Janet Yellen blames Americans' 'splurging' for record-high inflation

[craftsman 1,045]

Stop splurging on that good meat you losers. Wait until the meat is slimy then buy it at half price damnit. We wouldn't be in this mess if it weren't for you all and of course those dang Russians. 

 

https://www.foxnews.com/media/yellen-blames-americans-splurging-pandemic-record-high-inflation 

 

Treasury Secretary Janet Yellen blamed consumers' excessive spending habits as a primary cause for the near 40-year-high in inflation on Wednesday.

The Biden official appeared on "The Late Show with Stephen Colbert" where she was asked about the price increases that have plagued the U.S. for more than a year.

Colbert asked her to explain to his audience how inflation got out-of-hand when "two years ago everything seemed fine." The late-night host, known for his sycophantic boosting of President Biden and Democrats, even noted the Biden administration dismissed inflation as a "small risk" as recently as last year.

Yellen argued the administration managed the COVID-19 pandemic so well that consumers felt comfortable to "splurge" on goods.

 

Later in the interview, Yellen also blamed Russia for the increase in food and gas prices.

[Strike 4,131]

She's had a lot of head scratching answers.  It just goes to show that cronyism is more important than competence.  Same with Buttplug.  He's not qualified to be transportation secretary but he's part of the in crowd so he gets rewarded. 

[Sean Mooney 1,235]

7 minutes ago, Strike said:

She's had a lot of head scratching answers.  It just goes to show that cronyism is more important than competence.  Same with Buttplug.  He's not qualified to be transportation secretary but he's part of the in crowd so he gets rewarded. 

I felt the same way when Ben Carson was running HUD and Betsy Devos was running the Department of Ed.

[avoiding injuries 1,238]

“appeared on the late show…” 

I stopped there. Gtfoh b!tch. 

[Hardcore troubadour 13,032]

Reminds me of when poor people were getting blamed for the mortgage meltdown. 

[RLLD 3,588]

10 minutes ago, Strike said:

She's had a lot of head scratching answers.  It just goes to show that cronyism is more important than competence.  Same with Buttplug.  He's not qualified to be transportation secretary but he's part of the in crowd so he gets rewarded. 

Honestly, it reminds me of the problems within the Soviet system where merit was secondary to who who knew in terms of gaining position with their system.  And now, here, we see that identity takes priority over merit or competence. And as a result you have these sycophants in positions where we really need strong leadership.

[Strike 4,131]

3 minutes ago, Sean Mooney said:

I felt the same way when Ben Carson was running HUD and Betsy Devos was running the Department of Ed.

I don't remember mentioning party affiliation in my post at all.  Both parties do it.

[Sean Mooney 1,235]

2 minutes ago, Strike said:

I don't remember mentioning party affiliation in my post at all.  Both parties do it.

Agreed.

You offered up the Democratic examples. I offered up the Republican ones. 

[Raven Fan 362]

She really should be blaming all the spending the last 5 years, massive increase to the debt, Trump bullying the Fed to keep rates low, Trump's unnecessary tax cuts, and supply chain issues. 

But inflation certainly hasn't stopped folks from eating out, traveling, or spending gobs of money.  The fact that everyone has a job is a MUCH MUCH bigger deal. 

[RaiderHaters Revenge 3,689]

6 minutes ago, Raven Fan said:

She really should be blaming all the spending the last 5 years, massive increase to the debt, Trump bullying the Fed to keep rates low, Trump's unnecessary tax cuts, and supply chain issues. 

But inflation certainly hasn't stopped folks from eating out, traveling, or spending gobs of money.  The fact that everyone has a job is a MUCH MUCH bigger deal. 

the fed should always be low, raising the fed leads to predatory practices, like which burst the bubble in 08

[Hardcore troubadour 13,032]

Mortgage rates were really low under Obama. Was he bullying the fed too? 

