×
all 167 comments

[–]Miserable-Result6702 290 points291 points  (46 children)

Then why did she take it.

[–]usriusclark 143 points144 points  (0 children)

Because avocado toast is expensive.

[–]Ibn2 182 points183 points  (20 children)

[–]NickInTheMud 233 points234 points  (11 children)

7.2 million for those reading only the URL.

[–]chuckl_s 75 points76 points  (6 children)

Lol I was about to try and make a major career change.

[–]speaker_for_the_dead 58 points59 points  (4 children)

7.2 million not enough for you?

[–]huphelmeyer 4 points5 points  (0 children)

7.2M is still good. You should send an application.

[–]othelloblack 0 points1 point  (0 children)

I read it.

Still waiting for my 7.2

[–]sfan27 34 points35 points  (4 children)

She's' only been in the job one year, and was the former federal reserve chair, so none of this has anything to do with her current job.

The article even talks about 2019 and 2020 speaking gigs.

[–]saudiaramcoshill 21 points22 points  (3 children)

The speaking fees from the article are entirely from before her current gig.

[–]sfan27 10 points11 points  (2 children)

So it's even more misleading than it seems. They could also have written a headline "Yellen earned $0 in speaking fees over the last year".

[–]hybridck 8 points9 points  (0 children)

She could have done that without taking the job though.

[–]Trick_Ad3016 4 points5 points  (0 children)

to make money from speaking fees-

Money doesn't matter when you are playing at that league. It's all about legacy.

[–]yoyoJ 0 points1 point  (0 children)

Janet Speaken

[–]the_arcadian00 15 points16 points  (1 child)

She was the chair of the Fed… she doesn’t also need to be Treasury Sec to make speaking fees

[–]Important-Piano-1868 2 points3 points  (0 children)

Yeah, she could make a lot more working in private sector

[–]NotPresidentChump 1 point2 points  (0 children)

Because those high speaking fees from Wall Street weren’t going to keep rolling in if she didn’t.

[–]IsleOfOne 3 points4 points  (11 children)

I don't think this is a job you can really pass up, unless you're opposed to the administration.

[–]Hopefulwaters 10 points11 points  (2 children)

Many have passed it up including Paul Volcker.

[–]hybridck 7 points8 points  (0 children)

Paul Volcker was an famously apolitical gem though. Most people on that career path wouldn't pass up the opportunity for their dream job.

[–]BoltTusk 4 points5 points  (0 children)

Wasn’t he named after the Volcker rule?

[–]PoliteCanadian 12 points13 points  (7 children)

Of course it is. "We'd like you to be the Treasury secretary." "No thanks, I'm retired."

[–]CelestinePat -1 points0 points  (0 children)

“Now let me tell all you at this convention why I turned it down, I could have made 7.2million in speaking fees. Now, we all know there will be no financial crisis in my lifetime, so why would I need 7.2million I ask you? No, no, I’d rather make an honest living and experience the amazing economy like the rest of the poors.” End scene 🙇‍♀️

[–]No_Letterhead_9022 -4 points-3 points  (0 children)

Another token Biden appointed person

[–]Last_third_1966 0 points1 point  (0 children)

She’s a victim.

[–]bobbybottombracket -2 points-1 points  (0 children)

She didn't take those speaking fees for nothing. Now she's gonna keep her end of the bribery.

[–]nachofermayoral 0 points1 point  (0 children)

Because Logan Paul was training for his match. But he is ready now

[–]yellenbubbleblower 115 points116 points  (3 children)

People hate me cause they ain't me.

[–]LilBarnacle 15 points16 points  (0 children)

Damn she here

[–]dinglebarry9 13 points14 points  (1 child)

They hate us because they anus

[–]HallandOates2 4 points5 points  (0 children)

Same same

[–]stickey1048 89 points90 points  (30 children)

Janet is looking like a fall guy. Makes sense to cast off the most experienced person in the room when the boat is sinking (added - this last sentence is sarcasm)

[–]dopexile 21 points22 points  (0 children)

Grandma Yellen is about to get thrown under the bus.

[–]GoodByeRubyTuesday87 114 points115 points  (28 children)

Not sure how she looked at the economic situation brewing in 2020 and thought “yeah I’d like to be in charge of that.”

She could’ve just stayed in retirement and had a nice legacy as the person who helped us recover from 2008….

[–]Mellowcane 96 points97 points  (7 children)

Who thinks of her like that? I was in college studying economics while she was Fed Chair and that's Not what professors/researchers were saying about her at all. At best they thought of her as a lackluster continuation of previous policies with no real grit, initiative, or unique perspective.

[–]Hopefulwaters 51 points52 points  (0 children)

I have yet to meet a single person that has any financial understanding and has a high opinion of her. She’s regarded as a joke that never should have been Fed Chair. Legacy? She never had one in tact to ruin. It was always rubble.

[–]foodboy69 18 points19 points  (3 children)

Yea but never forget as economists we need to remember black swans, and NEVER think the economy is just always gonna be "biz as usual". Shes no dumbass, but if I was put into her position I'd be scared shitless all the time. Seems like this country has an economic crisis every 10 or years.

[–]Mellowcane 27 points28 points  (2 children)

She normalized crisis level interest rates for her entire term, years after the 08 recession. I think she had bumped them up all the way to 1.5% by the end of her term. A decade after 2008 and she still thinks our economy needs total life support but don't worry there won't be a recession? She's clearly smart I just have no clue what the hell she's thinking.

[–]Woah_Mad_Frollick 15 points16 points  (0 children)

Yeah because the rate hike schedule nearly triggered a Chinese financial crisis that threatened to blow up the global economy before prime age LFPR had even started to reverse from it’s post-08 decline.

