratio of 108:4, mind you
I hate these charts.
Poverty makes my Brain hurt.
Explaining the chart is low hanging fruit.... "If we hadn't given wall street all that money, main street would have been much much worse."
FGB
I am listening to a guy grill Yellen about food costs and inflation. He is concerned because he heard a report that food prices MAY rise 3.5% this year.
http://finance.yahoo.com/q/bc?s=DBA+Basic+Chart&t=6m
3.5% LOL!! Maybe for dogfood....
Even salt is expensive now.
Only 3.5% rise in horse meat and Fukushima irradiated fish. 15%+ inflation on any kind of food that you would want to eat.
4.2% rise in "Main Street Familes"
WTF is a famile?
From the FGB dictionary on all things impromtu: A FAMILE is a family that is starving.
Ain't it the truth! Groceries are SOARING. No talk about THAT!
The psychopaths hammered gold again, right on cue...
Got make sure Ukraine can buy that gold on the cheap with that IMF tranche of funny money they were told to fight for or no soup for you.
"don't be one of those pitiful morons trying to explain to their children years later why they didn't bid $400"
http://blockchain.info/charts/market-price
Yeah, boy, there's a chart for you! Buying Btc might not exactly be like throwing wealth into the toilet, but it's sure been akin to rolling it down the steep hill towards the septic tank.
You Bt fanatics clamored for price stability as a harbinger of great things to come. Well, you have it: the intraday swings for the past 3 months have never been lower...and yet...Btc is back where it was mid-Nov when the hoopla started, and it's been falling back down that hill toward pre-Nov.
Every farthing of those gains have already been sent back; it just took longer to unwind than the hysteria took to skyrocket. Now the Btc blogs (see: btc-e.com as the epitome of the most pathetic bunch of ill-informed losers) are filled with pathetic losers spouting conplete bullshit into an echo chamber.
You know it too.
Thanks for the chart.
Always a good reminder.
Funnily enough, just before I read your comment, I checked the price on btc-e, and sure enough, there's plenty of people talking out of their ass. One person was even calling for a ban on China trading Bitcoins. Nothing like a free and open market!
They are working on collecting the 401k now. I just withdrew a few grand to make ends meet.
I'm gonna guess she give's a lot of "Hmmm's" while stroking her beard before deflecting with:
Main street will retire in ease with their prosperous 401k's. (if Clueless Joe doesn't confiscate it first).
Yellen: Trickle down, Bitchez!
Ugggh... I hate to picture what trickles down from Janet Yellen
"the Committee will continue to assess both the realized and expected progress toward its objectives of maximum employment and 2 percent inflation."
"she give's a lot of "Hmmm's" while stroking her beard before deflecting with"
Were her hands under the table during her testimony?
Yellen with the Moe bowl cut.
It has been said before, and it bears repeating, Yellen is a Romulan agent.
They live on Shit Street.
Believed the lie, put retirement $$ into 401k's invested in stocks
Believed the lie, bought homes
Believed the lie, thought their votes counted
etc.
double
Thats how its spelled by graduates of the new journalism courses.
It used to be that one obtained an English degree to qualify as a journalist. Heh.
FWIW: Apostrophes Show Possession and Its vs. It's
"If you were to inact Federal Reserve policies that would reverse this chart 180 degrees, what would they be??"
Answer; Logical question not asked to Janet Yellen.
Bananamerican Fed Policy Directive #1
Disband the Fed
#2
Create The Overfed,
an agency tasked with vigorous investigation and clawback of ALL crony capitalist funds disbursed under ALL previous Fed regimes.
until they start lobbing grenades, well....
It isn't crony capitalism. Its corporate fascism.
You have two parties in the States, funded by drug, tobacco, arms, tech, banking et al corporate masters, who pull the strings of whoever is in the WH. As in - fuck the masses, do what's best for Monsanto, Exxon, Apple etc...even when the fuckers deliberately avoid paying taxes in their country of origin, declare a loss and get a rebate, and coin it overseas.