[RaiderHaters Revenge 3,689]

3 minutes ago, Hardcore troubadour said:

Mortgage rates were really low under Obama. Was he bullying the fed too? 

racist

[Raven Fan 362]

10 minutes ago, RaiderHaters Revenge said:

the fed should always be low, raising the fed leads to predatory practices, like which burst the bubble in 08

The Fed being near zero for so long DIRECTLY led to what we're dealing with now.  Free money encourages risky behavior and floods the economy with dollars. 

[Raven Fan 362]

7 minutes ago, Hardcore troubadour said:

Mortgage rates were really low under Obama. Was he bullying the fed too? 

Quote me when Obama chit talked the Fed.

I can provide numerous Trump quotes doing this.

And good lord people please stop commenting about stuff you all clearly know nothing about.  I'm getting embarrased for you. 

 

[RLLD 3,588]

Just now, Raven Fan said:

The Fed being near zero for so long DIRECTLY led to what we're dealing with now.  Free money encourages risky behavior and floods the economy with dollars. 

I think this assertion is correct. This started with Bill Clinton and then George Bush ensured it continued, but really it was Greenspan who misread the situation.  There were plenty of people who should have caught the issue much earlier and did not. 

[Raven Fan 362]

Just now, RLLD said:

I think this assertion is correct. This started with Bill Clinton and then George Bush ensured it continued, but really it was Greenspan who misread the situation.  There were plenty of people who should have caught the issue much earlier and did not. 

True.  However the Fed started to raise rates during Obama's last year.  They continued to do so slowly during Trump's first 2 years, until he chit talked them so much they actually LOWERED rates in 2019!  Lowered rates during "booming" times?  All because he only cared about market returns and the market and Fed rates are highly correlated.

Just another example of how Trump was a worthless POS.

[RaiderHaters Revenge 3,689]

4 minutes ago, Raven Fan said:

The Fed being near zero for so long DIRECTLY led to what we're dealing with now.  Free money encourages risky behavior and floods the economy with dollars. 

so forcing people to pay interest on huge loans is a good thing

you know when the fed was ZERO interest over the lifetime of a 30 year loan was still over 100%

the FED is just more govt overreach sticking their greedy hands into our pockets

for the record you will never find ever saying to raise taxes, raise interest rates, raise anything 

[Hardcore troubadour 13,032]

I believe one of the all time lows for interest rates was in 2021? Biden must have been bullying as well. 

[Raven Fan 362]

10 minutes ago, RaiderHaters Revenge said:

so forcing people to pay interest on huge loans is a good thing

you know when the fed was ZERO interest over the lifetime of a 30 year loan was still over 100%

the FED is just more govt overreach sticking their greedy hands into our pockets

for the record you will never find ever saying to raise taxes, raise interest rates, raise anything 

good lord the stupidity is off the charts.

Why were interest rates so high in the early 80's?

I can't believe I'm actually even asking you this....

And can you explain in a couple of sentences what you think the Fed does?  And how it "sticks its greedy hands into our pockets"?

[RaiderHaters Revenge 3,689]

5 minutes ago, Raven Fan said:

good lord the stupidity is off the charts.

Why were interest rates so high in the early 80's?

I can't believe I'm actually even asking you this....

And can you explain in a couple of sentences what you think the Fed does?  And how it "sticks its greedy hands into our pockets"?

first, I don't care why the rates were high in the 80's I would have opposed it then as well

the fed is an overregulation board, and to think that you don't think everyone associated with the fed has nothing to do with the predatory bank lenders, everyone on the board sat on a big bank board/wall street company.  They are all part of the same, thats why the first people they bailed out was the bank system

they work with banks to set up new loan schemes continually

the fed had a place I suppose when we were gold backed

https://www.thebalancemoney.com/fed-funds-rate-definition-impact-and-how-it-works-3306122

billionaire banks borrow money from billionaire banks and past that interest to regular people

the fed screws the middle class plain and simple when it goes up

 

[Gladiators 1,914]

1 hour ago, Strike said:

I don't remember mentioning party affiliation in my post at all.  Both parties do it.

