Yellen admits she was "wrong" about inflation in 2021

[Anthony60]

Washington — Treasury Secretary Janet Yellen told CNN on Tuesday that she was wrong when she said last year that inflation only posed a small risk and wasn't likely to be a problem.

Yellen admits...

I knew. Many people did. She's the Treasury Secretary, and she didn't know? Actually, I think she was just giving the party line... "It's transitory". I never believed that for a second, and I don't think she did either. She just lied about it. Either way, she should resign, useless piece of crap. Send in the next Communist.

 

[noonereal]

She is an idiot but, she is a women aNd this administration placed all white males last behind blacks and women .

 

[Bear5131]

She must be getting old and senile, she sure saved obamas butt

 

[Paradoxical]

Washington — Treasury Secretary Janet Yellen told CNN on Tuesday that she was wrong when she said last year that inflation only posed a small risk and wasn't likely to be a problem.

Yellen admits...

I knew. Many people did. She's the Treasury Secretary, and she didn't know? Actually, I think she was just giving the party line... "It's transitory". I never believed that for a second, and I don't think she did either. She just lied about it. Either way, she should resign, useless piece of crap. Send in the next Communist.

Only in government can you be wrong so often and still keep your job.

This is why socialism always fails everywhere it is tried.

 

[Integrityrespec]

She's not good at her job.

 

[MTAtech]

Washington — Treasury Secretary Janet Yellen told CNN on Tuesday that she was wrong when she said last year that inflation only posed a small risk and wasn't likely to be a problem.

Yellen admits...

I knew. Many people did. She's the Treasury Secretary, and she didn't know? Actually, I think she was just giving the party line... "It's transitory". I never believed that for a second, and I don't think she did either. She just lied about it. Either way, she should resign, useless piece of crap. Send in the next Communist.

Some economists, some with Nobel Prizes, thought inflation would be transitory. Others, thought it would last longer.

People get things wrong, the difference is when they admit their mistakes. I seem to remember way back in 2009, when Republicans were saying that Obama’s stimulus and the Fed expanding the money supply would cause hyperinflation, worsen unemployment and devalue the dollar. None of those things happened and they NEVER admitted that they got it 100% wrong.

No economists think that inflation will be entrenched, like it was in the 1970s.

The price rises bothering consumers most are global phenomena, not the results of U.S. policy. Therefore, there isn’t much Yellen can do about it, unlike when she headed the Fed.

 

[yankintx]

She must be getting old and senile, she sure saved obamas butt

Obama?

Oh ya he won 2 elections

 

[Felis Leo]

She is an idiot but, she is a women aNd this administration placed all white males last behind blacks and women .

First, she is not an idiot. One does not graduate from Brown and Yale being an idiot. She made a major mistake and she had the integrity and humility to admit it. Of course, perhaps showing integrity and humility when one is in politics makes one an idiot.

Second, I am not convinced that a bunch of white males in charge would have necessarily yielded better results than women or darker skinned persons. For Christ's sweet sake.

 

[Felis Leo]

Washington — Treasury Secretary Janet Yellen told CNN on Tuesday that she was wrong when she said last year that inflation only posed a small risk and wasn't likely to be a problem.

Yellen admits...

I knew. Many people did. She's the Treasury Secretary, and she didn't know? Actually, I think she was just giving the party line... "It's transitory". I never believed that for a second, and I don't think she did either. She just lied about it. Either way, she should resign, useless piece of crap. Send in the next Communist.

First, she is not a communist.

Second, on what basis should she resign, Anthony60? What specifically did she do wrong that is worthy of resignation?

 

[Chillfolks]

Anyone who isn’t a partisan replies with a huge

No Shit!!!

 

[Kushinator]

Washington — Treasury Secretary Janet Yellen told CNN on Tuesday that she was wrong when she said last year that inflation only posed a small risk and wasn't likely to be a problem.

"Well, look, I think I was wrong then about the path that inflation would take," Yellen said Tuesday. "As I mentioned, there have been unanticipated and large shocks to the economy that have boosted energy and food prices, and supply bottlenecks that have affected our economy badly that I didn't at the time didn't fully understand. But we recognize that now."

I knew.

You knew jack shit.

Supply chain disruptions and unprecedented economic recovery were not anticipated until it started to materialize.

I have gone on the record predicting higher than normal inflation for about 5 years (5% for 5 years) prior to the start of 2021.

You just cheerlead and repeat partisan propaganda.

"It's transitory"

You don't know what the term means, and mistake it as a brief (few months) period. Hence, nobody respects or values your opinions regarding this topic.

 

[MamboDervish]

She is an idiot but, she is a women aNd this administration placed all white males last behind blacks and women .

