Remember when over the weekend we reported, that "America's Poor Have Never Been Deeper In Debt [5]", showing how this tragic development took place over the past few years, accelerating almost exponentially into the New Normal...
[6]
... and in its proper context, using one of our favorite charts [7], showing that while the rich hold assets, the poor are merely drowning in ever more debt:
[8]
Well, Janet Yellen has a message for America's poor.
The day after tomorrow's much anticipated FOMC meeting which will surely make the richest 1% in the nation even richer, the Fed chairman will address everyone else [9], as follows:
Speech--Chair Janet L. Yellen
The Importance of Asset Building for Low and Middle Income Households
At the Corporation for Enterprise Development's 2014 Assets Learning Conference, Washington, D.C. (via prerecorded video)
8:45 a.m. ET
Not surprisingly "everyone else", namely America's low and middle income households, aren't even worth a live appearance, hence the "prerecorded video."
But the punchline is the actual message, in which Janet Yellen tells those mired in debt to build more assets.
In other words, the Fed Chairman has some words of encouragement for the tens of millions of Americans who live at or below the poverty level, including that threatened with extinction class, affectionately known as "the middle."
Her message? It is important to build assets, or said otherwise... get rich.
...
