In my favorite segment of CNBC, the 8:55 spot when Jim Cramer let’s loose before his show begins, he said Yellen was relying on ridiculous 1976 economics– when pointing to the labor market and being completely and utterly blind to the world blowing up around her.
He is, however, perplexed as to how the U.S. got lumped in with all of the other pieces of shit economies of the world. I suppose Jim believes America is special, completely immune to the contagion that is spreading like cancer in a DuPont chemical facility.
Just a few more percent lower and Jim is going to go completely ape on the Fed. I can’t wait.
Regarding Yellen: In a 2005 speech in San Francisco, Yellen argued against deflating the housing bubble because “arguments against trying to deflate a bubble outweigh those in favor of it” and predicted that the housing bubble “could be large enough to feel like a good-sized bump in the road, but the economy would likely be able to absorb the shock.” In July, the Senate Banking Committee voted 17 to 6 to confirm her, though the top Republican on the panel, Senator Richard C. Shelby of Alabama, voted no, saying he believed Yellen had an “inflationary bias”.
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Ha, yea, just as I said yesterday in one of your posts – this isn’t the 70’s! Woman is butterscotch suckin’ it on a street corner in San Diego.
The Fed governors walks into the job with a preconceived notion of how the world economy works with their own biases and it hardly ever turns out like they imagined.
wall street is getting the same shit that main street and the average american have gotten from the fed since your hero -piece of shit bernanke – i hope wall street enjoys this as much as main street has!
Right, main st. 401k’s are enjoying this.
This kinda stuff is very funny to me. When people retire, the biggest thing will be SS. people do not have money in 401ks. They think they do but most people I know will be working into their 70s due to poor life planning. The stock market is nothing more than talking points for the bottom 90%.
Fair enough; that said I’ve never seen an environment where Main St ever benefits when Wall St is truly hurting.
first off not everyone has a 401k; second unless you are actually taking funds out of it currently to live on, a artificial rigged market is useless. if you are in you’re 30’s to 50’s with a 401k do you want the value to be a rigged sham- what you need is a growing economy where the stocks will actually grow for valid reasons. all the companies did was to play financial games- poster boy of the scam is IBM – they destroyed their balance sheet to what purpose, have they done anything to intrinsically increase the value of the company -NO. this whole thing is a sham
Just wait until Retail Sales tomorrow comes in at -10%.
“Lower oil umm uh is umm [gurgle] good for the uhh it has been shown uhhh um that lower um oil is uh good for well umm uhhh the consumer rrrrrrrrrrrrrrr [gargle].”
Bernanke is rolling over in his grave.