SF Fedhead Yellen: If Her Husband Were a Crack Addict, He'd Be Turning Tricks as We Speak

Wednesday, November 11, 2009 , , , 3 Comments

Filed under: no fucking shit, lady.


The U.S. economy will be slow to recover from the deepest recession since the 1930s as rising unemployment curbs consumer spending, Federal Reserve officials said.

San Francisco Fed Bank President Janet Yellen raised the prospect of a “jobless recovery” in a speech in Phoenix, while Dennis Lockhart, who heads the Atlanta Fed, predicted a “relatively subdued pace of growth” this quarter and beyond.

The comments yesterday are among the first on the economic outlook since the Fed signaled last week that a return to growth alone won’t be enough to change its policy of keeping interest rates near zero for “an extended period.” Instead, the central bank said any change would depend on increases in employment and inflation.

“At some point, of course, we will have to tighten policy -- and we certainly have the means and the will to do so,” Yellen said. “Until that time comes though, we need to provide the monetary accommodation necessary to spur job creation and prevent inflation from falling any further below rates that are consistent with price stability.”

The jobless rate will exceed 10 percent through the first half of 2010, according to a monthly Bloomberg News survey of economists. The rate jumped to 10.2 percent in October, the highest level since 1983, according to a Labor Department report on Nov. 6. The economy has lost 7.3 million jobs since the recession began in December 2007.

Janet Yellen, you are an enabler. You are enabling a weak dollar and you are holding back our recovery because you are too damn chicken shit to pull the trigger on a Fed exit strategy. I always knew you were useless as a Fed President but this is getting ridiculous.

Whose side are you on, Janet? Really?

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.


Vic said...

Hi, Got your blog from friendfeed. I am impressed with the accent of your topics. It's something nice and unique. Although I can't really tell whos side I will go, probably you. Anyway, you've got really nice finance and accounting links here. I owe you a bg thanks.

Thanks Vic but you owe me nothing, I do this because I love doing it. And also it's too much fun to be able to walk away now :)


Temo1051 said...

10.2% Oct unemployment. What was the number used for stress testing the banks? 9%? Guess we will need some more bailouts.