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Saturday, June 11, 2022

Yellen should do the honorable thing and resign

Sheila Bair headed the FDIC, which insures bank deposits, through the Great Recession of 2008 and 2009. Bush 43 appointed her in 2006 and Obama kept her around until 2011, allowing her to finish her 5-year term.

In 2008, Bair went public with her disagreements with Bush 43's terrible Treasury Secretary Hank Paulson. His decision not to bail out Lehman Brothers triggered $700 billion in other bailouts. Thanks, Hank.

On Friday, Bair applauded Treasury Secretary Janet Yellen, writing, "With welcome candor, she admitted that she was, well, human, and could not have foreseen Russia’s invasion of Ukraine, multiple successive covid variants, and China’s extreme lockdown policies, all of which have exacerbated supply constraints and contributed to spiraling price increases. Instead of being applauded for her honesty, she has been pilloried by partisans and pundits eager to make her the fall gal for our inflation woes, including during Congressional oversight hearings this week."

Of course Yellen's been pilloried.

She was hired for her financial acumen. She was supposed to be right. She was supposed to foresee inflation and guide national policy through these shoals.

Yellen failed.

And now she offers excuses, not candor.

She said, "I think I was wrong then about the path that inflation would take. 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 … fully understand. But we recognize that now." 

Yellen didn't apologize. Instead she said I was wrong but I did not know we were going to hell in a hand basket.

But the things she cited were not the root of this inflation. Overspending by the government was. And she said that spending would lead only to transitory inflation (whatever the heck that means).

Yellen should have known better.

Bair does. She wrote, "But let’s be clear. The primary driver of inflation has been a protracted period of highly accommodative monetary policy that both parties have exploited by running outsized deficits. Democrats have pushed for more spending, while Republicans have pushed for reduced taxes. As Federal Reserve Board chair from 2014 to 2018, Yellen in fact led a strategy to tighten monetary policy, raising rates five times during her tenure."

That tight monetary policy helped keep inflation under control. President Trump left office with 1.4% inflation.

Biden didn't just double it. He didn't just triple it. He doubled and tripled it as inflation today is more than six times what he inherited.

Assurances from his treasury secretary that inflation was temporary accommodated Biden's policy of destroying the middle class by wiping out its savings and wages with never-ending price increases. 

One of my readers emailed me years ago about being the driver of a truck that was involved in a collision that made the late-night monologs. I think it involved molasses and feathers. My reader saw the humor but my reader also lived through the tragedy.

The truck driver-reader wrote, it was all my fault. I will have to find another occupation.

No, I assured the reader, some other company will hire you.

No, the reader corrected me, you don't get it. No one will hire me because I cannot be insured again.

That is how important the reader's job was.

Yellen may not have a CDL but she does have all the Ivy League credentials (Brown with two Yale degrees) and her ticket was properly punched throughout a career that spans over five decades now. 

Actions have consequences. She pushed for the monetary policies that inflated prices. If Don Surber sitting in his living room in Poca, West Virginia, could see it coming in real time more than a year ago, surely given her experience, she should have.

If she saw it coming and decided inflation said nothing, then she is a cad. If she didn't see it, she is a fool.

But either way, she should do the honorable thing and quit. Resign. Retire. Otherwise, her saying she was wrong is merely an admission of the obvious. 

In fact, to some of us her ability to commit economic malpractice on a national scale without penalty and get off without even saying sorry is rubbing 11.9% food inflation in our faces.


  1. She is a fool and a cad and a liar. She too spouts the democrat line that they can’t do anything about oil prices. She is the toast of the democrat party. A model Secretary. Just what the Dr. Jill ordered.

    1. Spare us the ROLCON, Jeffery.

    2. Nothing worse than a woman Yellen. She needs a good "Rodgering" by Eddieboy himself! Between the two, the country could get back on track... Viagra and lay off the liquor edouche, make sure you can lay the ...Dick hopes you can!!!

  2. Resign? Retire? You trying out your standup comic routine? Suicide or Arkancide works for me. In public. After a week notice, so we could all tune in.

  3. In the old days, they were left in a locked room with a loaded pistol.

    1. The entire Biden (mal)administration should commit honorable Seppuku. All of the actual legal living voters who cast ballots for Biden in 2020 should perform mortification of the flesh rituals every day until he leaves office, and twice a week thereafter.

    2. WOW ! Some might think that extreme. Not me , I am sickened by the illegal and treasonous actions of the aforementioned. I am gonna stop while I can still maintain some civility.

    3. The trouble is, they have no honor. The tradition of honor assumes a basic level of morals.

  4. “If Don Surber sitting in his living room in Poca, West Virginia, could see it coming in real time more than a year ago, surely given her experience, she should have.”

    Buckley’s famous comment about preferring to be governed by the first 535 names in the Boston phone book is looking more and more on the money.

    1. PLEASE! Not today's Boston phonebook.
      Chances are out of the first 535 names in the Boston phone book. 80% have never voted for any candidate without a D by its name. The remaining 19+% are all squshies. Having left the workers' paradise several years ago, I know from whence I speak/post.

  5. She's married to a professor of economics. Economist Milton Friedman established decades ago that inflation is always and everywhere produced by a more rapid increase in the quantity of money by the government than in productive output. If Yellen didn't know that, her husband should have told her.

    1. She is a fake economist giving fake news about the economy.

  6. Yellen is useless like the rest of the credentialed class. But she is a Dem so all is forgiven. I have only contempt and disgust for her because she should have known to apologize and resign and didn't.

    1. She merely parroted the line she was told to say.

      She lied. She knew she was lying but said so anyway. There was no way this was transitory, there was way too many things baked into it to guarantee this was coming.

      Add her to Granhold or whatever our useless energy secretary's name is, who utters a "let them eat cake" line at least every three or four weeks. Blankin at State who is at least smart enough to keep mostly quiet, though he is adding some stupid equity ambassador person.
      Bootyjeg who has proven himself utterly incompetent and is just a LBGTQ!@ place holder and is giving gay professionals who are typically pretty competent a really bad name.

      There isn't a single cabinet member who is competent. Not one of them. Or they have checked their competence at the door for political considerations.

      Yellen knew from day one that the energy policies of this administration were going to ruin the economy. And then adding the additional Covid cash into a falling productivity environment guaranteed inflation, and not transitory. Bair is an asshole for defending her. Because Bair knows Yellen is lying.

      I'm hoping for an American post communist moment. Every one of these jerks deserves it in spades.

    2. Do you believe that rolling all this incompetence into a one administration is an accident?

  7. Ha ha.
    Really, Ha, ha,, ha, ha.
    Did you miss it?
    Ha ha ha ha, and ha.
    To suggest anyone on the left do the "honorable" thing requires us to ask "What are you smoking, and can we have some?"
    Honorable is not in their active vocabulary. The end justifies the means, and some times a few eggs need to be broken to make an omelette.
    Don't hold your breath.

    1. Dude---They do too know about "honorable". They like to shame the right, and so "honorable" and integrity, and whatnot, they know they can use to embarrass those on the right, but they themselves feel no shame, and no dishonor.

  8. And she said that spending would lead only to transitory inflation (whatever the heck that means).
    transitory = something comes after this >>>> when the transition happens into recession and depression

  9. The military under this Administration took 20 years and $Trillions in our money in Afghanistan, and threw it away. We left over $80 Billion in military equipment plus American citizens and allies and hung them out to dry. And just to make sure they completely Bidened things up, they murdered one of our allies and 10 of his family members.
    How many were fired for that?!?! Working in government is a joke. No accountability


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