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Janet Yellen Warns Of ‘Debt Crisis’, Blasts Trump Tax Cuts In Op-Ed

"The U.S. unemployment rate is down to 4.1 percent, and economic growth could well increase in 2018. Consumer and business confidence is high. What could go wrong?"

"The U.S. unemployment rate is down to 4.1 percent, and economic growth could well increase in 2018. Consumer and business confidence is high. What could go wrong?"
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20 comments on “Janet Yellen Warns Of ‘Debt Crisis’, Blasts Trump Tax Cuts In Op-Ed

  1. Okay but this incompetent, clueless, markets-ignorant, never worked a day in her life, foolish woman did as much as anyone in human history to create humanity’s hugest debt bubble. And by holding interest rates at a weighted-average of 0.5% over her tenure, the lowest in history, as asset prices were in hyper-inflationary mode and stocks were quadrupling, Yellen did more than anyone in history to exacerbate wealth inequality. And don’t forget the US dollar crashed by almost one-third against a GLOBAL currency basket in the final year of her gross incompetence, thereby crushing the purchasing power and future standard of living of the average working American.

    Accordingly, Yellen deserves to be the centerpiece at the Hall of Shame and in the Smithsonian History of Bubble Blowing.

    And her picture should be featured in the American English Dictionary for the word “failure”.

    Obama’s pick for Fed vice chair and chair. Nuff said.

    • Those who live in glass houses…. For her or Bernanke to warn about debt or bubbles is obscene.

      • Anonymous

        “never worked a day in her life”
        Absolute hogwash. Do you dig ditches 12 hours a day or something?

        • No I’m a professional trader, more than “12 hours a day” actually. Obviously you aren’t or you wouldn’t be as ignorant in your posts here & below about the real world as her – who indeed never worked a single day in her life in markets in any practical capacity. An academic putz – like a man theorizing on what it’s like to give childbirth. She and the bernank were clueless about markets. Can’t learn it from a textbook, you gotta live it.

          Anonymous… no wonder with some of the ignorant shit rolling off your fingertips.

          • Anonymous

            Got it. You are a trader. You don’t make anything. You buy and sell stuff. That’s “real” work.

          • lol, touche….. but it’s as stressful and the hours as long/longer.

      • Uh huh. Here’s a thought experiment:
        Cross off Janet Yellen from the list of authors and re-read the actual article.

    • Anonymous

      The two goals of the Fed are employment and inflation. By those standards she is the Michael Jordan of bankers, but that doesn’t fit with your far right narrative.

      • You missed pumping up equities. Oh, that’s right, not their mandate, but the one that she and bernank adopted as job one. Look at some shit they said and their actions which spoke even louder than the words.

        They sucked on inflation cuz they caused debt & asset hyper-inflation and the biggest wealth gap ever.

        And if you think monetary policy/expansion is particularly germane to employment then you’re as cluess as their Philips curve and other theories discredited by markets and the real world. Correlation is not causation bud.

        To hell with “right narratives” and left narratives. I’m a trader and care about the money.

  2. That’s a curious way to start a post, that Yellen “never worked a day in her life.” I suspect your definition of “work” is quite unseal, but It did cause me to wonder what moved you to inject those emotive words into your already hair on fire post accusing Yellen to be personally responsible “as anyone in human history to create humanity’s hugest debt bubble,” and “Yellen did more than anyone in history to exacerbate wealth inequality,” which is quite an insurmountable bar to have met! Then I realized that you must “work,” unlike Yellen, and you who work, could have done an exceedingly better job post the mini-depression in chairing the Fed and navigating the US economy through the lousy recovery that was handed to Trump? So tell us, how pray tell, would we be that much better off under your leadership?

    • “Curious”… are you really so ignorant of the facts & history to think that the Fed actually halted that waterfall like they take credit for, while simultaneously shirking responsibility for the debt & asset bubbles they’ve blown?

    • > So tell us, how pray tell, would we be that much better off under your leadership?

      I never took the job so it’s irrelevant whether I’d do it better. Same as if you criticize a ball player for shitty base running or if you criticize a presidential policy, just hypothetically speaking of course.

  3. PaulMiller

    Where was Yellen’s concern about government debt growth during her Fed tenure? How hard did she pitch the “balanced approach”, fiscal discipline, entitlement reform, etc. when she had the world’s foremost position in economics? She turned a blind eye to the doubling of the national debt and the uncontrolled growth of the medicare and social security debts. Now she is pulling a Greenspan, going on record for a more sane fiscal policy.

    • There are 4 (four) other people on the author list. 1+1+1+1+Yellen= 5 people on the author list.
      Just a reminder.

      Care do delve into the actual content, rather the massive hate-on the ol’ gal inspires?

      • Good luck with that Fox!! If bunny had a policy or merit based analysis or argument we certainly would have read it within her eight posts and the conclusory opinion of worst in “human history,” as if bunny has an earthly idea whether, relatively speaking, that too is an accurate statement, as opposed to the worst use of hyperbole any real working person might use to make a point.

        The interesting thing about all of the critical posts of Yellen is that they speak of Yellen as if she constituted the entirety of Fed Reserve Board or the entirety of the Federal Open Markets Committee such that when H would examine the minutes each month he’d be examining the minutes of Yellen recording her own thinking since she was the only one involved.

        Funny stiff.

        • NO, I also criticized bernank. And the entire FED, in my question/reply to you above…

          …which instead of answering me directly (presumably cuz you can’t), you wussied out by referencing me in this response to someone else, with some misrepresentation and obfuscation.

          Well, obfuscate this: 混蛋

          The quantifiable and verifiable fact remains per my FIRST line first post, hyperbole notwithstanding, that they and she indeed “did as much as anyone in human history to create humanity’s hugest debt bubble”. Debt & asset bubbles. Common knowledge among traders, else google is your friend.

        • One of Yellen’s greatest hits – FOMC meeting 12/12/2012: :0 !!!!

          “We do not intend to take the punch bowl away just as the party is getting going. We will at least keep refilling the punch bowl until all the guests have arrived.”

          (S&P had approx doubled from 3 yrs earlier, yet Fed was still QE’ing and ZIRPing aggressively, even with US already the biggest debtor ever)

          https://www.cmgwealth.com/ri/on-my-radar-mauldin-economics-2018-sic-part-1-david-rosenberg-skunk-at-the-picnic/

          In contrast to accomplished central banker William McChesney Martin Jr 10/19/1955:

          “The Federal Reserve is in the position of the chaperone who has ordered the punch bowl removed just when the party was warming up. If we fail to apply the brakes sufficiently and in time, of course, we shall go over the cliff.”

          http://conversableeconomist.blogspot.my/2013/06/the-punch-bowl-speech-william-mcchesney.html

          • Yellen encore 27/06/2017 (wait for the punch line yet to come):

            “There will not be another financial crisis in our lifetime”.

  4. Democracy in the United States is failing, which is scary. Because the alternative likely makes things much worse for the USA, and the world. The failed Fed money printing, trickle down economics, shrinking middle class, aging population, growing skills gap and dumbing down of main street work-force, deficit spending out of control, debt levels, and lobbyists running DC – all of these trends are just depressing! I’m almost at the point where I may actually disagree with Buffet now and bet against America long term. At the very least cash is king until people with some brains are running the show.

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