Only solution:
1: Make lobbying a criminal offence - ten years minimum in a fed pen.
2: Elect people who represent their constituent rather than corporate needs.
3: Outlaw political campaign funding. A party spending $1 billion dollars to get elected isn't doing it out of idealist ambition. They are doing it to feather their own nests (and those of their backers). Instead give the politicos $100 mill per party per term from fed taxes.
Take the money out of the system and you take the scum with it (thats around 99% of serving politicians for a start).
Never gonna happen but nice to dream.
The ENTIRE issue with government is they, by virtue of being the "top" on the authority chain, must self regulate.
This is why no matter how lightly the yolk rests in the beginning, the whips come out eventually.
I regret that I have but one up arrow to apply to your comment. Becuase otherwise I'd have given you a + 1000
It has always seemed to me that your 3 stated points are the true root cuase of all of this crap.
Kill every avenue to manipulate politicians ad they have no other choice to but to actually listen to and serve the population that elected them.
Presently its the corporate fascist that are electing them, the people are only background extras to provide different optics on the electoral process.
"Never gonna happen but nice to dream."
This. The US dollar represents units of power (units which are being exponentially diluted). Think who has benefitted and who has been harmed from that exponential dilution. Now consider the party/election process, and the candidates/elected officials that are produced as a result of this, and consider their cost/benefit in proposing an alternative structure in which their oxygen (US dollar units) is cut off entirely.
Any government powerful enough to implement the "solutions" that you just listed is, by definition, also powerful enough to create the Fed, the MIC, and endless iron triangles between lobbyists, corporations, and elected officials. This concentration of power then attracts the very sociopaths that have created and nurtured the present system.
And then you are right back where you started.
"Never gonna happen but nice to dream."
It feels better to try to do something, rather than nothing, and to maintain irrational hopes, rather than have no hope at all.
You rang?
"There ain't nuthin uglier than an old white woman." Fred Sanford
As long as you live on Main St in the Hamptons and you are a gardener, contractor, or butler. If you live anywhere else, well, sorry.
TRICKLE DOWN COUNTERFEITING!!
Actually, this is the statistic the oligarchy is looking for. Ugh, we'll have to look at that little Spaceballs "Yogurt" character for the next 6 yrs...
It just hasn't trickled down yet, guys. Nothing to see here, move along.
The only green shoots in this economy are coming from Colorado.
watch how Mr. Yellen starts the answer to almost evry question with the word "SO."
She's not alone. Where in hell did that come from? It must have come from some communications seminar for squares.
So?
Likely reply: "What problem?"
KISS: its a bubble-and in a bubble wall st wins at expense of main street.
Problem for Wall St is that in ones career you only have a chance at a few bubbles.
...Revolution !
"There ain't nuthin uglier than an old white woman." Fred Sanford
That number on the left very suspect. How high an income are they including in that 4.2%? It's a negative number, if you only count the average income.
Help me here. I'm trying to remember exactly how the Fed is supposed to insure income levels on Main Street. They can A) Lower the interest rates. B) Raise interest rates. They have succeeded in keeping interest rates low for a very long time. Is there anyone who really thinks that Main Street would be better off in interest rates were kept high?
simple - she will lie and spin
Exactly. Way to close to midterms for anything else. Obama would have a shit fit. Yet the fed is supposed to be independent. I would love to just hear:
"Gold standard."
And then drop the mic like a boss.
Blah blah trickle down, blah mumble mumble...
There's a time lag with trickle down ;)
Especially when there is a blockage in the sewer pipes.
Shit flows downhill, as in Capitol Hill.
Golden parachutes for "the Big Club."
Golden showers for Main Street.
{Jimmy Stewart voice} "Well, waddaya mean that's warm rain trickling down my head, neck, & down my back, Mister? It sure feels, look & smells like you're taking a big 'ole whiz on me. You even have your pecker whipped out and pointed at me, bitchez!"
http://www.dailymotion.com/video/x7sqx2_its-a-wonderful-life-lost-end_sh...
