Comments by "Daniel Bradford" (@Falconlibrary) on "Markets in 3 Minutes: Yellen Spooks Bank Stocks" video.

  1. We could've had Elizabeth Warren as Treasury Secretary, someone who has good policy ideas and is mentally alert enough to implement them. Yellen made it quite plain in recent testimony before the senate's finance committee that she doesn't even know what day of the week it is, let alone have a coherent set of policies. Yellen didn't know even the broad outlines of Biden's proposed budget and Senator Kennedy of Louisiana had to explain to Yellen, as he would to a small child, the concept of a budget ("a budget is spending money"). Is there any competent member of Biden's administration? Every single member of his cabinet seems not to know nor care what their jobs are, nor have the first clue on how to carry them out.
    4
  2. Powell had to make a choice: protect asset values or fight inflation. He can't do both. He's decided to protect asset values by bailing out uninsured depositors and to promise to continue doing so indefinitely. Which means throwing trillions more into an already overheated economy. Which means 6% inflation is with us for the time being, and double-digit inflation within a year or so. Nothing is more ruinous for a society than inflation, which is why 2% was always the target. Senator Warren was right about Powell: he had two jobs, overseeing the banking system and monetary policy, and he's failed spectacularly at both.
    2