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Janet Yellen's "Humphrey-Hawkins" 'We're Not Above The Law' Testimony - Live Feed
While Janet Yellen's prepared remarks were her normal bland data-dependent-when-we-want-to-be, rate-hikes-maybe-sooner-or-later self, we suspect the Q&A of The Fed Chair's Humphey-Hawkins testimony will be worth the price of admission. Face to face with Jeb Hensarling - who dares to demand The Fed respond to Congressional probes - will be a highlight but it will be interesting to see if the politicians suck up to their debt-monetizer-in-chief or try to score politically populist points with elections not so very far away...
Hensarling begins...
- *HENSARLING: U.S. LESS STABLE, PROSPEROUS, FREE POST-DODD FRANK
- *HENSARLING CALLS FED'S FORWARD GUIDANCE `OPAQUE'
- *HENSARLING: IT WOULD AID ECONOMY IF FED WAS MORE PREDICTABLE
- *HENSARLING SAYS THE FED IS NOT ABOVE THE LAW
- *HENSARLING: FED `CROSSED THE LINE' BY IGNORING SUBPOENA
Yellen's Testimoney is due to start at 10amET - Live Feed...
* * *
Here is the punchline from the horse's mouth:
The Committee will determine the timing of the initial increase in the federal funds rate on a meeting-by-meeting basis, depending on its assessment of realized and expected progress toward its objectives of maximum employment and 2 percent inflation. If the economy evolves as we expect, economic conditions likely would make it appropriate at some point this year to raise the federal funds rate target, thereby beginning to normalize the stance of monetary policy. Indeed, most participants in June projected that an increase in the federal funds target range would likely become appropriate before year-end. But let me emphasize again that these are projections based on the anticipated path of the economy, not statements of intent to raise rates at any particular time.
So what can destabilize the outlook? Apparently China and Greece continue to be in the crosshairs:
As always, however, there are some uncertainties in the economic outlook. Foreign developments, in particular, pose some risks to U.S. growth. Most notably, although the recovery in the euro area appears to have gained a firmer footing, the situation in Greece remains difficult. And China continues to grapple with the challenges posed by high debt, weak property markets, and volatile financial conditions.
But there could be good news, especially if the harsh snow we witnessed in June finally ends:
... economic growth abroad could also pick up more quickly than observers generally anticipate, providing additional support for U.S. economic activity. The U.S. economy also might snap back more quickly as the transitory influences holding down first-half growth fade and the boost to consumer spending from low oil prices shows through more definitively.
An excerpt from Bloomberg's prepared remarks:
Federal Reserve Chair Janet Yellen said prospects are good for further improvement in the labor market and the economy, keeping the central bank on track for an interest-rate increase in 2015.
“If the economy evolves as we expect, economic conditions likely would make it appropriate at some point this year to raise the federal funds rate target,” Yellen said in testimony prepared for delivery Wednesday before the House Financial Services Committee in Washington. She said Fed officials expect growth “to strengthen over the remainder of this year and the unemployment rate to decline gradually.”
Yellen, 68, again emphasized that the timing of the first rate rise in almost a decade is less important than the subsequent path of increases, which she said would be gradual. She said Fed forecasts for higher rates this year are projections and “not statements of intent to raise rates at any particular time.”
In the first of two scheduled days of testimony before Congress, Yellen repeated that the Fed will tighten policy when it sees more improvement in the labor market and is “reasonably confident” that inflation will head back toward 2 percent in the medium term.
Yellen’s testimony was similar to a speech she gave on July 10. She again acknowledged concerns over the situation in Greece and added China to her list of overseas risks.
Still, she sounded a note of optimism, saying that “economic growth abroad could also pick up more quickly than observers generally anticipate, providing additional support for U.S. economic activity.”
And here is the full statement (link)
* * *
Alternate Ending for today's testimony...
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testimony will be worth the price of admission
Yes, just for its Orwellian doublespeak
Few can exceed the lies that Yellen can cram into a minute. Perhaps, the Nobel Price Winner. And Hillary
2010 was the same year that Roger Clemens was indicted on charges of lying to congress, under oath.
