Posted on 07/24/2022 8:31:50 AM PDT by knighthawk
Treasury Secretary Janet Yellen conceded that the economy is 'slowing down' on Friday amid fears of a looming financial downturn - but denied the country was in the midst of a recession.
She also defended the slowdown as 'necessary' in the longterm health of the economy.
The senior Biden official was asked on NBC News' Meet The Press whether Americans should be 'preparing' for a recession.
(Excerpt) Read more at dailymail.co.uk ...
Lying bastardette.
Well we'll find out this week when the 2Q GNP growth figures come out.
Yellen was hired by Obama after her disastrous performance as President of the Federal Reserve Bank at San Francisco. While there (2004-2010) she had her head in the sand on the housing bubble building right under her in her own jurisdiction. Her comments in the S.F. meeting minutes showed she was in denial all the way till the shit hit the fan. Then she followed that up with denial that it posed a systemic risk to the financial system, until that too proved wrong.
Obama then made her head of the Federal Reserve, where she continued Bernanke’s money printing “rescue plans” and kept up the inflation building by Federal Reserve fiat that continued all the way till now.
And following Obama Biden appoints her Secretary of the Treasury.
Why? Why? Why?
Because Yellen says, and has always said what the politicians wanted her to say. She was and remains an academic with no real world money experience where her own, or a company’s, finances are dependent on her decisions.
Actually the vast majority of the Federal Reserve is made up of such people. A lot of acedemic theory and very little real life experience.
Since 2004 Janet Tellen has been placed in the wrong place at the wrong time - unless helping to destroy the American economy was really what someone hoped she’d help accomplish.
A recession is defined as two or more consecutive quarters of negative GDP growth. There was negative growth in the first quarter and the consensus is there will be negative growth when the second quarter figures are released this week.
A depression is a sustained, long term period of negative economic growth, coupled with high unemployment, large growth in bankruptcies, and other severe business impacts.
If a Republican were in office it’d be declared the worst economy ever.
Yellen is the absolute personification of the Peter Principle. One rises to the level of their own incompetence.
One day when historians analyze the decline of a great nation, they will note that for the first time in recorded history, early 21st century America elected and selected large numbers of demented, strange old ladies for high political and appointed offices.
Should be interesting. The Fed Open Market Committee meets this week. And the 2Q GNP rates are due out. Higher interest rates and confirmation we're in a recession will make for some uncomfortable press briefings for the White House.
Best economy in the history of the world. ...until the May figures came out.
Best economy in the history of the world. ...until the June figures came out.
What will the July figures reveal? FED meet later this week. Will they hike another 3/4 pitiful point or will they be bold? Will inflation be better or worse. Stay tuned ...
“Biden official says 9.1% inflation is ‘too high’ but ‘signs’ of a downturn aren’t there”
Exactly what the city government of Pompeii told the resident: “Don’t worry. “That red glow and heat are hot signs of any impending danger” ... as they entered their ships and sailed.
I thought we were in a recession when the economy slows down, and in a depression when the GDP actually sinks. Is that not the case?
They’ll change the definition of recession, just like they changed the definition of vaccine. As our beloved Rush used to say, “Do. Not. Doubt. Me.”
The GDP was negative for the first quarter of 2022.
Slowing down means more negative, and that’s two quarters which makes it a recession.
Janet Yellen must be using a new definition for recession. Wonder how they will re define depression?
Hey yenta Yellen, one word to sober you up “transitory”
Traditional gauge of a recession is two consecutive quarters of negative GDP. We’re about to have the 2nd quarter of negative growth.
The Biden Admin. is trying to redefine a recession. I saw one story where they said they were taking a ‘holistic’ approach to defining economic growth. Look for the lapdog media to suddenly start talking aobut how two consecutive quarters of negative growth is no longer valid.
As far as Yellen, well she spend months babbling about how inflation was ‘transitory’, trying to cover for Biden. Now she’s telling us that there is no recession in spite of negative GDP. She’s just another Dem political hack.
Signs of inflation improving are all over the place, but it can’t get much better without lowering energy prices.
She’s another crypt keeper on his staff.
Oil prices are only part of it. We've had higher oil prices with lower inflation. Oil prices, government spending, supply chain issues, commodities prices, housing prices, all those and more are contributing to inflation.
Four bags of groceries just cost me $167.
Toilet paper, 3 hand soaps and refill bottle, blueberries, cantaloupe, bananas, 2 packages of bacon on sale, 4 packages of butter, lemonade on sale, almond milk, eggs, 6-pack of sweet tea (I mix these with water at my job and it lasts me 2 weeks), gellato as a treat for the kids, peanut butter and jelly, and deodorant for my youngest son.
Butter used to be $2 a pack, now it’s almost $4. Jelly used to be $3.50, now it’s $4.99. Organic blueberries went from $4 a tub to $9.
THEY ARE ALL LIARS.
#FJB
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