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re: UPDATE: Fed Chair Yellen is testifying live on CNBC now. (9:34 am, 2/11/16)
Posted on 2/10/16 at 11:28 am to TigerDeBaiter
Posted on 2/10/16 at 11:28 am to TigerDeBaiter
quote:Nope but she was asked about her forecast on oil prices that she made months ago. She probably learned her lesson.
Did she try and call the bottom of oil again?
__________________________
Now another question from a black congresswoman about 'subsidies' for "big banks" because the Fed is paying interest on bank reserves with the Fed while blacks can't find work. What is the Fed going to do about that?
Yellen gave a lesson how rates are managed by the Fed and how the Fed's "profits" are returned to the U.S. Treasury for congress to spend. "If we don't pay interest on reserves, we will see a rapid shrinking of the Fed's balance sheet which will have a negative effect on the economy due to rising interest rates."
The congresswoman basically admitted she didn't understand Yellen's answer and then went into a diatribe about black unemployment. The committee chair cut her off because her time had expired.
DJ is up 34 points.
Posted on 2/10/16 at 11:31 am to LSURussian
quote:
The congresswoman basically admitted she didn't understand Yellen's answer and then went into a diatribe about black unemployment. The committee chair cut her off because her time had expired.
That lady's knowledge is uncanny
Posted on 2/10/16 at 11:34 am to LSURussian
quote:
Now another question from a black congresswoman about 'subsidies' for "big banks" because the Fed is paying interest on bank reserves with the Fed while blacks can't find work. What is the Fed going to do about that?
This hearing, that's apparently turned into a witch-hunt, is going to only show just how incompetent some of these elected official are. It's humorous at this point. I'm sure even grandma is having to bite her tongue to not just destroy these people.
And exactly, they act as if Yellen is running for president with these questions: "what you gunna do for the black folk"
Seriously?
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