Yes, but to be fair, you can hear him explain that quote in detail at your next event for a mere $200k.
Listening to her prepared remarks spoken in that gutteral, affected lower east side accent are worse than just about anything that currently comes to mind.
It's amusing that ZHers still fail to grasp even the most elementary economic principles. Economics 101: A central bank has to be independent of congress in order to make objective non-political decisions. If congress had the power to influence monetary policy, our country be in a complete mess. The fact that you would question this funamental principle tells me that you simply have no understanding of economics whatsoever.
^^^ KEK
I can't stand listening to this stroke addled wench... makes me want to curbstomp a kitten.
It's satire.
I'm well aware of his schtick, the stroke addled wench in question is Mr. Yellen. the childish insult was to MDB.
They are going to monetize everything, especially sovereign debt..
http://galeinnes.blogspot.com/2015/07/the-awakening-of-technology.html
She is useless.
Her double speak re; Duffy is mind-boggling.
On an aside the average American legislator is a fucking moron. So glad I left. You all are screwed.
Duffy is awesome!
Useless? The debt-monetizer-in-chief useless? To Congress critters? Under Pelosi-Reid, they operated for years on end without a budget.
Debt Monetizer in Chief.
Debt Mobster in Chief.
eh.
i can't stand listening to Maxine Waters. her screeching makes me want to punch her in the face... & i'm not even a QB at FSU...
Kind of like how a dictator needs to be independent of his subjects?
You damn right MDB!!! If the Fed feels it necessary to leak info to their buddies to front run and profit from, then the elected officials of this country have zero right to question the Fed's methods, Just as long as the
American taxpayer continues to bankroll the Fed's investment vehicles with unquestioning fealty, we will prosper!! Chant with me now!! U-S-A! U-S-A! Jew-S-A! U-S-A!
Absolutely, as are all of our financial elite that we so desperately depend on to maintain our illusion of solvency if not prosperity. These people should not and can not be held to the standards of commoners as their responsibilities are too great. And if that allows them to wet their beak occasionally in reward of their services and sacrifices to our very existence, then I say more to them!
I kneel to my benevolent and generous masters and beg of them further considerations and kindnesses that allow my continued existence. In return I do promise to not comment on the transparency of their robes and the emptiness of their speech, and by all means show true deference to their authority and wisdom.
Thank you for enlighting us all. We are forever grateful.
I don't disagree that the DECISIONS of the fed should be independant of congress BUT I don't see how one can defend the OPACITY (i.e. refuse audit). also, given that the independance of the fed from COMMERCIAL banks is, um, "questionable" at best (to put it kindly) & its independance from treasury has never even pretended to exist it I don't see it as unreasonable at all for congress to be skeptical when told: "you have to trust us - you aren't smart enough to understand what we're doing or why..."
congress may be corrupt idiots & while I readily admit I don't understand international finance at a deep level I (& I suspect even paid-off congresscritters) DO understand the following:
1. the same people saying "trust me" w/unchecked power are the very ones who created the problem they now profess to be managing (not sure even THEY have the audacity to say "solving")
2. in both creating & subsequently managing this mess they've enriched themselves beyond imagination (& apparently now diversifying directly into government)
3. in managing it they've gone "deliverance" on the few people (wife/I among them) who've been financially responsible over last 25(+) yrs
4. in managing it they've transferred the mountain of bad debt they've created, sold at par (multiple times) then bet against onto taxpayers wordwide
are they incredibly smart people? clearly! are they deserving of blind trust? I'm reminded of the scene in "pulp fiction" where they shoot the adrenaline into uma thurnman's heart - yes, she likely would have died w/o it but shey wouldn't have needed it in the 1st place if they weren't heroin dealers...
^100+
When your power is derived through claims of protection, crisis and disasters become a necessity.
This statement by no means requires their ability to be any good at their job, they're unnaccountable and unelected.
By this logic MDB leaves his kids to the garbage men for daycare.
..."Our country WOULD BE in a complete mess..." ....Hahaha, what do you call this, MDB????
