Fed Chair Janet Yellen Plays Dodgeball With Congress & Gets Tagged

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And clearly the markets did not like what she had to say either as a lot of nervous investors took note. Watching Congress tag Federal Reserve Chair Janet Yellen with questions that lingered while she was testifying revealed alarming information.  It’s the fact that so much of it was revealed in open to the public in a way that was startling.

dodgeball

“I feel like I’m at a ballroom dance on the deck of the Titanic.”

– California congressman Brad Sherman to Fed Reserve Chairman Janet Yellen.

“Does the Federal Reserve legally have the ability to do negative interest rates like Japan and like Canada and other countries are considering?”

– Several congress members asked Janet Yellen.

“Why don’t you use the real unemployment numbers in USA instead of those artificial numbers which doesn’t take into consideration people not looking for jobs and the limits of part-time jobs?”

– Several congress members asked Janet Yellen.

“Why didn’t you bail out smaller community banks instead of corrupt Wall Street banks?”

– Several congress members asked Janet Yellen.

Half the congressmen repeatedly asked Yellen why no one went to jail for the 2008 crisis.

She  provided not answer. Not sure she can.

Every single minority congressman addressing Janet Yellen today has brought up inequality in unemployment. Not any other major issue. 

Janet Yellen was also called out on her Fed oil price predictions vs reality. We knew back in 2010 oil was going to $10. Why didn’t the Fed know? 

Wisconsin Rep. Sean Duffy threw the biggest questions at Janet Yellen.  He had written and subpoenaed her over the ongoing  probe into Fed leakage of material inside information via Medley Global and any other undisclosed channels.  The Fed decided to ignored him and skirt the issue.  But Duffy was having none of it, cutting Yellen off and asking if she and her organization was “above the law”.  The Fed which has been doing everything in its power to stall said probe

Duffy looked like finally had enough and wasn’t intimidated by her in the least.

“I had to send you a subpoena. You knew that I’m looking for these documents, you knew I was going to ask you about this today. So if you’re not going to give me the documents, exert your privilege, tell me your legal authority, why you’re not going to provide this to us.”

Overall, Janet Yellen admitted fairly openly to Congress the limitations and of the Fed. The means taken to dodge some heavy handed questions is quickly fading away from the chairperson and the rest of the central bank members.

And this was only day one of Janet Yellen’s testimony to Congress.  There’s a Day two.

Here is part of the confrontation between Sean Duffy and Janet Yellen.

 

 

 

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Leslie Michael Jr. was born and raised on the Westcoast of British Columbia, Canada. He is a lecturer of Money Uncensored, a series of presentations designed for North Americans and people from around the globe to better understand the financial direction this world is headed and what they can do to protect themselves financially.

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