Janet Yellen Says She's Sorry

Chris breaks down Janet Yellen’s recent apology for not making more progress on fiscal sustainability during her tenure as Fed Chair and Treasury Secretary. Despite her concerns about the growing deficit, Markowski highlights how Yellen presided over $15.2 trillion in U.S. debt increases, contributing to 42% of all debt issued in U.S. history. He critiques her tenure, calling out the impacts of prolonged low interest rates and unrestrained government spending. www.watchdogonwallstreet.com

Episode Transcript

Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.

Speaker 2 (00:16):
Janet Yellen says, she's sorry. I'm sorry, so sorry. So
she had a conversation with Scott Bessant, who is going
to be her successor, and she lectured. She lectured Scott,

(00:36):
who's actually had a real job in his entire life,
lectured him. Okay, because Janet Yellen again never worked in
the private sector ever. Oh, the importance of the independence
of the Federal Reserve. Here's her first quote. What research
has shown research? Huh, you guys are real good at

(00:59):
the the Fed and Treasure when it comes to research, right, Yeah,
because you called inflation real. Well, anyway, what research has shown,
and this is certainly what I see from my own experience,
is that countries performed better. They have not only inflation performance,
but real performance in terms of job creation and growth
is also stronger when a central bank is left to

(01:21):
its own best judgment without political influence. Yeah, like the
Federal Reserve hasn't been used politically over the years. And
let me tell you someth Oh yeah, they made great calls.
Oh yeah, fantastic calls, you know, leading up to the
Great Recession. Yeah, Ben bernanke Ah, the housing market is

(01:43):
rock solid, fantastic. Oh yeah, Alan Greenspan, dot com Mania
going through the roof, not raising margin requirements? What how
is it? How is it that I saw it back
in the nineteen ninety that was I was a key
and I saw that they were screwing up at the Fed. Anyway,

(02:07):
this is funny. Here's the sorry, I'm sorry, so sorry.
Janet Yellen was sorry over failing to make more progress
in narrowing the fiscal deficit. Progress. Like when you use
when you hear the word progress, okay, one would assume that, Okay,

(02:29):
I'm heading in one direction, Okay, I would like to
get there, you know, a little bit quicker, but you know,
I wish we could have gotten there a little bit faster.
So you got somebody working on your house, okay, and
they tell you it's going to be done in two weeks,
and it's you know, we're going on four weeks and
they're working on it. But they say, you know, I'm
sorry we haven't made as much progress. They are attempted

(02:52):
to make any progress. There's no such thing as progress.
You're going backwards. That word progress, I don't think you
understand what it means, she says. I am, this is
Janet Yellen. I am concerned about fiscal sustainability, and I
am sorry that we haven't made more progress. I believe

(03:15):
that the deficit needs to be brought down, especially now
that we're in an environment of higher interest rates. Wow. Thanks, thanks,
master of the obvious. Wow, I'm sure really really you know?

(03:37):
Here you go. Here you go, Scott, Here you go, Scott.
Here's one big, fat, stinking shit sandwich that I'm heading you.
Here you go. I'm handing it right over to you.
But let's let's go over Janet Yellen's tenure here. Janet
Yellen was the FED chair from our over twenty ten

(04:02):
until February twenty fourteen, and then FED chair from twenty
fourteen until twenty eighteen. And free Money kept rates at
zero and we warned about this, we warned about this

(04:22):
and the problems. Okay. She then became Head of the
Treasury under Joe Biden, and again she manipulated US debt
issuance to boost risk assets at the expense of the
debt crisis. She basically under Yellen, total US debt increased

(04:47):
by six point eight trillion. That's when she was FED
chair and vice chair, another eight point four trillion when
she was Biden's Treasury secretary. Soon, Janet Yellen, who's so,
I'm so sorry. I'm sorry. She personally presided over fifteen

(05:10):
point two trillion dollars in US debt, an increase in
US debt. That's forty two percent of all the debt
that this country has ever issued. But she's sorry. But
that's not stopping her right now saying she's sorry, and

(05:32):
she's worried about it to shove as much money as
they possibly can out the door before well it's not
it's not Joe, it's Obama before she leaves. She's sorry,
but she's still swiping the credit card left, right, and
all over the place. We've mentioned this before. Our interest

(05:52):
on our federal debt is one point two trillion dollars.
That is the second largest government to outlay. But she's sorry,
So it's okay, I guess. Watchdog on Wall Street dot
Com