My sincere apologies to Benny Hill.
Posted on 10/17/2013 8:49:00 PM PDT by Nachum
When President Obama nominated Janet Yellen to be the next Chair of the Federal Reserve Board the praise he offered was similar to what had already poured in from around the country. In their assessments of Ms. Yellen's long career, Congressman, editors, and academics have underscored how her prescience and caution distinguish her from the reckless overconfidence that have plagued her male colleagues at the Federal Reserve. As proof of her wisdom supporters have pointed to speeches she delivered in 2005 and 2006 in which she supposedly issued clear warnings about the dangers then building in the frothy real estate markets. Without any attempt at reasonable fact checking, these claims have been parroted by the media.
However, a brief review of the speeches in question reveals that she issued no such warnings at that time.
In a new video, Peter Schiff, the CEO of Euro Pacific Capital and a well-known author and economist, goes over the speeches in question and comes to the easy conclusion that the new leader at the Federal Reserve is just as incapable as her predecessors of recognizing a dangerous asset bubble. Worse yet, as a diehard believer in the power of expansive monetary policy, Ms. Yellen would be much less likely to attack an asset bubble even if she were ever to recognize one before it burst.
Full video below:
(Excerpt) Read more at zerohedge.com ...
Nobody in-the-know was surprised in the least by the Yellen pick.
My sincere apologies to Benny Hill.
You’d better apologize...Benny Hill was a legend.
I am not disputing Mr. Schiff that JY is the worst of all choices.
But I believe she was picked, and will be confirmed, because of her gender. The feminazi’s got their revenge on Larry Summers. Political correctness demands a womyn be next in line.
With all due respect, Yellen was actually picked because she wants to increase Quantitative Easing. She feels that the $85 billion per month of Quantitative Easing that Bernanke admits to is far too miserly. She wants to double, triple, quadruple, ... that amount.
Larry Summers with a wig.
Larry Summers with a wig.With all due respect Larry summers actually wanted less Quantitative Easing. His fellow Democrats don't want less Quantitative Easing because less Quantitative Easing cuts into their own swag, part of which gets doled out in bribes (see TREAT: McConnell-Reid Deal Includes $2 Billion Earmark for Kentucky Project...)
correct
just remember the last time a democrat was head of the fed
21% interest rates and massive inflation
hard to imagine this ending well.
btw- yellen is waaaaay worse than summers
Bring that s*** ON! QE to INFINITY!
Summers bailed because he doesn’t want to be at the helm when the wheels come off. Yellen is going to jam a brick in the gas pedal.
if Obama recommends then it’s crap
Agreed. It has nothing to do with her being a woman. It has to do with her willingness to print, print, print. They want to push the crash off as long as humanly possible. The crash is inevitiable and everyone knows it.
But that’s NOT a woman!
As proof of her wisdom supporters have pointed to speeches she delivered in 2005 and 2006 in which she supposedly issued clear warnings about the dangers then building in the frothy real estate markets. Without any attempt at reasonable fact checking, these claims have been parroted by the media... the new leader at the Federal Reserve is just as incapable as her predecessors of recognizing a dangerous asset bubble. Worse yet, as a diehard believer in the power of expansive monetary policy, Ms. Yellen would be much less likely to attack an asset bubble even if she were ever to recognize one before it burst.
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