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Yellen Translated: "Let Them Eat Cake"
ECRI's Lakshman Achuthan is not happy at Janet Yellen's speech this morning...
According to the Fed's triennial Survey of Consumer Finances, the top 10% of U.S. families are doing just fine, and those in the bottom fifth are essentially being kept afloat by transfer payments; but the inflation-adjusted median family income has shrunk by one-eighth since 2004. Quite simply, middle-class incomes are being gutted.
[C]iting that same survey, Ms. Yellen expressed concern about "lower-income families without assets" that "can end up, very suddenly, off the road." She therefore advised families to "take the small steps that over time can lead to the accumulation of considerable assets." She did not, however, explain how they were to accumulate these assets, in light of falling incomes and zero interest rates.
This uncomfortable disconnect between theory and reality also came out during her Senate confirmation hearings last fall. Given the predicament of "the little person out there who is just trying to pay the bills and maybe put a buck away for retirement," Ms. Yellen was asked to "explain to the senior citizen who is just hoping that CD will earn some money" the impact of "a policy that says, for as far as the eye can see ... keep interest rates low." She replied: "I understand ... that savers are hurt by this policy, [but] savers wear a lot of different hats... They may be retirees who are hoping to get part-time work in order to supplement their income."
In essence, despite a zero interest rate policy that mainly helps the wealthy, struggling families with falling incomes ought to take steps to accumulate "considerable assets," as retirees take part-time jobs to make ends meet. Let them eat cake, indeed.
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Janet Atoinette. Ok.
Dumb Cunt
...If You want free $$$, plead top 1%
William Banzai needs to do a Yellen Antoinette before and after montage.
Before the guillotine, and after.
" It's for the Children - if it just saves one life, it is worth the sacrifice. "
Poetic justice.
Where did these assholes put the gold? All we need to know before the next revolution.
Man, I can't believe I never thought of that... I can quit being poor any time I want, just not right now...
"Let them eat Matzah."
-- J. Yentl BernYellen
~""I understand ... that savers are hurt by this policy, [but] savers wear a lot of different hats..."~
Fuck, that's it! I'm just wearing the wrong hat! Why didn't somebody tell me? I thought everyone was supposed to be wearing clown hats. Ain't that some shit!?!
Think how many seniors that died from 2009. 2 million. Made zero money.
How fucking sick is that Mr Yellin.
http://collive.com/show_news.rtx?id=23224&alias=top-diplomats-join-kiev-party
I can see why she thinks everyone should eat cake donuts and sushi
Janet Antoinettesteinfeldmanfeld
Progressives work towards a world where society addresses inequality, whereas conservatives believe the disenfranchised ought to be satisfied with the table scraps of the privileged. Janet Yellen seems to be stuck in an unhealthy middle between those two mindsets. One will eventually have to give sway to the other, and considering it are the wealthiest 10% of Americans who continue to be the sole beneficiaries of these policies, it seems clear which one it will be.
It's a clown question, bro.
I think the answer involves borrowing lots of money. It's the only thing I havent tried.
errr, I think you also need to pre-plan somewhere to dump your losses. I think that is what pension funds and IPOs are for. Then it's easier to borrow more money.
quad post
triple post
FU MR. Yellen
Hmm, no not really. What she said was true and good advice but you have to read between the lines a bit to understand. She told seniors to get part time jobs becuase the way things are going they are going to need them. She told everyone to start collecting assets - not iGadgets, bling, or whatever, real assets.
In a country where even the poorest have phones that sell for $1,000 it is hard to say there are any too poor to collect some real assets for what is coming.
Two things in her favor. She was not the one who began QE and ZIRP. She is the one ending them (she claims). We shall see.
We ARE getting screwed but they are warning us every step of the way. It is time to grow up and be shrewd, not lewd. Let's face it, ISIS crude tactics are far more effective against their enemies are far more effective than yours.
Let Yellen eat Yellow Cake!
Here, have a Cocktail. It's free, from that Russian-looking gentleman over there. He wants to make (eternal) peace with you.
the translation was wrong. what it should have been is: "let me eat their cake". as if the fat cow needs anything. all she should be eating is lead.
think it's bad for seniors and poor now? just wait a year or two for EBT cards to go away along with most of the other social programs, then finally the coup de grace: the end of social security.
think that's far-fetched? these are the things bankrupted nations are forced to resort to.
when elephants stampede, ants get trampled.
Roll the Guillotines!
Roll the heads!
"There ain't nuthin uglier than an old white woman." Fred Sanford, Sanford & Son"
I think ISIS needs to take one more head. Preferably Janet's.
this fat pig needs to fucking die.
