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Yellen: Banks 'very much stronger'; another financial crisis not likely 'in our lifetime'
CNBC ^ | 6/27/17 | Jeff Cox

Posted on 06/27/2017 11:22:33 AM PDT by HokieMom

Fed Chair Janet Yellen said Tuesday that banks are "very much stronger" and another financial crisis is unlikely anytime soon.

Speaking during an exchange in London with British Academy President Lord Nicholas Stern, the central bank chief said the Fed has learned lessons from the financial crisis and has brought stability to the banking system.

Banks last week passed the first round of the Fed's stress tests to see how they would perform under adverse conditions like a 10 percent unemployment rate and turbulence in commercial real estate and corporate debt.

"I think the public can see the capital positions of the major banks are very much stronger this year," Yellen said. "All of the firms passed the quantitative parts of the stress tests."

She also made a bold prediction: that another financial crisis the likes of the one that exploded in 2008 was not likely "in our lifetime." The crisis, which erupted in September 2008 with the implosion of Lehman Brothers but had been stewing for years, would have been "worse than the Great Depression" without the Fed's intervention, Yellen said.

Yellen added that the Fed learned lessons from the financial crisis and is being more vigilant to find risks to the system.

"I think the system is much safer and much sounder," she said. "We are doing a lot more to try to look for financial stability risks that may not be immediately apparent but to look in corners of the financial system that are not subject to regulation, outside those areas in order to try to detect threats to financial stability that may be emerging."

(Excerpt) Read more at cnbc.com ...


TOPICS: Business/Economy; Government
KEYWORDS: 115th; banking; federalreserve; trump45; winning; yellen
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1 posted on 06/27/2017 11:22:33 AM PDT by HokieMom
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More winning.

2 posted on 06/27/2017 11:23:05 AM PDT by HokieMom (Pacepa : Can the U.S. afford a president who can't recognize anti-Americanism?)
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To: HokieMom

Why does her statement make me nervous?


3 posted on 06/27/2017 11:23:34 AM PDT by Ouchthatonehurt (Sehnsucht)
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To: Ouchthatonehurt
"Why does her statement make me nervous?"

I know. I think she just jinxed us.

4 posted on 06/27/2017 11:24:45 AM PDT by DannyTN
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To: Ouchthatonehurt
"Why does her statement make me nervous?"

I know. I think she just jinxed us.

5 posted on 06/27/2017 11:24:47 AM PDT by DannyTN
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To: Ouchthatonehurt

Because they won’t ‘audit the Fed’ like Ron Paul demands?


6 posted on 06/27/2017 11:25:34 AM PDT by HokieMom (Pacepa : Can the U.S. afford a president who can't recognize anti-Americanism?)
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To: Ouchthatonehurt

Given the fact that we no longer hand out subprime loans,
Bundle them, and sell them to greedy Europeans.........

She is probably right.


7 posted on 06/27/2017 11:26:06 AM PDT by eyedigress ((Old storm chaser from the west))
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To: HokieMom
Does anyone remember Aunt Clara from Bewitched?

Every time I see Yellen, I am reminded of Aunt Clara.

8 posted on 06/27/2017 11:26:11 AM PDT by Cowboy Bob
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To: HokieMom
I wasn't worried until now.

9 posted on 06/27/2017 11:27:19 AM PDT by BitWielder1 (I'd rather have Unequal Wealth than Equal Poverty.)
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To: HokieMom
Because they won’t ‘audit the Fed’ like Ron Paul demands?

When you say "audit the Fed" what exactly do you mean? Like a financial audit?

10 posted on 06/27/2017 11:28:17 AM PDT by DoodleDawg
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To: Ouchthatonehurt

Yeah. I feel like investing in some cans of baked beads and shotgun shells when important bankers start talking about how stable things are. After all, folks who live off of the churn at other people’s expense (rather then producing goods and services) aren’t folks I expect much good of if there’s trouble coming. They’re about where lawyers are in that respect.


11 posted on 06/27/2017 11:28:31 AM PDT by Rurudyne (Standup Philosopher)
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To: HokieMom

There was ‘78 ‘85, 2002 and 2008


12 posted on 06/27/2017 11:28:46 AM PDT by Zathras
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To: Ouchthatonehurt
Why does her statement make me nervous?

Because she's a globalist, who's only concern in enriching the elites?

13 posted on 06/27/2017 11:29:02 AM PDT by WhatNot (The Gospel doesn't promise the American dream, it promises Eternal life in the Kingdom of God.)
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To: HokieMom

Servants do not audit Masters.


14 posted on 06/27/2017 11:29:02 AM PDT by Rurudyne (Standup Philosopher)
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To: eyedigress

Well, the highly purported appearance of a fact anyway....


15 posted on 06/27/2017 11:29:47 AM PDT by Rurudyne (Standup Philosopher)
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To: Ouchthatonehurt

Time to sell bank stocks?


16 posted on 06/27/2017 11:30:14 AM PDT by Real Cynic No More (Border Fence Obamacare!)
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To: HokieMom

“Peace in our time”


17 posted on 06/27/2017 11:30:17 AM PDT by exit82 (The opposition has already been Trumped!)
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To: HokieMom

Unless Soros needs to cause another one.


18 posted on 06/27/2017 11:32:25 AM PDT by BenLurkin (The above is not a statement of fact. It is either satire or opinion. Or both.)
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To: eyedigress

Something to consider: http://www.cnbc.com/2017/04/07/subprime-mortgage-autos-ubs-us.html


19 posted on 06/27/2017 11:32:54 AM PDT by Rurudyne (Standup Philosopher)
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To: Ouchthatonehurt

It wasn’t just me then.


20 posted on 06/27/2017 11:33:14 AM PDT by RC one (The 2nd Amendment is a doomsday provision, one designed for those exceptionally rare circumstances)
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