Here's a White male, self-described "lifelong Republican" who, in front of a congressional committee, admitted that he made a mistake, that he was wrong, that his unregulated laissez-faire economic policies created the bubble that led to a catastrophic global market collapse. Of course in his case, we're not just talking about guessing wrong, or making a wrong prediction like Yellen did, but we're talking about actually creating capitalist policies that crashed the global markets, and actually bankrupted some countries !!

Although he never says he's sorry, you can still enjoy a brief excerpt of Alan Greenspan's "apology" to the American public.



You can still view it in it's entirety on C-SPAN archives.

 

[PoliSciPulse]

Here's a White male, self-described "lifelong Republican" who, in front of a congressional committee, admitted that he made a mistake, that he was wrong, that his unregulated laissez-faire economic policies created the bubble that led to a catastrophic global market collapse. Of course in his case, we're not just talking about guessing wrong, or making a wrong prediction like Yellen did, but we're talking about actually creating capitalist policies that crashed the global markets, and actually bankrupted some countries !!

Although he never says he's sorry, you can still enjoy a brief excerpt of Alan Greenspan's "apology" to the American public.



You can still view it in it's entirety on C-SPAN archives.

"What happened" is that Greenspan's entire world view got shattered. That's why he couldn't comprehend what happened.

 

[MamboDervish]

"What happened" is that Greenspan's entire world view got shattered. That's why he couldn't comprehend what happened.

I know. As a lifelong devotee of Ayn Rand, he believed that any government regulation on the markets was anathema, and to be avoided at all costs. His world view was shattered because he couldn't believe how wrong he was about that belief.

 

[PoliSciPulse]

I know. As a lifelong devotee of Ayn Rand, he believed that any government regulation on the markets was anathema, and to be avoided at all costs. His world view was shattered because he couldn't believe how wrong he was about that belief.

And also once it happened, he was unable to fix it, because as you said, fixing it would be anathema to his beliefs.

 

[Torus34]

If economics was a cut-and-dried predictive science, economists would probably be among our most wealthy citizens. But it isn't. In fact, economists can sometimes be found on opposite sides of a fence depending upon their specific ideology. One dichotomy speaks of the freshwater and the saltwater schools.

And as far as the Fed 'controlling' the economy, it usually ends up scurrying after it, trying to balance its somewhat exclusionary goals.

Regards, stay safe 'n well 'n remember the Big 5.

 

[AGENT J]

I knew. Many people did. She's the Treasury Secretary, and she didn't know? Actually, I think she was just giving the party line... "It's transitory". I never believed that for a second, and I don't think she did either. She just lied about it. Either way, she should resign, useless piece of crap. Send in the next Communist.

She is an idiot but, she is a women aNd this administration placed all white males last behind blacks and women .

BWHAHAHAHAHAHAHAHAHAHA
holy triggered meltdown posts, so much desperation to sell false narratives that cant be supported proved to be statements of fact

 

[ElChupacabra]

First, she is not an idiot. One does not graduate from Brown and Yale being an idiot. She made a major mistake and she had the integrity and humility to admit it. Of course, perhaps showing integrity and humility when one is in politics makes one an idiot.

Second, I am not convinced that a bunch of white males in charge would have necessarily yielded better results than women or darker skinned persons. For Christ's sweet sake.

Indeed, especially when one looks back at some of history's greatest bungles and notices and absence of women or darker skinned people in charge.

 

[AGENT J]

Some economists, some with Nobel Prizes, thought inflation would be transitory. Others, thought it would last longer.

People get things wrong, the difference is when they admit their mistakes. I seem to remember way back in 2009, when Republicans were saying that Obama’s stimulus and the Fed expanding the money supply would cause hyperinflation, worsen unemployment and devalue the dollar. None of those things happened and they NEVER admitted that they got it 100% wrong.

No economists think that inflation will be entrenched, like it was in the 1970s.

The price rises bothering consumers most are global phenomena, not the results of U.S. policy. Therefore, there isn’t much Yellen can do about it, unlike when she headed the Fed.

First, she is not an idiot. One does not graduate from Brown and Yale being an idiot. She made a major mistake and she had the integrity and humility to admit it. Of course, perhaps showing integrity and humility when one is in politics makes one an idiot.

Second, I am not convinced that a bunch of white males in charge would have necessarily yielded better results than women or darker skinned persons. For Christ's sweet sake.

First, she is not a communist.

Second, on what basis should she resign, Anthony60? What specifically did she do wrong that is worthy of resignation?

HOW DARE YOU TWO!!!!!
the nerve of you posting basic common sense, reality and facts in this unhinged triggered meltdown thread meant to sell a false narratives and convince the uneducated and or dishonest nutters!

 

[highroller]

This thread is a great analogy for civil discourse in modern America.

 

[Chainsawmassacre]

Some economists, some with Nobel Prizes, thought inflation would be transitory. Others, thought it would last longer.