It’s important for bored centrists to try to score political points for the left.

[RLLD 3,588]

37 minutes ago, Raven Fan said:

True.  However the Fed started to raise rates during Obama's last year.  They continued to do so slowly during Trump's first 2 years, until he chit talked them so much they actually LOWERED rates in 2019!  Lowered rates during "booming" times?  All because he only cared about market returns and the market and Fed rates are highly correlated.

Just another example of how Trump was a worthless POS.

We can agree to disagree on Trump, but that is for another thread.

Raising rates is useful to slow the economy and attempt to fend off problems.  I have no issue with it. Nor do I have any issue with lowering them. 

The economic situation dictates the response and to be fair, even to Greenspan, it is not always easy to read so I cannot be too critical.  The main culprit to my eyes back in the pre-Obama years was the banks. 

I am discontent with Yellen, and her track record overall. 

[taco breath 419]

she has a point

[easilyscan 575]

4 hours ago, RaiderHaters Revenge said:

the fed should always be low, raising the fed leads to predatory practices, like which burst the bubble in 08

No sir. The predatory practices were encouraged by our very own government, government sponsored enterprises & housing advocate groups.

If you still believe keeping rates @ historic lows is the way to go, you may want to consider Japan. They started the move towards zero interest rate in the late 80s/early 90s. The Nikkei average, Japan's equivalent to our Dow Jones industrial average, was around 38K at that time. 32 years later it's around 28K.

The seeds for the 2008 meltdown were planted all the way back in the late 70s. If you really want to know the true story of how it came about, read this.

https://www.backwoodshome.com/the-meltdown-and-the-bailout-why-how-and-what-they-mean/

As for Janet Yellen, incompetent is the first word that comes to mind.

[RLLD 3,588]

52 minutes ago, easilyscan said:

No sir. The predatory practices were encouraged by our very own government, government sponsored enterprises & housing advocate groups.

If you still believe keeping rates @ historic lows is the way to go, you may want to consider Japan. They started the move towards zero interest rate in the late 80s/early 90s. The Nikkei average, Japan's equivalent to our Dow Jones industrial average, was around 38K at that time. 32 years later it's around 28K.

The seeds for the 2008 meltdown were planted all the way back in the late 70s. If you really want to know the true story of how it came about, read this.

https://www.backwoodshome.com/the-meltdown-and-the-bailout-why-how-and-what-they-mean/

As for Janet Yellen, incompetent is the first word that comes to mind.

All of this is true.  It started with the Community Reinvestment Act, which did not do all that much really.....until Clinton.....and then it started, next thing you know bing-bam-boom and banks are predating on minorities....

[RaiderHaters Revenge 3,689]

54 minutes ago, easilyscan said:

No sir. The predatory practices were encouraged by our very own government, government sponsored enterprises & housing advocate groups.

If you still believe keeping rates @ historic lows is the way to go, you may want to consider Japan. They started the move towards zero interest rate in the late 80s/early 90s. The Nikkei average, Japan's equivalent to our Dow Jones industrial average, was around 38K at that time. 32 years later it's around 28K.

The seeds for the 2008 meltdown were planted all the way back in the late 70s. If you really want to know the true story of how it came about, read this.

https://www.backwoodshome.com/the-meltdown-and-the-bailout-why-how-and-what-they-mean/

As for Janet Yellen, incompetent is the first word that comes to mind.

My point is always the govt. let’s not act like the fed isnt just another govt entity 

[easilyscan 575]

2 minutes ago, RaiderHaters Revenge said:

My point is always the govt. let’s not act like the fed isnt just another govt entity 

Good point.

[JustinCharge 2,397]

here is a list of "all the good things biden has done" circulated by democrats.  it includes an ENORMOUS list of free money / handouts to groups to spend spend spend,  Now Yellen blames inflation on Americans spending so much.  maybe she shiuld biitch to her focking boss?

