Is Janet Yellen in the hot seat after poor jobs report?

NY Post ^ | June 6, 2016 | John Crudele

[expat_panama]

Federal Reserve Chair Janet Yellen made her usual bipolar remarks yesterday in a speech: Last week’s employment report was disappointing... ...Yellen... ...sounded like a politician and basically said nothing.

I’m now going to tell you how Yellen’s comments will sound ...

YELLEN: “Good afternoon everyone. FYI, this is a freakin’ OMG moment for us at the Fed. President Trump is bustin’ our cajones, and I’m pretty sure it’s because the Fed is being run by a dame.

“The economy? I bet you want to know what the economy is doing. I could tell you this and tell you that. But the God’s honest truth is, I don’t know what the economy is doing. One minute it looks better, the next worse.

“If anyone out there knows, please let me know.

“President Trump has his ideas about a wall. Well, I’d like to build a wall around all my Fed presidents and lock them inside. Shut them all up. They don’t know what the freak they are talking about and they are making me stunad.

“I could go on about core inflation and rising wages, the U-6 unemployment rate and the labor participation rate. But I think by now you all know that this is total horse droppings! We don’t know what’s going on, and I’m not going to try to fool you anymore.

And, please, President Trump. I’d like to keep my job. See, I can straight-tawk with the best of them, ya’ know.”

TRUMP: “Who the hell is this woman? How did she keep her job this long? Fired!”...

...fascinating tidbits... ...poor whites are now...

[expat_panama]

She still hasn't apologized for that crazy hike last December...

[2banana]

Artificially low and political driven zero interest rates have destroyed the economy, destroyed pensions, destroyed savers and can now never be raised to due the size of the obama deficits.

[Original Lurker]

I’d hate to be the Fed chairman when the gig is over.

[Dr. Sivana]

Not . . . her . . . job . . .

She's been in her position for what, seven months?

How about the fellow who appointed her who's been in his position for 7 1/2 years?!

[Flick Lives]

She still hasn't apologized for that crazy hike last December...

At this point, the Fed has to keep the rate hikes going. If they back off the minuscule hike they applied, they look like they don't really know what is going on, or the hike was to showcase that a gamed economy was "improving" and needed to be reined in (gotta throttle down that 0.1% growth).

[wastoute]

Just wait. By the end of ext January the Fed will raise rates. Bank on it.

[Caipirabob]

Is Yellen supposed to bake a cake out of the mound of sh@t obama policy?

[Tupelo]

I am sure the Powers That Be need a scapegoat and she is as good as any.
Always remember, Chit rolls down hill.
As Nolen Ryan said, “The further up that flag pole, the more your ass shows”.

Both quotes fit Yellen to a tee.

[HarleyD]

How come Obama takes credit when the job report is (artificially) good and someone else is to blame when it’s not?

[expat_panama]

It's a beautiful new day after yesterday's gains in both stocks and metals and I got my ISP to quadruple my bandwidth for $20 less per month (I just love deflation!!!). 

On the other hand (this is an econ thread) as IBD pointed out "bulls looking for meaningful signs of institutional buying were left largely disappointed because gains came in lower volume."  Ah, and the jump in gold'n'silver was back up to where it was four months ago.   Reports today:  Productivity-Rev., Unit Labor Costs - Rev., and Consumer Credit. 

--and today's headlines, yowsuh!

Are European companies falling out of love with China?
Crude Oil Prices May Rise as Gold Declines in Risk-On Trade
Thomas Sowell: Is Personal Responsibility Obsolete? Part I
Yellen: ‘Disappointing’ Jobs Data Put Fed Timetable In Doubt
Don’t Go There, Donald
3 Signs of a Downturn That Yellen Is Ignoring - Chris Matthews, Fortune
Don't Panic Over Jobs Report, Do Worry - Paul Krugman, New York Times
Weak Recovery Thanks to Too Much Intervention - Jeff Dorfman, Forbes
Repairing Broken Federal Budget Process - Stuart Butler, RealClearMarkets
Guaranteed Income Is a Very Long Ways Off - Megan McArdle, Bloomberg
Guaranteed Income Would Be Social Disaster - Thomas Sowell, Investor's
We've Forgotten What Founders Knew - Robert Curry, Claremont Review
PBGC: Broke Insurance Company Sponsored by Govt - Alex Pollock, RCM
This Has Been Noisy Few Months for Investors - Barry Ritholtz, Bloomberg

[central_va]

At some point the "powers that be" will realize globalization has failed and will finally erect import tariffs to balance the budget and cause the bias of offshoring industry to the third world to reverse. A 20% import tariff balance the budget tomorrow. This will cause inflation and interest rates will rise, a good thing. As industrial output increases due to newly onshored factories plus automation GDP will rise to new heights (the rising tide thing) and America WILL go back to work. It has taken over 20 years for Free Traitors™ to destroy the economy so don't expect just short term pain. No, this industrial repatriation process will take a while.

The founding fathers did the same thing in 1789 and the USA paid the war debt off and industry flourished.

Of course lowering taxes and regulations would help but are a separate issue from tariffs.

WE HAVE NO OTHER OPTION(S).

"Americans can always be counted on to do the right thing…after they have exhausted all other possibilities."

--Churchill.

[Gaffer]

She needs to be shown the effing door at the first opportunity when we get a real President.

[Gen.Blather]

“Artificially low and political driven zero interest rates have destroyed the economy, destroyed pensions, destroyed savers and can now never be raised to due the size of the obama deficits.”

It thrills me when I read comments like yours and gives me hope that more and more people will begin to understand what is happening to our money. I think 4% interest is where most economies use all their income just to service debt. A friend ends his missives to me with Grasshopper, we are so screwed. Well, we are.

[Tallguy]

Wanted: One-handed economist to run the Fed.

[central_va]

We are screwed if we continue listening to NWO Free Traitors™.

[rdcbn]

This only works as long as America is energy independent and we have a President and Congress that acts in the countries interests

[laconic]

No, they will raise rates on November 6th. ON that date, we will also find out the “real” unemployment rate (double digits), the “real” inflation rate (much higher than reported when you factor in necessities) and the fact that the economy has slowed to zero growth. The press will be the first to report it, but only AFTER the election.

[AndyJackson]

All, Yellin can affect is monetary policy, and while that is a lot, for years all US monetary policy has done is paper over what is happening in the “real” economy and the failed fiscal policy of the US government. But she has no ability to do anything about a tax and spend government that cares not a wit if anyone does anything useful and in fact uses its regulatory powers to ensure that nothing useful can be done.

[expat_panama]

zero interest rates have destroyed the economy

Trolls tell us that a lot on the FR, but low interest rates have never had that affect in decades past.  What's different this time was huge tax hikes, unprecedented deficit spending, and a deliberate rejection of the rule of law.  The fed had nothing to do w/ it.

[expat_panama]

...If they back off the minuscule hike they applied, they look like they don't really know what is going on...

We agree that this is the main reason for rate hikes of last Dec. and the future but political pressure and 'what people think' have no bearing here --Yellen's an idiot for thinking it does.  Her job is (supposed to be) monetary policy.  If there is inflation then she hikes rates to reign in the money supply.  Inflation is way below the 2% target --and that 2% is supposed to be a target not a limit.

Pardon me while I breath into a paper bag for a while....