Thursday, March 17, 2016

Yellen's Psychobabble

You're reading my mind
You won't look in my eyes
You say I do things
That I don't realize
--Alan Parsons Project

After the FOMC decided to keep rates unchanged yesterday, none other than Fed apologist Steve Leisman asked Janet Yellen in the post FOMC presser whether "the Fed have a credibility problem" for not raising rates in the face of various data suggesting that extreme monetary policy measures are no longer required.

Not sure whether I laughed more at Yellen's response or at ZeroHedge's description of it. Take it away ZH:

"[Yellen's] answer [to Leisman's question] was a 261 word jumbled nightmare of James Joyceian stream of consciousness interspersed with high-end econobabble that we, for one, were completely unable to follow."

Amusement aside, the frightening part is that Yellen's psychobabble aptly reflects the level of intellect backing decisions that have the capacity to destroy socioeconomic systems worldwide.

No comments: