Quote:

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U.S. Treasury Secretary Janet Yellen said she was wrong about how severe inflation would be.
In an interview with CNN, Yellen was shown previous remarks she'd made last year where she indicated there would only be a "small risk" of inflation, and that it would be "manageable."

In response, Yellen said, "Well, look, I think I was wrong then about the path that inflation would take."

She continued: "As I mentioned, there have been unanticipated and large shocks to the economy that have boosted energy and food prices, and supply bottlenecks that have affected our economy badly, that I didn't at the time didn't fully understand. But we recognize that now the federal reserve is taking the steps that it needs to take."

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https://www.nbcnews.com/business/economy/treasury-secretary-janet-yellen-admits-was-wrong-inflation-rcna31416

If only she had real economists sounding the alarm...well, the good news is she's only the US Treasury Secretary, what could go wrong?

Bronco6G said:

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Quote:

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U.S. Treasury Secretary Janet Yellen said she was wrong about how severe inflation would be.
In an interview with CNN, Yellen was shown previous remarks she'd made last year where she indicated there would only be a "small risk" of inflation, and that it would be "manageable."

In response, Yellen said, "Well, look, I think I was wrong then about the path that inflation would take."

She continued: "As I mentioned, there have been unanticipated and large shocks to the economy that have boosted energy and food prices, and supply bottlenecks that have affected our economy badly, that I didn't at the time didn't fully understand. But we recognize that now the federal reserve is taking the steps that it needs to take."

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https://www.nbcnews.com/business/economy/treasury-secretary-janet-yellen-admits-was-wrong-inflation-rcna31416

If only she had real economists sounding the alarm...well, the good news is she's only the US Treasury Secretary, what could go wrong?

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"unanticipated" and "unexpected" seem to be the hallmarks of this administration*

She wasn't wrong

She knew what would happen

She lied through her yellow teeth so that the establishment could steal more money from middle class America

paging Oldag2020.



paging Oldag2020.....

need more information on this transitory inflation and how we shouldnt be worried if the Fed isnt worried.

anyone with a functioning brain and critical thinking skills could tell that this was absolutely going to happen. Too bad no one at the Fed has either of those.

why has she not been fired? She doesnt even understand how inflation works.

Wait, so combining massive overspending which requires printing Trillions of dollars while at the same time reducing the ability for the private sector to produce anything with lockdowns and restrictions results in bigly inflation? That IS unexpected!!

DrEvazanPhD said:

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Bronco6G said:

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Quote:

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U.S. Treasury Secretary Janet Yellen said she was wrong about how severe inflation would be.
In an interview with CNN, Yellen was shown previous remarks she'd made last year where she indicated there would only be a "small risk" of inflation, and that it would be "manageable."

In response, Yellen said, "Well, look, I think I was wrong then about the path that inflation would take."

She continued: "As I mentioned, there have been unanticipated and large shocks to the economy that have boosted energy and food prices, and supply bottlenecks that have affected our economy badly, that I didn't at the time didn't fully understand. But we recognize that now the federal reserve is taking the steps that it needs to take."

---

https://www.nbcnews.com/business/economy/treasury-secretary-janet-yellen-admits-was-wrong-inflation-rcna31416

If only she had real economists sounding the alarm...well, the good news is she's only the US Treasury Secretary, what could go wrong?

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"unanticipated" and "unexpected" seem to be the hallmarks of this administration*

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Her entire job is anticipating and expecting market challenges and adjusting policy to promote the good results and tamp down the negatives. She is admitting to incompetence. Maybe she will next admit that it is folly to try to manipulate the economy through monetary manipulation.

They shouldn't use the word 'admit'. She hasn't actually admitted to the truth. It wasn't merely a simple ignorant mistake.

"unexpected"

Eff that noise, this was more than expected, it was planned. Need control? Increase the panic of the "pandemic." Need to remove restrictions and open the election up to wide spread fraud? Use the pandemic to ignore laws. Need to push agendas that don't have a snowballs chance in hell? Disrupt supply chain, food supplies, and energy.

Screw these people. They are pure scum.

Makes you kind of lose trust in the supposed experts, doesn't it?:

• Goldman Sachs - we never saw inflation coming and we were surprised by it.
• Janet Yellen - I never saw inflation coming and I was surprised by it.

Marcus Brutus said:

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why has she not been fired? She doesnt even understand inflation works.

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Because in so-called administrations like the one we have now, the appointments are political and not based on skill.

The B admin is filled with an incredible number of incompetents...starting with B and going on down the line. Same with Congress. Ridiculous! Many people see inflation only as price increases on things that the buy, giving no thought as to loss of value in the $'s that they own. A dollar owned one year ago and held is worth around 90 cents or less. Combine that with big market hits to investments and what do you get? (Yes, I know that 401 k's, etc., some investment are up.)