MILLIONDOLLARBONUS_ wrote
"It's amusing that ZHers still fail to grasp even the most elementary economic principles. Economics 101: A central bank has to be independent of congress in order to make objective non-political decisions. If congress had the power to influence monetary policy, our country be in a complete mess. The fact that you would question this funamental principle tells me that you simply have no understanding of economics whatsoever."
It is amusing that you miss the point entirely. Information was leaked to private entities ahead of general release - an incredibly huge and unfair (illegal) trading advantage. Corruption! We learn in High School and college econ about the wise set up of the US Central bank to be free of partisan political influence. It makes sense on the face of things until you come to a realization that there is NO oversight whatsoever. To make a blanket statement with a statement like this is Economics 101 and you are stupid not to see or know that is naive. It has been the Fed's actions in last couple of decades that indicate a poor understanding of economics. You believe BECAUSE WE SHOULD NOT ALLOW THE POLITICIANS TO CONTROL MONETARY POLICY, WE SHOULD LOOK THE OTHER WAY ON ILLEGAL CORRUPTION. I do not believe that.
Didn't you learn in school what the difference between independence and non-accountability is?
https://www.youtube.com/watch?v=vK1GBsmJdKA
Woody Allen montage
The only thing the FED fears is a 10 year, colonoscopy grade audit and has the money mafia leaning on their congressional butt-boys to make it never happens. Of course that might change if the economy collapses, but by then they'll all be on permanent vacation in a non-extraditing country......
listening to these fed chair speeches is equivalent to waterboarding. Just make it stop! stopping lying to everyone with sophisticated words about what you may or may not do.
I've just tried, I promise you all, but I just cannot listen to that woman. What's wrong with her?
DavidC
Yellen: "Speaking of a leak, I've got to take one, I move to adjourn"
Beware the dwarf.
3-for-1 special running today, folks.
Skynet glitch
Skynet assuming control
Not above the Law, we are owning it.
The hand that gives is above the hand that receives.
There are no laws when you are The Law. Free Ross Ulbricht
Academics fuck up everything they come in contact with.
They work for Satanists!
The Elite have had their intranet-website leaked, proving they are Satanists and that they are working with the Annunaki! The photos of the Illuminati posing with the ET's are quite astounding. http://revelation12.ca/?p=2089
cmon, you know the bible thumpers will junk you when you point out that the "one and only" is not one nor only!
but those unfeeling mooks wouldnt notice the difference between a .9999 1z coin and a rock in their hand, enegetically speaking.
so of course their minds div/0 when you tell them the huckster yaveh wants their gold
dont worry, dupes, I didnt expect you to try to answer that one. such things wont be understood by spiritual cardboard cutouts.
The Elite are just people. Really evil, secretive, power hungry people who think they're better than the rest of humanity, but in the end just people. What their religion is doesn't matter.
Getting the general public to understand that fact is the first step to stopping them.
And until ET lands on my lawn and comes up and licks me, it's best treat all that stuff as disinfo.
How the fuck do you know or anybody for that matter? How many hundreds of years has this been going on? Who knows what the fuck they are. Have you met anyone - personnally - so focused on controlling everything on the fucking planet?
I'm just a peon, so I don't rub shoulders with the Elite, but their fingerprints are everywhere in our civilization, the Federal Reserve being a perfect example of one, and that's how I know.
Lol ... It looks like tiny bits of truth surrounded by someone's idea for a novel.
As I recall from Sitchin's books Marduk is the son of Enlil. That does not mean that the ruler of earth is not a job that is not handed from one to another. I am pretty sure it is, probably based on the precession. Marduk, being a chaotic, warlike and impetuous dude (I mean, kids, eh?) might be the kind of guy that would trash the world using 7 nukes (if I recall the story correctly), right?
But what do you do for an encore? He does not strike me as the type of guy with a plan.
Academics fuck up everything they come in contact with.
But mostly the mush head students they lecture.
There are all kinds of gatekeepers.