I'm trying to save, not die.
double post
Someone open granny's oven, turn on the gas, and blow out the pilot light. PLEASE!
"I understand ... that savers are hurt by this policy, [but] savers wear a lot of different hats... They may be retirees who are hoping to get part-time work in order to supplement their income." That is hilarious... they WANT to work when theyre in their 70s! obviously!
batshit crazy.
Got a 73 year old neighbour who is working 6 days a week; 5 hours a day for $15/hour. She supports herself and her husband so they can live after retirement. Think she actually wants to? Also there is resentment here in this small town that these "retired" people are taking jobs that are scarce to begin with.
Mind they got fried in 2000 tech crash then got fried again 2008. So I guess policy is working.
I have no intention of making the fleecing that easy.
Sucks to be them, but sucks more to be a millenial.
+1 to what the handsome fish face in the top hat said above.
Here here a jolly good comment if the network latency triple post doesn't say so ourselves.
I know of a couple, 80+ yr old, who were working up until a few years ago. They never invested money in the markets. They refinanced their house continuously(last time, at the peak in '06) and blew it on crap they didn't need. They now owe about 3x what they originally paid! You can't fix stupid. I expect their house will sell cheap after the foreclosure.
wondering what's her nickname in internal emails might be? Antoinette Moari Quence
Amazing that the sheeple have been sufficiently blinded by a fawning media not to recognize what a downright criminal this woman is. And by the way....Inflation is a GOOD thing!
The fed has one job: to juice assets. So either get assets or get three jobs. Your choice.
- Janet
And she thinks "mortgages are restrictive" This disconnect is pathetically academic elitism
We know we're hurting savers, but we're creating shitty jobs for those savers who can't earn interest on their savings. But we actually aren't even creating jobs. So I guess we're screwing them twice. In other words, I have a PhD in economics.
a paraphrase that was waiting for sufficient eloquence.
done - nicely.
Call the close...... S&P 1871.......
I'll take the over for $100, Gator. It's Friday and WWIII hasn't started (yet).
this one will give me a beter feeling of how many humans are left in the game. Over is most likely right, it would have started to drop by now, to get that low... If its all bots, I miss by 25 pts maybe more. My bets are the humans wont want to hold over the weekend news cycle... we see.
and that ladies and gentlemen is why I am not a trader. Strange day today in that it closed within a fraction of where it was at 2pm. I really thought we would have had a fireworks close.... one way or the other.
OK. You can owe me. ~ Al Czervik
;)
it's like none of the economics phds attribute wealth disparity to the bare function of compound interest.
For fuck's sake - it's not hard - capital gains taxed less than income is the cherry on the sundae... at root, you have fiat, fractionally created, with interest attendant from the moment money is created, flowing back to the creditor/issuer.....
the rich get richer because they have more capital in the first place.
they have more capital because they have stolen the right to create money from the people.
NATIONALIZE THE FED.
Then end the fucking thing.
Exactly: http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2012...
They know, they just lie.
and capital gains that are not realized are NOT taxed.
And put in a trust, or inherited with a cost basis the day its inherited.
Some regulation has to set rates, NOT politicians! Left on their own, The Banking Cartel will lend to buddies at lower rates and we still get screwed without some replacement for Fed Cartel.
Guillotine the Fed!"
An American, not US subject.
I would be fine with a capital gains tax that is the same as income, IF the capital gains are measured in real dollars. Otherwise, taxing purely inflationary gains is simply a scheme to confiscate wealth in the long term.
Well, I'd personally rather eat cake than iPads. Cake is much easier to digest. iPad poop hurts.
It is also why youth unemployment is a problem. The Boomers can't retire and the next generation won't be hired...
Psychopaths: ruthlessly selfish, greedy, and of course, sadistic.
Hey lazy poor ...
Start a business ... drug dealing, pimping, fencing stolen good?
Inherit .. get adopeted by rich people!
Marry some rich, old woman.
Or get a government job!
That is good cake.
"Start a business ... drug dealing, pimping, fencing stolen good?"
What makes you think they haven't? Think they're gonna turn in their EBTs saying "Don't need it, my stable of ladies have me rolling in dough" ?
advised families to "take the small steps that over time can lead to the accumulation of considerable assets."
She wants to be interpreted as suggesting dollar-cost averaging, but given the employment participation rate issue, I'm afraid I'll need to stop putting my garbage out the night before.
In other words:
The fed confirms that nothing the Fed does is effective, except the facility to transfer wealth toward Wall street and the connected political class, away from every one else. So that's what the Fed will do.
The Fed admits that savers are hurt by this, but the Fed indicates that savers should keep saving (or save more) - you know " Take one for the team", "Eat your peas" and all that...
