Once again, Janet Yellen has occupied a lot of television and media time telling the public what it already knows. What does she know? Other than reciting facts already put into the public arena by the various agencies of government, Yellen never advances our knowledge one iota.
Yellen is such a product of the modern groupthink that dominates academia that she provides little if any insight into the economy or into what policies may or may not help. Today, Yellen is sharing the fact that she reads the paper with Congress as she testifies before the Senate banking committee.
"Monetary policy remains accomodative," says Yellen. What does this mean? That rich people will get richer? Certainly the cconomy is going nowhere. Is the historically slow progress of the recovery a result of "accomodative monetary policy?"
Has Yellen noticed the massive overkill of regulation now crippling the American financial sector? Who cares what rates are, if most Americans can't get a loan thinks to regulatory overkill. Only the wealthy and well-heeled benefit from this absurd mix of contradictory policies.
And these folks wonder why average Americans, the poor and the minorities are losing ground? Maybe Janet Yellen, as well as other Obama acolytes, should take a deep and long look into the mirror, if they want to know where things have gone wrong and why the American economy is a mere shell of what it was a generation ago.
Yellen needs to read Adam Smith's Wealth of Nations. It's pretty clear what made the industrial revolution take place when and where it did. It is also clear why the American economic engine was once the most powerful economic force in the world.
No longer, thanks to folks like Janet Yellen, whose conversation could be reproduced by a robot who has combed over the most recent editions of the NY Times.
No amount of infrastructure spending, higher minimum wages, further restrictions on business and finance is going to help the average American, whose desperate need for the freedom to work and invest as they wish without interference from Yellen, Obama and all of the other millions of bureaucrats, whose sole purpose is to restrict the freedom of average Americans to provide for their families.
According to Yellen, the 2007-2008 period is still the cause of our current problems. What about the Whisky Rebellion or the negative effects of the American revolution? Are they also holding us back?
It took Germany and Japan less than a decade to achieve dramatic double digit economic growth after having their countries and populations devastated by years of warfare. Why is it going to take America a quarter century, if ever, just to get back to growth rates that were once considered average for the American economy?
One thing is for sure, Yellen herself is doing very well in this economy. So is the Obama family. Centillionaire Clintons are doing great. Soros and Buffet aren't doing too bad either. All of these folks speaking for the downtrodden, have to leave their limos, mansions, yachts and jets to get in front of a microphone to state how concerned they are about the rest of us. Thanks.
How about giving the average American the opportunity to make a living, raise a family without interference from the government? Maybe Yellen should think about that for a while, instead of memorizing her cue cards. Yellen is a living testament to the bankruptcy of the economics profession.