"But let me emphasize again that these are projections based on the anticipated path of the economy, not statements of intent to raise rates at any particular time."
Nothing but a convenient escape clause. There will be no rate hike.
The Central Bankers' plan to save the economy by stealing everyone's money, giving it to the TBTF bankers, setting fire to the economy and then fleeing the country is never going to work in my opinion.
shhhh... Maxine is talking
You'd get the same effect as poop falling from a pig's behind.
above the law? what law? obamas dickree's? lol laws are for keeping poor people poor nothing more nothing less....
give me control of a nations money and I care not who makes the laws
- works for Greece
- works for USA
- works in any ZWO occupied country
Ah Maxie, back with her Comedy Act
https://www.flickr.com/photos/31126705@N02/16253647986/in/dateposted-public/
The fact is they are above the law and as Baron Rothschild said "Let us control the money of a nation, and we care not who makes its laws"
Trying apply the law to the Fed madam!
The Fed cannot admit that they have no clue, as long as they save the TBTF banks.
Theater.
One of the CONgress critters might have a good line or two, but the FED and the Politicians know who butter's their bread - and it certainly is NOT We the People (starts with a "B", rhymes with "Tanks"...).
Reading their scrips to each other like second graders in a school play. As you can see they didn't even rehearse and don't read too well.
Hensarling might unwittingly expose the truth here that the FED is not a "government agency", but the trade association for it's member banks. Sorry Jeb, you don't have access to the discount window.
Leak-Schmeak! This is sensitive information of a tribal nature, not to be trifled with by ordinary gentilemen.
Translation:
'Hey you -- pesky Goy, yeah You...!! Shut up and do our bidding like you're told...!!
When will Yellen begin dancing the Macarena?
When will Yellen begin dancing the Macarena?
When will Yellen begin dancing the Macarena?
When will Yellen begin dancing the Macarena?
When will Yellen begin dancing the Macarena?
When will Yellen begin dancing the Macarena?
if you have to wonder why the past weeks have been filled with angst over the Confederate Flag and the REASONS Why the Civil Was was fought... it wasn't about States Rights, so they say... one only need note the first 2 Opening Statements...
Jeb-----FED `CROSSED THE LINE' BY IGNORING SUBPOENA
Maxine----Paleeeezzzzzzze keep that FREE MONEY Coming
This can be all covered up by getting the MSM and the Sheeple arguing over Race. After all, disagreeing with Maxine is Racist. right?
And Jeb is Sexist...if The Fed Chair were a man...he wouldn't dare ...
and come to think of it, isn't JEB a Confederate name....He should be required to change it.
The whole world is cutting rates. An increase will destroy what is left of a sick housing industry. I truely believe she doesn't understand anything she read to Congress.
Stagflation
Stagflation
GAWD it's tough listening to this lying hobbit speak
I think she looks hot with the glasses.....mmmmmm
OK. I shut this shit off after Waters started talking about discrimination and racism. It always falls back to that. Talk about this bull shit rather than the topic on hand.
Correction-- I have no idea what nonsense they were talking about to begin.
Janet is worried about her job, she appears to have stiff competition.
COPS: Woman Busted For Counterfeit Cash After Reading Online That Obama Legalized Printing Money...
“I don’t give a ****, all these other b****** get to print money, so I can too,” she reportedly told police when she was arrested.
Awesome!!
shhhh..Maxine is talking
From TheHill.com- "Federal Reserve Chairwoman Janet Yellen urged lawmakers to tread lightly when it comes to overhauling the central bank, warning that proposed changes could undermine its ability to support the economy."
Since when is it the job of the Fed to support the economy? Also they keep going back to how transparency could hurt the economy or put us back into recession, more like a depression, by letting people see how the fed is operating.
This all goes back to the financial attack that happened on 9/11/08 and Ron Kanjorski's remarks on C-SPAN of "somebody threw us into the middle of the Atlantic Ocean without a life raft. And we're trying to determine where the closet shore is and if we can swim that far. WE DONT KNOW"
https://m.youtube.com/watch?v=pD8viQ_DhS4
Translation: "Back off or we'll skull fuck your economy."