Fed: "Nothing we do is effective, yet we can't do NOTHING, so we'll continue fleecing as many of you sheeple as possible, for as long as possible... because at least THAT is SOMETHING to keep us busy (ie: in business)"
Life's good in Ponzi-Town.
Let them eat cake?
I tell you what you fucking manly looking fucking piece of shit, tell your mate bernsplinks and co-horts the days of you fucking parasites who have never done a days real work in your lives bar living on the interest charge of us stupid cunts is coming to a close. Get freshly printed money for nothing and charge us 29.9% at no cost to you and live off of our backs? Living lives you could never achieve through real work and satisfaction of a proper job well done?
You cunts are running out of time. And there are millions of us who wont ever forget what you cunts have done to the rest of humanity.
You wont be eating cake you fat ugly man cunt, you will be at the best eating a fist, and the worst, being skinned alive.
Next time bernsplinks sucks you off, remind him we are coming.
;-)
LOL, 3 fed heads come to talk-up the markets and announce QE to infinity.
They cannot raise rates and must keep QE to infinty until the US dollar free-falls.
Get out of the dollar.
I gotta get me some assets....so simple. damn. You stupid mother fuckers that have no assets...acumulate some you dumb ass.
When I read these articles I literally shake my head....Zerohedge is like the Onion...except the articles are true. Unfuckingbelievable.
Yo, where my cake at?
A hospital in Dallas?
I have a different take on Yellen.
I think she is actually asking for help.
She is a victim of circumstance.
Please tell her: "Suicide is not the question, it is the answer".
Soon the American middle class will be gone. We will then look like a typical socialist country with the supper rich politically connected and the poor.
Yellen is smell’in.
"Let them eat cake."
Do you want shit icing or just a plain shit cake on your interest bearing investments?
Off with that yenta's head!
yes, i can now see Yellen being hanged from a lampost.......Until today i didnt think it possible, but now i do..
The fed has but one mandate, get Hitlery elected in 2016.
Sharpen grind, sharpen grind, sharpen grind, sharpen grind, sharpen.....
Dupe
Dammit Jim, she's a bankster not a ..., um, a ...... community organizer?
Couldn't even complete the statement, who *does* speak for the middle class anymore? Not community organizers but then who? Your Congressman or other elected offals? Ha.
cut ALL government salaries by the same as the real inflation that AMERICANS feel... after all a government job is just glorified expensive WELFARE.... why does ANY govt (parasite) get a pay raise .... for exactly what?...doing thier useless job? come on.... you could cut 50% of ALL government jobs and not notice any change at all.. Pass to the military and border patrol... the rest can eat shit and die for what they are worth... NOTHING... pompous parasites...crooks...crony crooks...
AUDIT THE FED and publish all the documents..... let's see how taxpayers bail out billionaires and banks and in effet pay huge bonuses to crooks ...... that ought to light it up...
"I understand ... that savers are hurt by this policy, [but] savers wear a lot of different hats... They may be retirees who are hoping to get part-time work in order to supplement their income."
Rich guy Charlie Munger said suck it up and cope.
Can savers even afford hats these days?
And what shall my guillotine eat?!
An American, not US subject.
Plaque on base of Israeli Statue of "Return":
"Return us your looters, your thieves,
Your huddled cabal yearning to still breathe, flee,
The wretched syndicate of your sinking shore.
Return these, the Zionists, tempest-tossed out to me,
I lift my lamp beside the gold loot door!"
"She therefore advised families to "take the small steps that over time can lead to the accumulation of considerable assets." She did not, however, explain how they were to accumulate these assets, in light of falling incomes and zero interest rates."
Yes, if you save a penny every day, you will have saved 30 cents in one month. Eventually, you will be able to open a Myra. Then you can own government debt. Interestingly, Martin Armstrong says the bubble is in debt.
I hope for her sake that she's as baffled, humble, and apologetic as Marie Antoinette was when the mobs take her away. Then at some point historians will be able to define her role in history as 'stupid dupe' rather than 'malevolent, cold-hearted, self-serving cunt'.
I can't believe I do this stuff for free.
1. Obtain a payday loan in WK1 - invest in a 3x levered Russel 2K long fund
2. Unsing the proceeds from your WK1 gains pay off WK1 loan with 1/3, live off your regular earnings and double down on the 3x R2K longs with the remaining 2/3.
3. Using the proceeds from your WK2 success, live off your regular earnings and continue letting the full amount ride until you have a 7 figure nut. You might have to scrimp for a couple of months but then you will be on easy street.
Exactly! What a breath of fresh air! That's what I did and things couldn't be better!
