Thursday, June 2, 2022

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)

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

https://thesteadydrip.blogspot.com/2017/09/vice-chair-stanley-fischer-is-stepping.html

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