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