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 ...
More winning.
Why does her statement make me nervous?
I know. I think she just jinxed us.
I know. I think she just jinxed us.
Because they won’t ‘audit the Fed’ like Ron Paul demands?
Given the fact that we no longer hand out subprime loans,
Bundle them, and sell them to greedy Europeans.........
She is probably right.
Every time I see Yellen, I am reminded of Aunt Clara.
When you say "audit the Fed" what exactly do you mean? Like a financial audit?
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.
There was ‘78 ‘85, 2002 and 2008
Because she's a globalist, who's only concern in enriching the elites?
Servants do not audit Masters.
Well, the highly purported appearance of a fact anyway....
Time to sell bank stocks?
“Peace in our time”
Unless Soros needs to cause another one.
Something to consider: http://www.cnbc.com/2017/04/07/subprime-mortgage-autos-ubs-us.html
It wasn’t just me then.
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