Treasury Secretary Janet Yellen today is testifying before the Senate Finance Committee and is taking the “all is well” approach:
Yellen will testify to Congress that the US banks are sound.
— unusual_whales (@unusual_whales) March 16, 2023
Are the banks “sound” the same way inflation was “transitory” in 2021?
At the hearing, Yellen’s explaining a lot, and none of it speaks well for either the country or those who are running things:
Janet Yellen declared as Fed Chair that there would never be another financial crisis in her lifetime.
Janet Yellen declared inflation was "transitory" in 2021.
Janet Yellen is now declaring the banking system is "sound."
Do you understand?
— Jason Howerton (@jason_howerton) March 16, 2023
What’s the country’s top economic problem? It’s that thing that two years ago Yellen said would be temporary:
JANET YELLEN: "I consider high inflation the number one economic problem that all of us need to face and address…I was very supportive of the American Rescue Plan." pic.twitter.com/cOo9OWyTRf
— Townhall.com (@townhallcom) March 16, 2023
Another prediction bites the dust!
Sen. @MikeCrapo gets Biden Treasury Sec. Janet Yellen to admit the link between Biden's inflation crisis, rising interest rates, and the current banking crisis pic.twitter.com/rgp6Ozuqpx
— RNC Research (@RNCResearch) March 16, 2023
It’s simply amazing how the people who helped cause the problems are the same ones in charge of “fixing” them and we’re supposed to be confident in the ultimate outcome:
LANKFORD: "I'm concerned you're about to accelerate [bank mergers]…"
YELLEN: "That's certainly not something that we're encouraging…"
LANKFORD: "That is happening right now!"
YELLEN: "Because depositors are concerned about the bank failures that have happened…" pic.twitter.com/WBfid2F2VG
— Townhall.com (@townhallcom) March 16, 2023
Senator Ron Johnson: "Would you agree those are the top three causes of inflation? Deficit spending, high energy costs, and supply dislocations?"
YELLEN: "I don't believe the deficit spending is one of the main causes of inflation."
Senator Ron Johnson: "You don't?!" pic.twitter.com/rxCVJtgbMx
— Townhall.com (@townhallcom) March 16, 2023
SENATOR CASSIDY: "Why doesn't the president care?"
YELLEN: "He cares very deeply."
CASSIDY: "Then where is his plan?"
YELLEN: "He stands ready to work with Congress."
CASSIDY: "That's a lie! A bipartisan group of senators have repeatedly requested to meet with him!" pic.twitter.com/jpud6ai0MO
— Townhall.com (@townhallcom) March 16, 2023
Of course there was the usual BS about “no taxpayer money” being used or put at risk:
YELLEN: "Shareholders and debt holders are not being protected by the government…No taxpayer money is being used or put at risk with this action." pic.twitter.com/gMbFCXZQVR
— Townhall.com (@townhallcom) March 16, 2023
The debt ceiling? Yellen said there shouldn’t be any negotiation and it should just be raised:
Senator Crapo: "Can you commit, at least, to negotiate with Republicans as we try to work forward on finding some aspects of fiscal restraint to put into the debt ceiling discussion?"
YELLEN: "The debt ceiling simply must be raised." pic.twitter.com/hW0DiVgSSC
— Townhall.com (@townhallcom) March 16, 2023
In other words, keep doubling and tripling down on the things that are making these economic crises worse over time.
Biden’s latest slogan is “finish the job” and that appears to be exactly what this bunch is doing.
Here is the governments use of fiat described in political speech, Translation: the government's monetary policy (massive printing of fiat) caused inflation that caused the bank to collapse. Now do you understand why they want to blame a political rival?https://t.co/RAkNgEH46x
— 𝓙𝓪𝓶𝓮𝓼 𝓣𝓱𝓮 𝓐𝓻𝓴𝓪𝓷𝓼𝓪𝔀𝔂𝓮𝓻 (@Scotty_2017) March 16, 2023
Oh yeah, did we forget to mention that Biden and the rest would like everybody to believe this is all Trump’s fault?
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Related:
Janet Yellen adds somebody else to WH list of who’s to blame for inflation (Spoiler: It’s YOU)
Whew! Janet Yellen reminds us the same people who caused the problems are working hard to fix them
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