Janet Yellen’s Congressional Testimony November 2013
The Fed Never Has to Say “Sorry”
Recap of Janet Yellen’s Testimony
Podcast Summary:
Discussion of Janet Yellen’s Testimony
0:00-17:30
How a Yellen Fed would impact QE, home prices, stock prices, tapering, money printing, Fed credibility vs. Obama credibility
17:30-23:30
Discussion of the efficacy, structure and self-dealing of the Fed and QE; Andrew Huszar‘s Wall Street Journal Op Ed piece; employment and the Wizard of Oz
23:30-34:50
Discussion of the banking system in the U.S.; credit unions and choice limitation; negative interest rates impact on savings, fractional reserve banking
34:50-41:00
Discussion of limitations on bank deposits over $10K and IRS confiscation; FDIC; Money in the Bank vs Good as Gold; the role of central banks and monetizing debt and buying mortgage backed securities by printing currency
41:00-44:45
Discussion of what is a bubble; Yellen’s views on real estate and stock bubbles; QE’s role in creating bubbles
44:45-
Discussion of the dollar as the world’s reserve currency and how long will it continue. Will it end with a bang or gradually? Discussion of interest rates; wealth creation and wealth distribution; the direction of the housing recovery;discussion of the length of QE (five years!);kicking the can out of the stadium; the boiled frog syndrome.
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Further Reading:
Janet Yellin and the Precious Printing Press
Janet Yellen and Negative Interest Rates
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