Janet Yellen Gets Cussed Out... Politely

So disrespectful!
Who could have done this to our esteemed Fed vice chair?!

See, that's how you know it wasn't JDA who did the cussing out.

Robert Waldmann explains via Angry Bear

First I would like to stress again that I have great respect of Janet Yellen. I try to only critize people whom I respect (my posts show just how respectful I am in general).

So this comment on her use of event studies is really a comment on event studies and not on Yellen in particular. I mainly objected to "Event studies can therefore be helpful." That is not a strong claim and I don't really disagree, but I would add "but not very helpful, because announcements can be declared non events on the grounds that they were anticipated, so conclusions based on event studies depend on judgment -- something which they have in common with conclusions which aren't based on data at all."

More highly respectful verbal abuse after the jump.

Full post here.

I'm not ashamed that I've called her just about every name in the book short of the C word which, well, I refuse to use because even JDA has standards She earned them. With respect, of course.

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.


W.C. Varones said...

Ireland should reclaim the punt,
And Janet Yellen is a .... runt.

wcv said...

It's an amazing act you really must catch;
Watch Yellen shoot Benjamins out of her... ummm, cabbage patch?

Anonymous said...

I mainly objected to "Event studies can therefore be helpful."

hmmmm - is that what they did at the Fed - (an "event study") when they figured out that higher down payment requirements resulted in fewer mortgage defaults? "Event Study"?????? - to use a Chris Farley phrase "Well la-de-FREAKIN'-da!"

From the No Shit, Sherlock File down at the Fed's "Event Studies Vault".

"As a result of the new lending leniency, zero down-payment loans for first-time homebuyers surged from 28 percent in 2004 to 43 percent in 2006. Unfortunately, people who couldn’t scrape together enough money for a down payment turned out to be much more likely to default because they had less at stake and less earning power.

Returning to historic down payment requirements is a start, but don’t be surprised if in a few years cries of racism are heard again when the problem is instead a lack of educational opportunities."

What horseshit. Oh Wait - it came out of the mouths of Phd's so it can't possibly be horseshit - my bad.

Hahahahahahaha how many research economists did it take to realize that people who can't afford a down payment are more likely to default?

Anonymous said...

that almost sounds like a "how many to screw in a light bulb" joke (snicker, snicker)

Anonymous said...

you're too young (I think) to remember this but I have the answer right here Be sure to have your speakers on.

Anonymous said...

"Janet Yellen, vice chairman of the Fed’s Board of Governors, said April 11 that the increase in food and fuel costs will have only a temporary impact on prices and consumer spending, and warrants no reversal of monetary stimulus."

....relax, have a fish taco...what could possibly go wrong?

I filled up yesterday at Shell. Took a photo of the final price on the pump and posted the picture of "My Personal Best" on my shiny new Facebook page. Never had a fill up quite so expensive.