Courtesy of Pam Martens.
Janet Yellen Testifying Before the Senate Banking Committee on July 15, 2014
Yesterday, Federal Reserve Chair Janet Yellen delivered her Semiannual Monetary Policy Report to the Senate Banking Committee. Yellen deftly maneuvered questions on slack in the job market, asset bubbles on Wall Street, and assorted digs at the explosion of the Fed’s balance sheet to over $4 trillion as a result of quantitative easing.
When it finally came to the turn of the last Senator on the docket to quiz Yellen, Senator Elizabeth Warren, the Fed Chair gave her a big, warm smile at the beginning of the questioning, likely figuring she was about to steal home and get big kudos for her performance back at the Fed.
Things didn’t go as planned.
Senator Warren has apparently been looking at the bare bones 35-pages released to the public for the various “living wills” or wind-down plans if a systemically important (too-big-to-fail) bank gets into trouble again and compared these to the cryptic, unintelligible tomes of paper that constitute the real wind-down plans behind the Fed’s equally opaque draperies.
Senator Elizabeth Warren Questioning Janet Yellen During Senate Hearing on July 15, 2014
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