ISIS needs to crowd-fund assassinating central bankers and Wall St. financiers - first candidates - Ben Bernanke, Hank Paulson and Jon Corzine... I'm betting that this would be very profitable; hell, they got the .50 cal Barrett sniper rifles and rounds free in Iraq...
AIG Bailout Trial Bombshell III: Paulson Lied to Congress About TARP
Posted on October 17, 2014 by Yves Smith
“…Alvarez stating, under oath, that TARP was designed from the very outset as a way to buy bank equity.”
___
“* Never forget that Wall Street showed its gratitude to American taxpayers by paying itself record bonuses in 2009 and 2010.”
http://www.nakedcapitalism.com/2014/10/aig-bailout-trial-bombshell-iii-paulson-lied-to-congress-about-tarp.html
Not just any cake... ebola cake!
JANET YELLIN you KNOW why we have a society in place. To protect old women like you, young children, the sick and weak from predators . We do this because we cannot bear to see them victimized, so we do not have to look at the anguish in their eyes as we pass them on the streets. We as human beings created communities to protect the vulnerable because that is our responsibility as humans.
You and your gang of murdering thieves are sending the weakest in society into a pit with poisonous snakes. You and your ilk will face the day when you pay for the pain and suffering thrust onto weakest in our world.
If there is a God, Ms Yellin, you will go to hell. If there is justice in this universe, the bankers and the industrials monopolizing the world into a lockdown of fascism will spend eternity feeling the same dread, regret and terror you have imposed on good people who mean no harm.
The most telling statistic in the damage the Fed has done to opportunity in the Land of Opportunity is revealed today by Charles Hugh Smith in his ZH article: “Why Nations (And Organizations) Fail: Self-Serving Elites.”
The mean household wealth (in 2013 dollars) of the 75th percentile – those Americans finally boosting themselves up by their own bootstraps – rose from $302,221 in 2003 to $367,959 in 2007 only to fall back to $302,472 in 2009, and end in 2013 at $260,405. That is a near 14% drop in household wealth from 2003 and a 29% plunge from 2007.
Yes, many of the perpetrators of this robbery find it convenient to be delusional or positive about the turn of events, preferring not to look in the mirror and see the face of a criminal, but how does a veteran congressman or Fortune 500 executive who is not isolated from what’s really happening succeed in telling himself that his eyes are lying? Plenty of cash from the Fed?
As for the Americans who are the victims of this robbery, it is hard to be delusional when you’ve lost your home, or lost your savings, or your job , and now see that you are losing your country as well.
http://www.zerohedge.com/news/2014-10-17/why-nations-and-organizations-fail-self-serving-elites
yes work till 67, collect ss?, get part-time work til 75, phone emmanuell to which fema death camp he should report to.
the only asset accumulation i see for the poor is like in ferguson, the fsa carrying tv's, beer , and cigarettes.
As for the poor ,
http://andreswhy.blogspot.com/2014/07/work-till-you-drop.html
Andre's "Synopsis: If pension funding is kept the same as at present , then the general retirement age would have to be about at age 75."
But we had this good news from Yellen today. With sound encouragement for those banker-raped savers and retirees who have some years left, it they can only find it in themselves to oil up their wheelchairs and come up with the energy they will be all right, perhaps with a job picking up trash, or for the more courageous, as a night watchman, or early morning scrub woman.
I wonder if pulling yourself up by your bootstraps is how Yellen made her money. Oh wait, even though she's top honcho at the Fed, she's hit the glass ceiling, she "makes less than 100 other Fed staffers (believe it or not)."
We have the solution! We have histroy as a guide.
Jews running the Fed.
Jews running the Ebola crisis
Jews running congress
Shall I go on!
Kabalists and their madness.
And they love to tell us, on their propaganda box, that slavery ended 150 years ago!
I'll be happy when I see heads on platters. They don't need to be silver. Even cardboard is fine by me.
yellen must talking ebola math. take a penny and double it every day for a month and you will be a millionaire. easy peasy. even an american can do it.
She therefore advised families to "take the small steps that over time can lead to the accumulation of considerable assets."
Thanks Janet. Small steps, you say? I think I can manage to save, say, 1% to 2% of my income. But wait, if I do so and THE INSTITUTION WHICH YOU DIRECT succeeds in debasing the value of my savings by 2% each year, which happens to be a stated policy goal of THE INSTITUTION WHICH YOU DIRECT, I'll be even further behind!
Bitch.
When a country is run by boos and joos, what do you expect?
Weimar Germany.
Someone call ISIS. There is one more head they can have.
""I understand ... that savers are hurt by this policy, [but] savers wear a lot of different hats..."
Janet Asshat Yellen