Thursday, March 20, 2014

Janet Yellen interview

I have just watched the Janet Yellen interview (available here) from forthcoming movie, Money for Nothing: Inside the Federal Reserve, and I must say I found Ms. Yellen's Brooklyn folksy I'm-your-friendly-Berkeley-macro-teacher persona absolutely nauseating.

Questioned aboat the steps taken to resolve the financial crisis in 2008 she presents the same tired "we had to do something of the system was gonna collapse" without the slightest seeming awareness that when FDR, one of her putative heroes, I would guess, attacked the same structural problem in the 'Thirties he took structural actions to remedy them.

She certainly has never made a loan and has no understanding of what bad debt is, debts that will never be repaid and should be charged off by the bank with the bank taking the loss.

It's the same old Hank Paulson, either/or, bail Wall Street out, ignore the fraud, let them increase their bonuses in coming years on the backs of the taxpayers--or it's martial law.

And these macro people still think the Phillips Curve works!

I could go on, but I can't. It was just sickening.

Janet Yellen will do Wall Street's bidding and like Bernanke cash in afterwards.

I hope I outlive the Fed. It will be great day for America when the Fed is abolished.

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