Posted on 04/11/2016 1:38:55 PM PDT by Rusty0604
As of this moment the world wonders, rightfully so, why Obama has to meet with Janet Yellen in private and just what information is so important that it can only be said behind closed doors. Perhaps sensing this confusion, White House spokesman Josh Earnest apologetically noted that President Obama "cares deeply about preserving both the appearance of and the fact of the independence of both the Federal Reserve" and Fed Chair Janet Yellen, White House Press Sec. Josh Earnest tells reporters in briefing; he added that he wouldn’t anticipate "even in a confidential setting" that Obama "would have a conversation" with Yellen "that would undermine" the ability to make "critical financial decisions independently."
So with the topic of U.S. presidents preserving the independence of Fed chairs "even in a confidential setting" we recalled this particularly colorful anecdote demonstrating just how "independent" said Fed chairs are in "a confidential setting."
From the NYT:
... in 1965, President Lyndon B. Johnson, who wanted cheap credit to finance the Vietnam War and his Great Society, summoned Fed chairman William McChesney Martin to his Texas ranch. There, after asking other officials to leave the room, Johnson reportedly shoved Martin against the wall as he demanding that the Fed once again hold down interest rates. Martin caved, the Fed printed money, and inflation kept climbing until the early 1980s.
“I hope you have examined your conscience and you’re convinced you’re on the right track.” Lady Bird Johnson said to William McChesney Martin, on his arrival at the LBJ ranch.
We hope this time it's different.
Evil, evil current regime and evil Federal Reserve. Both complicit in the inane destruction of America’s economy as were prior administrations.
Can you see Obama trying that? Janet Yellin would biatch slap him all the way across to the other side of the room.
No, but I can see him making threats, like he’d hate to see something happen to her family or bank account. He especially likes to “joke” about IRS audits.
Fifty Years of Debasing Money
http://www.wsj.com/articles/fifty-years-of-debasing-money-1437522237
You know the global economy is in bad shape when, in spite of our best efforts to devalue the dollar, it still gains strength in currency exchanges.
Why would he need to use threats? Probably they were strategizing on how best to use the Fed to help the Democrats’ chances in November.
True.
She wouldn't have to anything like that. All she would have to do is whisper "sweet nothings" into his ear. The said "sweet nothings" would consist solely of two words, a name: "Herbert Hoover".
Obama would get the message, even as all his predecessors did...
the infowarrior
LBJ should have been executed for his crimes.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.