"oh, and have a great day!"
These are the same people who fucked the German mark before WW2. Zionist will do anything to stay on top including killing their own people.
This bullshit is so deep you need wings to stay above it.
When guns are outlawed, only outlaws will have guns.
The South was right!
Someone needs to ask Janet to explain the US derivatives position in regards to Greece. That ought to get her turning three shades of red.
;p
Watching this clown show, it just dawned on me that most of our lawmakers, high level wall street banksters(sans Jamie), folks at the Fed, are ugly people
Is there some correlation here with greed, corruption and ugly people?
http://voices.washingtonpost.com/reliable-source/2010/12/who_says_washin...
Zirp was the goal of Fed policy and they are as happy as a pig in shit about it. They are not going to raise rates until they are ready to pull the plug on the USA.
Pimps and whores putting on a show. Pandering for the sheep.
There are just a few questions that need to be asked and answered. But no they aint going to ask.
C'mon Yeller, raise rates!! Do it!! Dare ya! Chicken-shit, just do it already! Shut the hell up and press the "raise rate 1.00%" button - and then we can all watch your shit-show universe cave in on you and your fellow mafia dons in the BIS, BOE, ECB, GS, JPM, etc...
q:B
Even the Bank of International Settlements disagrees with the distructive actions of the Federal Reserve. Care to comment Janet?
Presentation by Claudio Borio, Head of the Monetary and Economic Departmenthttps://m.youtube.com/watch?feature=youtu.be&v=r2kvpHcHOnM
Thanks for the link. That was a very good analysis, of what happens when policy makers at the CB's hold interest rates down too long. This is unprecedented. Claudio, particularly calls out the CB's on Resource Misallocation and how they may be doing permanent, long term damage to the economy.
What law is (s)he talking about??
Stanley Fischer: A Dual U.S./Israeli Citizen and Pro-Israel Activist as Vice-Chair of the Fed January 5, 2014
A deal with world powers ended a “manufactured crisis” over Iran’s nuclear program, its foreign minister said Wednesday as he arrived home from negotiating the agreement which angered US lawmakers.
Zarif is correct. The entire claim that Iran is a danger to the world rests on Israel's propaganda, bolstered by Israel's whores in the US government and corporate media. There never has been any real evidence that Iran is interested in building nuclear weapons (although one could hardly blame them if they wanted to, what with the US invading nations that do not have a nuclear deterrent, picking them off one by one). Iran has not invaded another country in a war of aggression in over 200 years. The entire hysteria about Iran's nuclear weapons is as manufactured and phony as the hysteria over Iraq's nuclear weapons. Netanyahu is furious, because he did not get the war against Iran he wants. More than that, Netanyahu is scared, because with the manufactured phony crisis about Iran coming to an end, he has nothing left with which to distract from discussions about Israel's endless crimes against their neighbors, in particular the Gazans, or from Israel's very real nuclear arsenal.
Read more: WHAT REALLY HAPPENED | The History The US Government HOPES You Never Learn! http://whatreallyhappened.com/#ixzz3fyQdZLLJ
A MATH QUESTION with the total over 200 Trillion in all debt and Liabilities that have to be paid by the government and which comes to around just under 2 million dollars for each and every man woman and child in america . this debt is mathematically impossible to pay . Explain why any one with any common sense would be willing or foolish enough to loan the government anymore money knowing full well they will never be repaid. because it is mathematically impossible to paid them back
a ponzi-credit scheme works differently, the first people who accept the debt never get paid in order for people who accepted the current debt will get paid, deficits versus debt, they can end the deficits, not that they will, but they could
it's incredibly fascinating to me that yellen so convincingly believes her own bullshit and no politician is smart enough to refute her comments.
Fiat magic. Every one of them is well aware of the truth.
Some pressure there, but still no threat of contempt of congress, so that's pretty much the end of it. There will be no Fed response to the subpoena.
Sewell is avoiding a direct question, how will Obama's TPP bring back jobs for the American workers.
http://finance.yahoo.com/news/state-pension-funds-funding-gap-205722893....
