"If you debase the currency, equities go up."
Nobody saw this coming.
What else can she say?
This is the same penguin who said in 2017:
Reducing the Fed’s balance sheet “will be like watching paint dry, that this will just be something that runs quietly in the background.”
The same troll who said in 2017 that she:
expects no new financial crisis in “our lifetimes”
Janet Yellen is another horrible, failed regulator who has been at the Fed off and on since 1977 (and now at Treasury). She has caused massive damage to most Americans, become fabulously wealthy, and remains completely oblivious to the real word.
Good lord, watch this clip:
Exclusive: Yellen gets post-Fed payday in private meetings with Wall St. elite (2018)
Already tired of hearing about ChatGPT-4 “amplifying humanity,” while simultaneously causing “1.2 billion people” to lose their jobs.
Can ChatGPT-4 do this?
“What I don’t understand is why nobody was paying attention to these portfolios at SVB when they’re so easy to value.”
I then heard Torsten Slok, from the Jeffrey Epstein-adjacent firm Apollo Global Management, say:
What happened, of course, here, with Silicon Valley Bank, was that suddenly - out of the blue (!), at least for financial markets - really nobody, I think that’s safe to say at this point, had seen this coming.
As discussed here, here and here, among other pieces over the years:
Where the hell were the regulators?
The Federal Reserve has roughly 30,000 highly-paid apparatchiks (I’m ignoring the California state goofballs here).
Besides virtue-signaling, auditioning for future Wall Street jobs, check-clearing, and funneling money to people like Larry Fink and Stephen Schwarzman, what exactly do they do?
If you're gonna get involved in questionable activities,
make sure you're a philanthropist, because a lot of people will forgive you.
Columbus reporter Robert Fitrakis
Here’s Raoul Pal calling for “emergency rate cuts as fast as you can”:
I also, which is very controversial, am very bullish equities, because more cowbell. If you debase the currency, equities go up. So I’m very bullish crypto, very bullish bonds, very bullish technology stocks in particular.
This is who owns corporate equities and mutual funds, according to the Federal Reserve, as of Q3 2022 (latest data):
The top 0.1% (e.g., Leon Black) own 21.8%. That’s one-tenth of one percent.
The next 0.9% (e.g., Raphael Bostic) own 31.2%. The top 1% own 53% of all equities.
The next 9% (Fintwit) own 35.6%. The top 10% own 88.6% of all equities.
The 50th-90th percentile (e.g., people who watch Jim Cramer, my proxy for “middle-class”) own 10.8%.
The bottom 50% (i.e., the poor) own 0.6% (zero-point-six percent). The stock market is a fairy tale to them, like private jets.
YES, the top 10% get enriched when you “debase the currency.” The other 90% get hosed by inflation.
…the model is if you can depreciate a currency
what you’re really lowering is the price of labor.
"Billionaire politics is about making human shields of the merely affluent."
- Steve Randy Waldman
Forget the nonsense narrative - look at the results:
If one bank fails, you don’t end up saying, ‘Oh my God, I can’t make payroll if I’m not made whole here.’ They could’ve gotten 70 cents on the dollar, I mean those were the bids that they were being shown to get, more or less, instant liquidity at 70 cents on the dollar, yes, with a haircut. What it says to everybody who does think about these things in terms of risk management, making sure there are multiple banks, in caring about which bank you’re doing business with, it says that doesn’t matter. You wasted your time and effort doing that.
I don’t see much fear here. Do you see much fear here?
Then again, you have this (3-month yields higher than 10-year yields), which would seem to indicate future unpleasantness:
The Treppwire Podcast is a good commercial real-estate podcast, but always with a very rosy “glass half-full” take. This week’s podcast is by far the most bearish thing from them I’ve ever heard (and I’ve heard most of their podcasts).
JPMorgan CEO Jamie Dimon ‘knew in 2008’ that Epstein was a sex trafficker, lawyer argues
Even though this goofball banned me, and may not mean what he says, I still think this is the correct take:
The Yellen testimony was unbelievable. She is such a failure that she cannot even handle the most basic requirement for anyone in high office in Washington: how to BS, if not convincingly then at least badly. She was like a deer in the headlights. The idea that anyone would pay this person $200 to speak let along $200K without there being an implied quid pro quo is hilarious.
You are putting in the work today!
Janet dancing like fat on a griddle...her tell? Her mouth is moving.