Yellen: 'I Was Wrong' About Inflation (Connecting the Dots: Soros, U.S. Department of the Treasury, Wall Street Journal, Janet Yellen, Berkeley, Federal Reserve and the Group of Thirty)
Newsmax Thursday June 02, 2022
https://www.newsmax.com/newsfront/janet-yellen-inflation-treasury-economy/2022/05/31/id/1072352/
U.S.
Treasury Secretary Janet Yellen said
on Tuesday that she was wrong in the past about the path inflation would take
but said taming price hikes is President Joe Biden's top priority and he
supports the Federal Reserve's actions to achieve that.
Still, Yellen told CNN's Wolf Blitzer, "We
can't rule out further shocks."
On ABC's "This Week March 14, 2021, Yellen said,
"Is there a risk of inflation? I think there's a small risk, and I think
it's manageable," and she said to The Wall Street Journal on
May 4, 2021, "I don't anticipate that inflation is going to be a problem.
But it is something that we're watching very carefully."
Asked by Blitzer whether she was wrong to downplay the
threat that inflation posed in public statements over the past year, and
whether her comments contributed to the current problems, Yellen said: "I
think I was wrong then about the path that inflation would take.
"As I mentioned, there have been unanticipated and
large shocks to the economy that have boosted energy and food prices and supply
bottlenecks that have affected our economy badly that I didn't at the time
fully understand," Yellen added.
Yellen blamed her bad prediction on "further
variants of COVID that have impacted our economy; Russia's war on Ukraine,
which have boosted energy and food prices globally; and the lockdowns that have
occurred in China."
She pointed to a "tremendously strong" recovery
that has "brought our economy back to full employment, creating 8.3
million jobs since President Biden took office. Layoffs have declined to very
low levels."
Unemployment is as low as it's been during the post-war
period at 3.6%, she noted, and the labor market is "arguably the strongest
we have seen it, and now we're in a period of transition." But, she added,
"We're not expecting to see the same kinds of job gains, monthly job gains
or growth figures going forward."
"So really, the shocks to the economy have
continued, but inflation is the No. 1 concern for President Biden," Yellen
said.
Biden "believes strongly and is supportive of the
independence of the Fed to take the steps that are necessary" to reduce
inflation, Yellen added.
Biden met earlier on Tuesday with Fed Chair Jerome Powell
and underscored that he "respects the independence of the Federal
Reserve," a White House official said.
Yellen said the Biden administration was taking action to
try to supplement the Fed's effort by reducing the cost of prescription drugs
and health care and by pushing proposals in Congress to boost the use of
renewable energy.
Asked whether inflation would get worse in the short
term, Yellen tried to sound optimistic.
"Well, you know, core inflation has come down,"
she said. "It's still too high, but in recent reports, we have seen it
move down, and that's an encouraging sign."
Still, she said, oil prices are high and Russia continues
to wage war against Ukraine.
"We're trying and the Europeans are trying to
address that and limit (Russian President Vladimir Putin's) ability to wage
this war. There can be impacts on energy and food prices that, you know, we can
do everything we can domestically to control." she said.
Biden has authorized "historic releases of oil from the strategic petroleum reserve," she added, "But we can't rule out further shocks."
Connecting the Dots:
Janet L. Yellen is the U.S.
Secretary of the Treasury for the
Joe Biden administration, the vice
chair for the Federal Reserve Board,
married to George A. Akerlof, a
professor emeritus at the University of
California, Berkeley, and was the president & CEO for the Federal Reserve Bank of San Francisco.
Timothy F.
Geithner was the secretary at the U.S.
Department of the Treasury for
the Barack Obama administration and
is an overseer, director for the International
Rescue Committee.
Foundation to Promote Open Society was
a funder for and the International Rescue
Committee and the Brookings Institution (think tank).
George Soros was the chairman
for the Foundation to Promote Open Society
and is Jonathan Soros’s father.
Richard C. Blum is
an honorary trustee at the Brookings
Institution (think tank), a board member for the Haas School of Business, married to
Senator Dianne Feinstein and an
Economic Advisory Council member for the Federal
Reserve Bank of San Francisco.
David H. Romer is
a senior fellow at the Brookings
Institution (think tank), a professor at the University of California, Berkeley and married to Christina
D. Romer.
Christina D.
Romer is a professor at the University of
California, Berkeley, married to David
H. Romer and was the council of economic advisers chairman for
the Barack Obama administration.
George A. Akerlof is
a professor at the University of
California, Berkeley and married
to Janet L. Yellen.
Haas School of Business is a business school at the University of California, Berkeley.
Richard C. Blum is
a board member for the Haas School of
Business, married to Senator Dianne
Feinstein an honorary trustee at
the Brookings Institution (think tank) and an Economic Advisory Council member for
the Federal Reserve Bank of San Francisco.
Janet L. Yellen was
a professor emeritus at the University of
California, Berkeley, the president & CEO for the Federal Reserve Bank of San Francisco, is
married to George A. Akerlof and the vice chair for the Federal Reserve Board.
