Why should we trust Janet Yellen on the economy? She is paid to lie to us.
Here is Janet Yellen on the economy, responding to the question of whether we are in a bubble that is bound to collapse. Thanks to CNBC for the footage.
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“I certainly wouldn’t describe this as a bubble economy,” Yellen said, noting a “healing” labor market and a 5 percent headline unemployment number.
Yellen appeared on a panel with former Fed Chairs Ben Bernanke, Paul Volcker and Alan Greenspan at the International House in New York. The U.S. central bank heads discussed the U.S. economy and monetary policy around the globe.
Apparently, the issue came up because of Donald Trump’s prediction of a massive recession.
Is Janet Yellen more trustworthy than Donald Trump on this issue?
I doubt it.
Consider the track record of her predecessor at the Federal Reserve, Ben Bernanke. Did he tell us the truth about the economy leading up to 2008?
Either Bernanke was unable to figure out what the economy was really doing or he was lying about the economy. Whichever is true is irrelevant. In either scenario, the person responsible for watching the economy let us down.
Janet Yellen never claimed to be better at economics or more honest that Ben Bernanke. There is no reason to expect her to succeed where he failed.
Why do we listen to these people?
In fact, Ben Bernanke and Alan Greenspan both appeared with her, trying to assure us that the economy is stable. So the former Federal Reserve Chairmen who presided over the DotCom crash and the housing crash are still treated like experts who can give us economic guidance.
Don’t trust Janet Yellen on the economy!