When Yellen Talks Why Do People Still Listen? – Ep. 227

* Today Janet Yellen was up on Capitol Hill, it was the first of her 2-day testimony
* She was before the U.S. Senate today; tomorrow she will be testifying before the House of Representatives
* She talks about monetary policy; we have a bunch of Senators and Congressmen who engage in political grandstanding
* To me, a lot of the people asking Janet Yellen questions are really just trying to speak for sound bites for the media, trying to score brownie points for their constituents
* One senator had to make some comment about global warming - do you think global warming is one of the things the Fed considers when it sets monetary policy?
* Elizabeth Warren is trying to get Janet Yellen to criticize the Trump administration's efforts to pull back Dodd-Frank
* Because she believes it was the bank that caused the financial crisis
* She doesn't lay any of the blame at the foot of Congress or the Federal Reserve or the artificially low interest rates
* She thinks it was just Wall Street greed that blew up Wall Street and that the reason we haven't had another financial crisis was because of the great legislation Dodd-Frank
* And that somehow, if any bit of that is rolled back, it's going to unleash another wave of rampant Wall Street speculation and blow up the economy all over again
* Probably one of the dumbest comments from one of the senators is why we need more minorities on the Federal Reserve
* The senator commented to Janet Yellen that we needed more African Americans on the Fed because they represent a significant percentage of the population, of the work force, and they need some representation at the Fed
* I'm thinking, "What is this guy talking about?"
* Do you have to be black to conduct monetary policy on behalf of other blacks?
* Does that mean that only whites can conduct monetary policy for whites?
* What is black monetary policy?
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