Posted on 05/31/2022 5:01:44 PM PDT by ChicagoConservative27
During an interview aired on Tuesday’s broadcast of CNN’s “Situation Room,” Treasury Secretary Janet Yellen admitted that she “was wrong” about inflation and that while “unanticipated and large shocks to the economy” are a part of the reason, she also “didn’t fully understand” supply bottlenecks that have hurt the economy.
Yellen reacted to clips of her downplaying the inflation threat in 2021 by stating, “I think I was wrong then about the path that inflation would take. As I mentioned, there have been unanticipated and large shocks to the economy that have boosted energy and food prices, and supply bottlenecks that have affected our economy badly that I didn’t — at the time, didn’t fully understand. But we recognize that now the Federal Reserve is taking the steps that it needs to take. It’s up to them to decide what to do. And for our part, President Biden is focused on supplementing what the Fed does with actions we can take to lower the cost that Americans face for important expenditures they have in their budgets. Prescription drugs is one example, healthcare costs…utility bills, if Congress is willing to pass some of the proposals to boost the use of nonrenewables, I think that can serve to bring down an important cost that households face. He realizes, we all realize what an important and huge burden inflation is placing on American households.”
(Excerpt) Read more at breitbart.com ...
More material for the GOP to use in campaign ads, that they won’t.
Oh good grief. Coase won the Nobel Prize for explaining rent seeking and the hold-up problem. But the good professor never heard of it.
"Ladies and Gentlemen, take my advice. Pull down your pants, and slide on the ice."....Oh wait, wrong Dr. Friedman.
We have much more sophisticated models than in Friedman’s day. They parallel climate change models and the Covid flatten the curve models. They are very sophisticated. You wouldn’t understand them. You have to be an expert.
It doesn’t make it all better you old bitty. Retire now, we the people don’t need geriatrics making decisions that affects all of our lives.
Is there anyone in this cabinet that is qualified for their job? These people are as incompetent as their leader. What a clown show, top to bottom.
Well that’s exactly what you want to hear from the Treasury Secretary. Good god
In college, econ was one of the required core subjects. As an math/engineering types we found it rather boring, but there was logic there. Each and every student in that room learned more on the subject than that ignorant pretend human Yellen. “Didn’t fully understand”, my Obamahole. Fire the bitch stat.
She has to know only two things and not to say anything about them:
1. This supply line mess is a connection with the US and China,
2. It is being orchestrated by the International Longshore and Warehouse Union (ILWU) using the longshoremen to assist the union protecting liberals actions with China and to grow the amount of highly protected longshoremen which has attached to it a lifetime membership clause just like the AFL-CIO they separated from in 2013. That is where the local connection with supply line problems is actually being accomplished.
wy69
Ritual Suicide time
Over-educated moron. Bet she fully understands what her speaking fees are.
Resign no way! It’s pays her too much. SHE IS ENTITLED to the job for being a loyal whore to the democrats
Does she even have a basic understanding of how an economy functions?
>>She was not wrong...she lied!<<
Bingo!
What did she think those huge numbers of ships sitting off Long Beach port were doing ?????
That is actually true. Communists are committed to a command economy, in which a central authority allocates resources, not the market. In fact it is accurate to say they don’t care much about laws of economics at all, for the same reason.
Was not this *itch on the fed board during obama??Obama???
Being There is a great movie. Classic.
But she is allowed to lie, she's a democrat.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.