Jonathan Soros is
George Soros’s son and a director at the New America Foundation (think tank).
George Soros is
Jonathan Soros’s father, the founder & chairman for
the Open Society Foundations, a
director emeritus for Refugees
International and was the chairman for the Foundation to Promote Open Society.
Open Society Foundations was a
funder for the Atlantic Council of the
United States (think tank).
Foundation to Promote Open Society was a funder for New America Foundation (think tank), Refugees International and ProPublica.
Frederick Kempe is
the president & CEO for the Atlantic
Council of the United States (think tank)
and was an assistant managing editor for the Wall Street Journal.
David B. Brooks was
an op-ed editor for the Wall Street Journal and is a director at the New America Foundation (think tank).
Joe
Mathews was a reporter for the Wall
Street Journal and a director at
the New America Foundation (think tank).
Kenneth H. Bacon was
the president of Refugees International,
and a reporter for the Wall Street Journal.
Paul E. Steiger is
the chairman for ProPublica and
was a managing editor for the Wall Street
Journal.
Jill Abramson is
an advisory board member for ProPublica
and was a deputy Washington bureau chief for the Wall Street Journal.
Foundation to Promote Open Society was a funder for ProPublica and the Brookings
Institution (think tank).
George Soros was
the chairman for the Foundation to Promote
Open Society.
Ben S. Bernanke is a distinguished fellow at the Brookings Institution (think tank) and was a chairman for the Federal Reserve Board.
Lael Brainard was
a VP & director for the Brookings
Institution (think tank) and is a
member of the Federal Reserve Board.
Karen Dynan was
a VP for the Brookings Institution (think
tank) and a senior adviser for the Federal
Reserve Board.
Douglas W.
Elmendorf was a senior fellow at the Brookings
Institution (think tank) and an
assistant director, Research and Statistics for the Federal Reserve Board.
Donald L. Kohn is
a senior fellow at the Brookings
Institution (think tank) and a
vice chairman for the Federal Reserve Board.
Alice M. Rivlin is
a senior fellow at the Brookings
Institution (think tank) and was
a vice chair for the Federal Reserve Board.
Richard C. Blum is
an honorary trustee at the Brookings
Institution (think tank), a board member for the Haas School of Business, married to
Senator Dianne Feinstein and an Economic Advisory Council member for
the Federal Reserve Bank of San Francisco.
David H. Romer is
a senior fellow at the Brookings
Institution (think tank), a professor at the University of California, Berkeley and married to Christina
D. Romer.
Christina D.
Romer is a professor at the University of
California, Berkeley, married to David
H. Romer and was the council of
economic advisers chairman for the Barack
Obama administration.
George A. Akerlof is
a professor at the University of
California, Berkeley and married
to Janet L. Yellen.
Haas School of Business is a
business school at the University of
California, Berkeley.
Janet L. Yellen is a professor emeritus at the University of California, Berkeley, married
to George A. Akerlof, the U.S. Secretary of the Treasury for the Joe Biden administration,
the vice chair for the Federal Reserve
Board, and was the president & CEO for the Federal Reserve Bank of San Francisco.
Stanley Fischer was
the vice chairman for the Federal Reserve
Board and a member of the Group of Thirty.
Timothy F.
Geithner is a member of the Group
of Thirty, an overseer, director for the International Rescue Committee, a secretary
for the U.S. Department of the Treasury for the Barack
Obama administration.
Foundation to Promote Open Society was a funder for the International Rescue Committee and Brookings
Institution (think tank).
George Soros was
the chairman for the Foundation to Promote
Open Society.
ONE Campaign is a partner with
the International Rescue Committee.
Lawrence H. Summers is
a director at the ONE Campaign, a
member of the Group of Thirty,
was a trustee at the Brookings
Institution (think tank) and a
secretary at the U.S. Department of the
Treasury.
Ben S. Bernanke is a distinguished fellow at the Brookings Institution (think tank) and was a chairman for the Federal Reserve Board.
Resources: Past Research
Yellen Confirmed to
Lead Fed (Past Research on Janet Yellen)
TUESDAY, JANUARY 7, 2014
https://thesteadydrip.blogspot.com/2014/01/yellen-confirmed-to-lead-fed.html
Trump’s Secretary of
Commerce Wilbur Ross the ‘Champion of American Manufacturing’ (Past Research on Timothy Geithner the U.S. Department of
the Treasury Secretary for the Barack Obama administration)
THURSDAY, DECEMBER 1, 2016
https://thesteadydrip.blogspot.com/2016/12/trumps-secretary-of-commerce-wilbur.html
Wall Street Journal:
Only the Elite Are Entitled to Opinions (Past
Research on the Wall Street Journal)
WEDNESDAY, AUGUST 9, 2017
https://thesteadydrip.blogspot.com/2017/08/wall-street-journal-only-elite-are.html
Vice Chair Stanley
Fischer Is Stepping Down from the Fed (Past
Research on the Federal Reserve Board)
FRIDAY, SEPTEMBER 8, 2017
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