Janet Yellen Insults Our Collective Intelligence Again
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I remember years ago, I was talking about pharmaceutical companies and I said the need, the pharmaceutical companies need to come up with a drug that makes stupidity hurt. It’s on the other foot right now. You know, other people’s stupidity hurts us. Janet Yellen, again, insulting our collective intelligence. She’s doing an interview with Bloomberg. And she says that the rise in treasury yields, again, the
costs the government more money, costs us more money to basically finance government. I love how they put it. Cost the US government more money. No, no. It costs we, the taxpayers, more money. To borrow money so our fearless leaders in Washington DC can blow it one way or another. Anyway, she says it’s not connected at all to the deficit.
has nothing to do with the fact that we’re $33 trillion in debt, $2 trillion deficit this past year, largest deficit in peacetime ever. But she says it’s rather, it’s a reflection of the resilience that people are seeing in the US economy, that we’re not having a recession, that consumer spending and demand continue to be strong, and the economy is continuing to show tremendous robustness.
She said that. She wants us to believe that bond rates, bond yields, are going up because everything is so star-spangled awesome right now in the United States. And she said it with a straight face. Again, like I said, stupidity hurts us. It hurts my head when I hear nonsense like this coming out of the Treasury Secretary of the United States,
bust our economy is? This is kind of interesting. The University of Michigan inflation expectations exploded higher in October. Consumer frustration appeared everywhere. You don’t say. Well, gee, Janet, if everything was so star-spangled awesome right now with the economy, because buying nanomics is great. There was actually an economist on CNBC this morning that called it the wonder.
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the wonder, the wondrous Biden economy. What planet are these people on? Do they think that they repeat the same idiocy over and over and over again? All of a sudden people are like, yeah, you know what? Things aren’t so bad. It’s great that I’m paying more for gas. It’s great that I’m paying more for electricity, for food, for cars, you name it. Wonderful. You’ve convinced me now. You brilliant economists. Watchdog on wallstreet.com.
