Yellen’s Failures Fail To Rewrite History

For cryin’ out Yellen, how many times will Treasury Sec “blame everybody else for the financial panic”, except herself, then, insist she needs MORE of the same regulatory power that failed to stop bank failures?

As the WSJ editors noted: “Janet Yellen has been a disappointment as Treasury Secretary & she would have done less harm to her reputation had she left after the midterm election. Her [recent] speech … trying to explain the latest financial panic is a remarkable exercise in blaming everyone other than the real culprits.” As she & President Biden kept telling us, for instance, “inflation was transitory” so the Fed kept interest rates at ridiculously low levels, thereby further fueling inflation. And, when they finally admitted they were WRONG & started pushing the interest rates upwards to more historical norms, the economy started hitting the skids … badly. Then, again, Ms. Yellen & “others now in power” kept assuring us the Dodd-Frank Act they had written into law after the 2008 financial debacle would at least keep our banks strong in 2023. “Yet, here we are with major banks failing & the government having to bail out uninsured depositors & offer lifelines to protect bank assets that are underwater.”

But, perhaps the biggest Yellen canard is the idea it was Trump’s fault. She had the gall to say: “In January 2021, we inherited a financial stability apparatus at Treasury that had been decimated.” Please. How many months have passed since Ms. Yellen didn’t have Trump looking over her shoulder? How long did she & Biden ignore repeated warnings from economists, bankers AND HER OWN REGULATORS that FED POLICIES were creating a huge “risk to the banking system”? The real truth? Concluded the WSJ: “Ms. Yellen has presided over [a long] era at the Federal Reserve & now at Treasury. If she told the truth, she’d have to indict her own policies.”

Davd Soul