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curious2
2013 Sep 15, 9:25am
Notice the rule: whatever makes the most $ for the TBTF bankers that control DC. Yellen's now vaunted intellect got her nowhere when the bubble was going up and politicians didn't want anyone to interfere, but now that there is more money to be made by interfering and she's "flexible" enough to do that, she's the next Chair. Notice too the vocabulary and the new meanings of "conservative" and "liberal": "Conservatives who favor a good sound business administration wanted the quiet, liberal academic Yellen because she's closely identified with easy-money policies that have served Wall Street well." How did it become "conservative" (let alone "liberal") to use the federal government to prop up TBTF banks on Wall Street? It's Orwellian: to eliminate thoughtcrime, reduce the language to a level so near incoherence that people can only say platitudes and can't even think unauthorized thoughts.
The rule is not a free market, that's just for talk shows; it's crony capitalists operating in a lemon socialist marketplace where they call the tune and hire whatever pipers will play it. If they actually respected ideas and principles in general, or Janet Yellen's in particular, they would have listened to her during the bubble, but they didn't. They choose her now because her policies are more likely than others (e.g. Summers) to complement Bubbles Ben's QE and ZIRP. That isn't a criticism of Janet Yellen - to the contrary, the players are highly intelligent and diligent people. The issue is they're like the musicians on the Titanic, chosen for their previously written repertoire by the people who really call the tune; no matter how smart the players on the stage might be, they aren't the ones steering the ship.
Ceffer
2013 Sep 15, 9:50am
I'm so disillusioned, I thought they were printing money for me, personally.
ttsmyf
2013 Sep 15, 10:20am
curious2, You wrote
Notice the rule: whatever makes the most $ for the TBTF bankers that control DC.
I think a fix is dumping these facts on them, please consider ...
"Exceptionalism" will be the USA showing these track records to its citizens.
The Public Be Suckered, here:
http://patrick.net/?p=1223928
Now that Larry Summers is officially withdrawing, it looks like Janet Yellen will be the new Bubbles Ben.
http://www.sfgate.com/news/politics/article/Summers-withdraws-name-from-Fed-consideration-4816653.php
http://www.sfgate.com/technology/businessinsider/article/The-Case-For-Janet-Yellen-In-One-Sentence-4816544.php
Reportedly, she has shown "a flexibility of thought" and "seems to believe in the power of monetary [expansion] to address the current malaise" and is therefore considered more amenable to the Fed "help" (for TBTF bankers) we've seen so far. There are still predictions expecting QE to taper, but Yellen might be - ahem - flexible about that.