I'd like to see "trickle down" recharacterized as shit. The rich man eats well and shits on the ground providing good fertilizer for the poor man to grow food. A just and virtuous system.
Phenomenal that they can absolutely slaughter momo and the Nasdaq can still be above 4k. Fascinating.
I am starting to believe we are all stuck in little cocoons in the powerplant dreaming our lives away.
pods
It's a solid possibility.
Fonz, individual stocks can be slaughtered yet the index paces higher can be answered conjecturally on my part, I say conjecturally due to my barely-amateur experience as any sort of trader.
IMO Because the Federal Reserve syndicate now approaches the problem of wealth distribution from a supply allocation standpoint. Wealth distribution for that portion of your wealth held in equities can be controlled by anyone with the proper access to your trading account history and the proper algorithms to parse meaning from them. Thus, the great reallocator of HFT - which is now being commandeered, not abandoned, not scuttled, not disassembled - can be applied as a massive shearing device with a finely tuned edge, with a million sychronized blades. The allocation approach is why Paul Krugman is held in any esteem, it all becomes a question of demand planning cross referenced to psychology i.e. you will be apportioned just enough to keep you non-violent or hanging on / hanging in. What stocks are you in, what are your thresholds, how much stress before you bolt and sell, etc.
Fascinating indeed! I, for one, am long unbeatable viruses, Shangri La, greed, and the Devil, who is not so much omnipresent as he is very very old. If there is price discovery, we don't know where it is, what it is, and it could be staring us in the face, and we may disbelieve it.
It makes more sense than the world as I see it from my point of view.
Are we the only people that see the wall we are driving towards at the rate of about $1 trillion a year? The airbags ain't gonna help much.
the American Dream, because you have to be asleep to believe it - George Carlin
You get to keep your bank account!
And bank fees will only triple!
Here is the correct answer.
...If you like your bank account, that is. And bear in mind a bank account is actually an unsecured loan to the bank. But otherwise, yeah, You get to keep your bank account!!!1!!!
And now the banks don't even pay you anything for your free loan to them anymore, FANTASTIC!!
Yeah, and if you want to use any of it, the IRS is in your pocket....BS I say, BS!
only if you want it ... for now.
I love all the "bank bitching"!!!
People act like they have no other options?? Take control of your assets man, get a fucking fire proof safe, own land, use a lock box, use Visa cards with no fees instead of credit cards and debit cards from banks, if you have to use a bank account for bills, just put in what you need and that's it!!
But everyone wants a carefree, convient, easy life now, so don't cry or bitch when they steal all your fucking money!! What bullshit liar told you that you were entitled to that fantasy in this world, on this planet???
"Well Ben did a good job, but I think I can get that one on the right a bit higher."
pods
Yes, there's still a + in front of the left one. She can do better.
Bread and circuses. I believe this one falls under circuses.
It does have a large supply of requisite clowns.
did i hear the word budget mentioned? i didnt know spending 700 billion extra a year is budgeting? immigration reform, damnnn thats major
Now thats funny
And sad
Thanks
I think
It's a budget in the Paris Hilton binge spendathon sense of the word.
Fuck man. I just had a mental image of Mr Yellen in Paris Hilton's Carls jr bikini washing the car.
OMFG. I now need a mop to clean up my lunch.
Her comment: "Mission Accomplished, but we still have more work to do - the host isn't completely dead, yet."
"I hate to shock you, but I don't agree with that. It's simply not true".
Ben Bernanke
Guide to Chutzpah 101 - "Its not important what you say. Its how you say it"
"Your self assurance will be accepted as assurance, ambition, superiority."
"Ask for the surname of he who doubts and objects (i.e. ask which experts view the person is espousing)"
"Ask for answers, and when you receive them, repeat without analyzing "That is certainly wrong. "
We just haven't been trickled on yet. It's coming soon....have faith.
Oh we have been trickled on... More coming is right.