Thanks for the link.
Yellen is a cabinet member, her job is to protect the presiden(cy). the next crisis will be a balance sheet meltdown, and they will pour cement into the building (mariner eccles) to contain the toxoc paper, (like FNM before it) then we move on to another off balance sheet solution (IMF?) or maybe just direct (Chinese style, numba ten) intervention. now that the global economy is getting bigger and more interdependent there are lots of places to hide the bad stuff, Greece maybe, they could guarantee every one on the tiny island a living wage, what would that cost, and then dump the worlds bad paper onto their books.
Yes, a little theater for those who haven't realized as yet that this whole staging is for public consumption. You'd think the actors and executive directors would get tired of putting on these "shows" in order that the little people will pay admission fees that hardly cover the costs of the on going series and episodes.
Foster, the word you omitted was IMF SDR (Special Drawing Rights). Stop hiding the obvious.
Audit the criminal FEDERAL RESERVE! When do we want it? NOW!
Ron Paul just had his 80th birthday. its like expecting Raalph Nader to keep hammering the corporate culture, sadly these people get older and no one comes along behind them. the fed will go quietly into the dustbin of history i think, and take its secrets with it, but if you were to do a historical expose and get the dirt out you would find an audience
I am not a crook.
perhaps not the first intervention of the fed on behalf of the encumbent, but certainly the most egregious. the fed had a hand in the slush fund, and they were probably neck deep in Iran/Contra. you dont want to know
Greece and China and doesnt mention Puerto Rico that is just at the backyard.
Greece and China and doesnt mention Puerto Rico that is just at the backyard.
As if the FED knew what they are doing - they just used 6 years of a policy with a 100% failure record of repayment or peaceful outcome, and impugned by Keynes as destructive to a SOCIETY - and Congress is supposed to be wary?
""There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.""
http://www.amazon.com/Atlas-Shouts-Modern-Patriot-Action-ebook/dp/B00OLR...
Mr. Barr, when citing BLS employment utilization statistics. Clarify the distinction between U-3 or U-6. There is a large gap by comparison.
What is the basis for the FED Chair’s apparent optimism about the economy- there will be a “further improvement in the labor market and the economy” and the economy is going to “evolve”?
Current state of US economy
1. High unemployment coupled with anemic job growth. >90% of “new” jobs are temp positions- low pay, no benefits or job security.
2. The average college grad leaves school with circa $30K in debt, facing a weak job marked (see 1, above)
3. Insolvent banks and large corporations are addicted to ultra-cheap, taxpayer supplied money. Stock prices are propped up by company buy backs of outstanding shares, while auto sales are maintained with subprime auto loans.
4. US debt levels (circa $18 trillion and growing) exceed GDP.
Is Yellen’s idea of economic “evolution” the result of higher debt levels, continued job outsourcing, more new temp positions at Wal Mart, McDonalds, Burger King, etc?
Evolve to a cashless society?
Janet, you dropped certain formula indicators in the previous math formulas to cherry pick a overall rosie disillusioned market picture.
Dodd Frank is the inception of Basell III. Don't be a rat lying troll Janet.
Tipon, interbank gets special benefits, the other banks are not receiving the same Federal Reserve rate discounts. Janet won't comment to the lack of competition. She is pushing to monopolize 8 banks.
"we are very worried about community banks", yes she and they are, worried that community banks may take any market share from TBTF mega banks. By imposing onerous regs. on smaller banks they can
become succulent hor'dervs for TBTF institutions to gorge on, thus making them even larger. and consolidating more power and influence to lever the middle class downwards, freeing up assets for acquisition by
those who truly deserve and know how best to manage them. Why own a home, when you can be a lifelong renter.
Ponder this:
FED was created by the Congress, derives ALL of its power FROM Congressional statutes,
YET
FED chairperson Yellen exercises VERY public refusal, with arrogant impunity, to comply with Congressional subpoena.
YIKES !!!!!!
And she's gone.
/sarc
She had that look in her eye that her collective intentions were seeking orgasm.