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 ...
how does such a stupid woman climb so high?
Oh lordy. BOHICA.
That pretty much guarantees a crisis in the near future.
Stupid is as stupid does.
Only a fool would make a prediction like this.
That depends on how much influence the Dims able to exercise over future loan policies.
Flashback....
I heard the Deep State getting very angry at President Trump for that memo release, and then all of a sudden out of the blue when the economy is roaring back the Stock Market tanks.
Anyone doubt the Stock market is not manipulated?
This article was when Globalist Yellen was trying to keep her job. She was replaced today.
BTTT
“...how does such a stupid woman climb so high?...”
Odongo ,and filthy lib ilk like him, promote them.
You're an easy sell. LOL
Come on, all that fat might protect her from a nuclear blast and the grey hair acts like tin foil.
= Permanently High Plateau
Heard that before
This time it is derivative related.
I remember too during both the Obama and Bush Administrations at one point there was a mass sell off at the Stock Market. They froze the trading for the day, and then the Fed pumped the markets the very next day.
How come that did not happen today?
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