More Golden showers, anyone?
The trickles defied gravity - hey Al Gore check out this new energy source!
I forgot, you already did.
We have been trickled on Doc.
Here come the crap.
its unusully unusual
"...end of recession (JUNE, 2009)".
Curious how this chart has to remind viewers of when the recession "ended"...!
Answer is pretty simple. Main St. would have been -20% if the Fed hadn't acted.
... and Wall Street wiped out (-100%), so that was a no go.
Quite right, actually...if the "TBTF" banks had gone under, mom'n'pop's fiat money denominated bank accounts, mutual funds, house "values" and so on would have been revealed for the paper promises they really are.
Joe Sixpack would have lost a large portion of his "wealth", wiped out.
"Joe Sixpack would have lost a large portion of his "wealth", wiped out."
You either live in your moms basement or a cave. That still happened by the way except there was no actual clearing, now everyone including your chidren assuming they live are being slowly bled out.
Joe Sixpack owns only debt.
Bring it.
A healthy cleanse and rebalancing of priorities is long overdue for this society in general.
If you like your collapse, you can keep it!
"You didn't build that' .... Oops
Weather related
George Bush's fault?
We'll, 9/11 DID change "everything"
Rember Janet, if they ask you a question you don't want to answer, just give them an answer to a question that you do....they're politicians, they will respect this.
She'll just say conditions are improving, now get back on those oars and row harder, damn peasants! Don't you know your place?
No straw for your bricks.
Way too much spit. This bitch, needs that suction contraption at the dentist office.
Low rates needed to stabilize the economy....I thought that was fixed....why Janet WHY!
The FED has a STATED mission, at which they have failed, and the unstated mission at which this chart illustrates success. Wealth to the top.
Anyone have pics of the FED police force? Black shirts no doubt.
not funny when Ben was questioned by the head of Indias bank in Q&A, he was questioned about the undue effects QE had on the EM, Ben just looked at him dumbfounded, but we sterlized that, or words to the effect. the next world war will be started by fed policy probably.
How interesting that the phrase "World War" only enters the collective human idiom just after the inception of the Federal Reserve.
If only I could get a job scrubbing one of them latrines ...
Amazon is hiring.
Yellen makes the Nazi propaganda during WWII like seem like "childs play"...
Just look at her go, "The Markets" are officially soothed to perfection.
Let them eat cake.
its the new religion, you can give a man a cake, or you can teach him to bake, market and bring his dream company public in an initial offering, and live off the proceeds forever
Aren't they exaggerating that 4.2% number?
I question the data. I fail to see a way Main street could have any increase at all.
4.2% increase, how, where, from what starting point?
.... And how Wall Street is up only 108%
Interest paid to banks perhaps?
Otherwise, I gotta call BS as well.
Though I'm sure Mrs. Debtfire will claim that as a success.
"I question the data. I fail to see a way Main street SHOULD have any increase at all."
Fixed it for you.
It's the dead-cat bounce, from a selected minimum.
If you move the starting point to pretty much any year from 1990 to 2008, the main street comes out negative. If you peel off the top 1%, even the 2009 starting point would come out negative.
What's to explain? Banks saved, asset prices in stratosphere, financial looting is back on track. Mission accomplished.. What was the question again?..
Are you kidding me. These people do not understand that the Fed is making it as they go. wow!!!!!!!!!!!!!!!!!!!!
Well, they do have to save their own phoney baloney jobs ya know!
Y: Why suffer, they're up 4% ... ?
/sarc
What's to explain?
Wall street types give big bucks to politicans. Main street families can't.
There ... Issue understood.
Seems Fed serves its constituency better than just about any government agency going.
(And you ain't it.)
Think of the explosive growth in the shoe-shine industry!
You peasants got your 4% increase, now enjoy that feast of crumbs from our table, damn serfs! And stop ya bitchin!!
Muppets are peasants that have made it.
You don't like your raise? We'll, then, become an Entrepreneur and open your own federal reserve bank.