 

 

[TBayXXXVII 2,215]

6 hours ago, craftsman said:

Stop splurging on that good meat you losers. Wait until the meat is slimy then buy it at half price damnit. We wouldn't be in this mess if it weren't for you all and of course those dang Russians. 

 

https://www.foxnews.com/media/yellen-blames-americans-splurging-pandemic-record-high-inflation 

 

Treasury Secretary Janet Yellen blamed consumers' excessive spending habits as a primary cause for the near 40-year-high in inflation on Wednesday.

The Biden official appeared on "The Late Show with Stephen Colbert" where she was asked about the price increases that have plagued the U.S. for more than a year.

Colbert asked her to explain to his audience how inflation got out-of-hand when "two years ago everything seemed fine." The late-night host, known for his sycophantic boosting of President Biden and Democrats, even noted the Biden administration dismissed inflation as a "small risk" as recently as last year.

Yellen argued the administration managed the COVID-19 pandemic so well that consumers felt comfortable to "splurge" on goods.

 

Later in the interview, Yellen also blamed Russia for the increase in food and gas prices.

So let me get this right... the LEFT gave out TONS of money (through the COVID bill created in the House that Republican's voted against twice, before passing so that people who are truly in need can get money - oh, and leftists claimed that if Republican's didn't want their cut they'd take it).  Oh, and then had forced shut downs AND fear mongered about a lack of supplies for 2 years, are now complaining that people spent too much money?

[BunnysBastatrds 1,963]

Dumb biotch. 

[Sean Mooney 1,235]

6 hours ago, Gladiators said:

It’s important for bored centrists to try to score political points for the left.

Apparently just as important as it is for you to not read the whole thread. 

[Hardcore troubadour 13,032]

6 hours ago, Gladiators said:

It’s important for bored centrists to try to score political points for the left.

Some of them should be doing their jobs instead 

[Gepetto 1,013]

Americans often do splurge to much, but the problem is also the interest rates were basically 0% for the last several years.  Hard to see the point to save when there are alternative investments.

[Hardcore troubadour 13,032]

Credit card use is way up.  Household debt is through the roof. 

[Gladiators 1,914]

1 hour ago, Sean Mooney said:

Apparently just as important as it is for you to not read the whole thread. 

I read the whole thread. You wanted to make a point for the left, to no one’s surprise.

[Sean Mooney 1,235]

Just now, Gladiators said:

I read the whole thread. You wanted to make a point for the left, to no one’s surprise.

Not really. I even agreed that both sides do this- just built off of the person who talked about the one side. I never tried to defend Buttigeg or Yellen. 

Again- had you read the whole thread you wouldn't have looked like a fool.

[Gladiators 1,914]

1 minute ago, Sean Mooney said:

Not really. I even agreed that both sides do this- just built off of the person who talked about the one side. I never tried to defend Buttigeg or Yellen. 

Again- had you read the whole thread you wouldn't have looked like a fool.

You side with the left every time. You’ll throw out the old “both sides do it” comment, but then vehemently defend the left. Fine. I don’t care. But stop trying to claim you’re a centrist. You aren’t. It’s clear as day to anyone here.

[Sean Mooney 1,235]

2 minutes ago, Gladiators said:

You side with the left every time. You’ll throw out the old “both sides do it” comment, but then vehemently defend the left. Fine. I don’t care. But stop trying to claim you’re a centrist. You aren’t. It’s clear as day to anyone here.

I am. If someone had already mentioned the left, I would've mentioned the right. The poster mentioned the right, I mentioned the left. When they said they weren't picking sides I said I agree that both sides do this.

Sorry that trying to be fair is a crime to you 

[Horseman 1,593]

1 hour ago, Sean Mooney said:

I am. If someone had already mentioned the left, I would've mentioned the right. 

[Gladiators 1,914]

42 minutes ago, Horseman said:

Mooney might be the biggest lefty on the board. I really don’t care, but he just refuses to admit it.