How is it that everyone that doesn't have any formal education in economics saw this coming and our secretary of the treasury did not? It couldnt be because government jobs are full of absolutely worthless people could it?

Never trust someone with a haircut like hers.

The only thing yellen didn't expect was being called out for Her incompetence. They all knew this was coming they did it on purpose

Still deflecting. Well, I was wrong only because of these "unexpected events". Mmmhmm. Apparently you, along with the entire administration is wrong on pretty much everything.

Cromagnum said:

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How is it that everyone that doesn't have any formal education in economics saw this coming and our secretary of the treasury did not? It couldnt be because government jobs are full of absolutely worthless people could it?

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It's incredible.

One thing I've seen posited by a veteran pundit is that most of the analysts doing the work at these big financial firms are all in their 20s and 30s. Thus, none of them have ever seen real inflation. Combine that with them being miseducated on how economics works and we find ourselves where we are right now.

There's only 3 possible explanations:

1. She's really that incompetent. As much as I disagree with her, find it hard to believe given how obvious the path we were on was.
2. Hubris. Think she was smarter than what the clear data showed and it wouldn't happen to this group.
3. She absolutely knew and believed the ends justify the means. I'll leave this last point to debate on another thread.

Cromagnum said:

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How is it that everyone that doesn't have any formal education in economics saw this coming

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I have formal education in economics. I saw it coming.

Q: You know what is worse than Janet Yellen and the Fed completely screwing over the American people??????








A: The people doing nothing about it.







It's OUR government folks, we are allowing these morons to control us.

Simple solutions are out there.

1) Reinstate Glass-Steagall Act - The act effectively separated commercial banking from investment banking and created the Federal Deposit Insurance Corporation, among other things. It was one of the most widely debated legislative initiatives before being signed into law by President Franklin D. Roosevelt in June 1933.

2) End the FED.

3) Allow TBTF banks to fail through their manipulation of derivative markets

4) Institute a flat 10% tax

and

5) start over. Call it the American Renaissance Act



Go back to a gold standard or at least a commodity back currency standard.

She just told us that she didn't know the answer to literally the only question she has in her old job at the Fed. F16 knows more about inflation than she does. And these are the people we have making decisions! Scary!!!

MuchosPollos said:

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Q: You know what is worse than Janet Yellen and the Fed completely screwing over the American people??????








A: The people doing nothing about it.







It's OUR government folks, we are allowing these morons to control us.

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Jefferson said its our right and duty to "Throw them off".

It's simple. It's easier to ask for forgiveness than for permission.

Imagine any administration asking the public to devalue their entire worth by 30%. Not ever gonna happen. They are not incompetent. This is meticulously studied and scrutinized to find the least damaging path in regards to public opinion. Saying "I screwed it all up" is easier and the left will forgive them.

And that doesn't always mean we have to shoot people to do so......

It's the consent of the governed part that is important.

If 50 million withdrew consent, the system would have to change.

MuchosPollos said:

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Q: You know what is worse than Janet Yellen and the Fed completely screwing over the American people??????








A: The people doing nothing about it.







It's OUR government folks, we are allowing these morons to control us.

Simple solutions are out there.

1) Reinstate Glass-Steagall Act - The act effectively separated commercial banking from investment banking and created the Federal Deposit Insurance Corporation, among other things. It was one of the most widely debated legislative initiatives before being signed into law by President Franklin D. Roosevelt in June 1933.

2) End the FED.

3) Allow TBTF banks to fail through their manipulation of derivative markets

4) Institute a flat 10% tax

and

5) start over. Call it the American Renaissance Act



Go back to a gold standard or at least a commodity back currency standard.

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Surface level I admittedly prefer having my money at one institution. Fidelity is much easier to deal with than any bank I've ever used.

How many of us here saw this coming? Pretty much everyone except the idiot progressives and OlAg2020.

But, what's amazing is that she still refuses to believe that the trillions upon trillions of dollars printed had anything to do with it.

Definition of insanity anyone?

See how you feel about that Fidelity account once they crash everything worse than they did in 2008.

You do realize the system is completely corrupted at this point and the debt death spiral is terminal, right?

Be sure to allocate portfolios accordingly.

She did what she was told, knowing she was untouchable while a member of Biden's administration. Now, it appears she feels her only path to professional legitimacy is a giant mea culpa and citing of "unexpected" results in the financial world in which she has spent her career.

Just another example of the leftists wrecking the economy because they can.

MuchosPollos said:

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See how you feel about that Fidelity account once they crash everything worse than they did in 2008.

You do realize the system is completely corrupted at this point and the debt death spiral is terminal, right?

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We can thank Bill Clinton for 2008.

Absolutely. But I have to park my money somewhere that isn't my sofa.

Clinton was just told (paid off) to open the door. It was the banks and Fed that destroyed everything once GS was repealed.

Actually, the seeds for the 2008 crash were sewn back during Carter. The name of the Act escapes me at the moment though.