People get things wrong, the difference is when they admit their mistakes. I seem to remember way back in 2009, when Republicans were saying that Obama’s stimulus and the Fed expanding the money supply would cause hyperinflation, worsen unemployment and devalue the dollar. None of those things happened and they NEVER admitted that they got it 100% wrong.

No economists think that inflation will be entrenched, like it was in the 1970s.

The price rises bothering consumers most are global phenomena, not the results of U.S. policy. Therefore, there isn’t much Yellen can do about it, unlike when she headed the Fed.

She also said the housing bubble burst wouldn't damage the economy. She had a record of being very wrong on a regular basis. Democrats double down on incompetence.

 

[MTAtech]

This thread is a great analogy for civil discourse in modern America.

Please expand.

Getting back to Yellen. She was on Team Transitory, as were notable economists. I agreed with their arguments too, that supply chains would move back to normalcy soon. What wasn’t anticipated was more severe outbreaks of Covid in China and the Ukrainian war.

The thing is, whether she was right or wrong doesn’t matter much, because she’s the Treasury Secretary, not the Chair of the Fed. What’s needed is increasing output, which government doesn’t control.

In the early 1980s, the Fed sharply raised rates to tackle entrenched inflation. It worked but the cost was high — double digit interest rates, businesses closing, high unemployment, and investments diving.

So, what should the Fed do? I think that raising rates, as they are doing, is the right move. The trick is to move in ways that avoid recession, which sharply raising rates will do. If their target is 2% inflation, the mechanism to do that will be recessionary. So, they should have a more modest goal.

 

[MTAtech]

She also said the housing bubble burst wouldn't damage the economy. She had a record of being very wrong on a regular basis. Democrats double down on incompetence.

Actually, it is you who has a stellar record of being wrong on a regular basis.

Behind the scenes at the Fed, she contends that she and her staff were “pleading with Washington” to issue supervisory guidance that would enable bank examiners to take a tougher line on risky real estate lending.

Insight: Yellen feared housing bust but did not raise public alarm

When Janet Yellen became president of the Federal Reserve Bank of San Francisco in June 2004, a massive real estate bubble was building in the vast nine-state area that it oversees.

www.reuters.com

Heres' what she said at the Fed's policy meeting in December 2007

But if house prices and the stock market fall further and the economy appears to be weakening, then they will further tighten the lending conditions and terms on consumer loans to avoid problems down the road, and these fears could be self-fulfilling. If banks only partially replace the collapsed shadow banks or, worse, if they cut back their lending in anticipation of a worsening economy, then the resulting credit crunch could push us into recession.... Thus, the risk of recession no longer seems remote, especially since the economy may well already have begun contracting in the current quarter.

Look, Yellen wasn't perfect. She didn't realize how vulnerable the shadow banking system was to runs (though who did?). But she got more things right than she did wrong. And she quickly learned from the things she got wrong so that she made out the iceberg the economy was about to hit in late 2007 -- when many of her colleagues were still more worried about inflation. This intellectual flexibility is part of the reason she's had the best forecasting recordof anyone at the Fed since 2009. And it's why she should be the top choice for Fed Chair.

What Janet Yellen Did and Didn't Get Wrong About the Housing Bubble

It was the shadow banking more than the bubble that was the problem

www.theatlantic.com

 

[NuffSaid]

Wow, someone admitted they were wrong.

More refreshing than doubling down and blaming others.

 

[Chainsawmassacre]

Actually, it is you who has a stellar record of being wrong on a regular basis.

Behind the scenes at the Fed, she contends that she and her staff were “pleading with Washington” to issue supervisory guidance that would enable bank examiners to take a tougher line on risky real estate lending.

Insight: Yellen feared housing bust but did not raise public alarm

When Janet Yellen became president of the Federal Reserve Bank of San Francisco in June 2004, a massive real estate bubble was building in the vast nine-state area that it oversees.

www.reuters.com

Heres' what she said at the Fed's policy meeting in December 2007


Look, Yellen wasn't perfect. She didn't realize how vulnerable the shadow banking system was to runs (though who did?). But she got more things right than she did wrong. And she quickly learned from the things she got wrong so that she made out the iceberg the economy was about to hit in late 2007 -- when many of her colleagues were still more worried about inflation. This intellectual flexibility is part of the reason she's had the best forecasting recordof anyone at the Fed since 2009. And it's why she should be the top choice for Fed Chair.

What Janet Yellen Did and Didn't Get Wrong About the Housing Bubble

It was the shadow banking more than the bubble that was the problem

www.theatlantic.com

Bottom line from your own link.

"She didn't realize how vulnerable the shadow banking system was to runs"

Just as she didn't realize inflation wasn't transitory.