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Bloomberg: Yellen Sent Trump A Message – And It Was The Right One
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Via Bloomberg's Editorial Board
Janet Yellen isn't the ingratiating type. In a closely followed speech last week, she made it plain that she disagrees with President Donald Trump and many of his officials about financial regulation. This frankness is unlikely to help her prospects of reappointment when her term as Fed chair ends in February -- but it was welcome nonetheless.
Speaking at the Kansas City Fed's annual economic symposium in Jackson Hole, Wyoming, Yelle
Unfortunately, our current system’s pay-to-play election campaign industry is built upon polarizing voters wherein they can only make simple minded choices of electing the most vocal and aggressive candidates, rather than those best intellectually and experientially equipped to compromise, reduce polarities and optimize existing solutions – rather than re-inventing the wheel each election cycle. Trump and the current Congress is a prime example/byproduct of the exceptionally low quality output of the election campaign system that we currently have. It is unworkable, untenable, uneconomic and may well be un-survivable.
Leadership in Washington, including the FED has been a long sad story. The Yellen remarks were predictable and uninspired, but what else is possible? All of this substantially undermines and has undermined the potential of this society.
Agree with the comments above. But disagree with this Bloomberg piece. The repeal of Glass-Steagall was a huge policy error, so in this case deregulation was clearly a big mistake. But implementing Dodd-Frank and other regulation hasn’t helped or atoned for that because these new regulations have destroyed US market liquidity and sown the seeds for the next financial crisis, the one that Yellen says won’t happen in our lifetime.