Well Thank Goodness JDA Isn't the Only One Who Thinks SF Fed's Janet Yellen is Smoking the Monetary Crack Cocaine
Thank you, Zero Hedge, for validating every negative thought I have ever had about SF Fed's Janet Yellen and then some. I am so incredibly happy to hear that I am not the only one that thinks she is a clueless dolt who should be bagging groceries at Safeway and kept as far away from monetary policy as possible.
San Fran Fed's Janet Yellen Shares Some Misinformation On The Fed's "Credbility" And Other Topics:
Grandma Janet sounds like an insane and/or senile bureaucrat who does not want to admit that she was one of the select cabal of monetary druids whose mistakes essentially destroyed the financial world a year ago... and their reaction to this destruction has made sure that the US economic system is now promptly heading either toward hyperdeflation or hyperinflation (likely both).Read the entire thing for more Janet LOLZ.
Nonetheless, some interesting quotes:
* On negative fund rates:
"[QE] is stimulating the flow of credit, but [it is] simply not as powerful levers as large rate cuts."
In other words, if Bernanke could charge savers 10% for keeping money in the bank, he would be first in line to do so. Can't have those pesky forward looking, prudent consumers spoil it for all those tens of millions who are deadbeat squatters in houses they will never get evicted from, as else Wells Fargo and BofA would have to mark their mortgage books down to fair value.
Epic h/t to reader CK for this.
I'd say more but I'm still laughing my ass off. Whatever you do, don't you dare hit play on that video before you've gotten yourself fully loaded on benzos, booze, and/or hallucinogens. Looks like old Janet has been hitting the mind-altering substances herself these days, not like that'd be anything new.
It isn't often JDA breaks out both the "asshats" AND "boneheads" tag for one individual but... well... you should know by now how I feel about my hometown Fedhead. No need to elaborate.