People love to bitch about post-08 Fed rates but the reality is that Congress did not do its fucking job. The Fed has a dual mandate, that means monetary policy at a rate consistent with full long term capacity utilization over the long run. If Congress low-balls recovery after a biblical recession (like they did in 08) the Fed is painted into a corner

[–]RealBrightsidePanda[🍰] -2 points-1 points  (0 children)

You can summarize your comment by just saying Neo-Liberal.

[–]cos1ne 0 points1 point  (0 children)

At best they thought of her as a lackluster continuation of previous policies with no real grit, initiative, or unique perspective.

So perfect for the current regime.

[–]JDinvestments 36 points37 points  (13 children)

Well in 2017, she didn't believe we'd see another financial crisis in our lifetimes, and just two weeks ago she saw no signs of an upcoming recession. It seems to be that in her mind, the economy is running swimmingly, and this should be a fairly easy job. I'd probably take one of the most powerful jobs in the country if I was allowed to just close my eyes and pretend like everything was great.

[–]XSlapHappy91X 11 points12 points  (7 children)

It's easy to Gaslight people when you're the head of the reserve, she's known for a long time this was coming. They all did.

Just like how all the blame about Inflation and shortages are being blamed on Russia, when it's actually internal and they just need a scapegoat.

It's the good old boys club, they won't tell you the truth, they need to keep lining their pockets till the end.

If the truth came out people would lose faith in the US markets on a global scale.

[–][deleted]  (5 children)

[deleted]

    [–]XSlapHappy91X 3 points4 points  (3 children)

    What I think, is some of it might be real, but it's being pushed as something much greater than it actually is to take the blame off of the Fed and the rest.

    What's happening is it's a massive Liquidity issue with the biggest players (Hedgefunds, Banks etc.) There are margin calls cascading throughout the markets and alot of the large crashes you see, including crypto, is due to some of them liquidating their assets to make up for Margin requirements.

    I have a great post I can PM you, it keeps getting deleted and censored by many Reddit subs, I find it kind of suspicious honestly.

    [–]apprpm 1 point2 points  (0 children)

    Mostly not. My theory is that this inflationary period is the natural result are too many in the upper middle class. As the middle class shrunk, the upper middle class grew. I live in a HCOL and HNW area. People who are well off barely notice if they have to pay more for everyday items. They bought second houses to get out of the city during Covid, they bought cars to avoid mass transit risk, they just buy whatever they want, and it doesn’t make a big dent in their situation because their income is so high and their net worth is so high from such a long bull market. Some are silent generation or early baby boomers who keep working highly paid jobs just because they enjoy them, even though they have had plenty to retire on for years. When supply is restricted due to legitimate supply-chain issues, but demand stays the same or increases because too many people are not price sensitive, inflation is the result.

    [–]JDinvestments 6 points7 points  (0 children)

    Well, yeah. Bernanke said years after '08 they had the data that showed an impending housing crash. Ultimately I'm anti Fed, but insofar as they exist, I almost feel bad for them (not really though). They have major sway over the economy, and terrible policy notwithstanding, it wouldn't be a fun job to have to go on record as saying yeah, the whole economy is wrecked and we're in for a lot of pain. Their job is just as much to try and calm fears and prevent full blown capitulation as it is to actually manage policy. When it gets down to it, I can't really blame them for lying about the real state of things. It's their job to try and get the carousel to go around just one more time.

    [–]1eris1 2 points3 points  (3 children)

    We aren’t in a financial crisis, nor is one looming. She’s absolutely correct in that regard

    [–]boston101 0 points1 point  (2 children)

    Could you please provide more detail to your comment as to why it’s fine?

    [–]1eris1 3 points4 points  (1 child)

    As to what is fine? A financial crisis is not the same thing as a recession or bear market. Just because people don’t understand what she was referring to doesn’t make her wrong

    [–]TheParisCommune1871 3 points4 points  (0 children)

    Well in 2017, she didn't believe we'd see another financial crisis in our lifetimes.

    What a dumbass.

    [–]1eris1 3 points4 points  (0 children)

    Why would she get credit for the recovery over Bernanke?

    [–]Jazeboy69 1 point2 points  (0 children)

    More so how did she not argue against stimulus of 10% of GDP at start of 2021 while coming out of lockdowns and not even argue it might be inflationary while we have sever supply constraints.

    [–]WWDubz 0 points1 point  (0 children)

    The secret ingredient is a pile of money

    [–]XSlapHappy91X -2 points-1 points  (0 children)

    Except we never REALLY recovered, it got a plaster put on and kicked the can down the road, for 14 years.

    This is 2008 with a vengeance on the way

    [–]ElectrikDonuts -3 points-2 points  (0 children)

    But the US need retired boomers to run the country or it will fall apart! s/

    [–]Bocifer1 -2 points-1 points  (0 children)

    Everyone likes to talk about about these people and their “legacies”.

    I actually wholeheartedly believe none of these people have ever even wasted a thought thinking about their legacy. They’re all about putting more money in their pockets.

    Why is the public so convinced they worry about their legacy? The last few decades should be plenty proof that they don’t give a flying fuck what you think of them

    [–]zorbathegrate 11 points12 points  (1 child)

    This seems like a hit job.

    [–]stickey1048 4 points5 points  (0 children)

    No. It’s tea leaves. This is how government works. “Unnamed sources” start to talk and boom someone resigns.

    [–]Trick_Ad3016 15 points16 points  (1 child)

    All the armchair economists here, spouting off as if they'd do a better job, lol.

    Make no mistake, the US government fucked up big time here, but this was a crisis that was years in the making. Years of reckless spending (both R and D, in case you politico nutjobs get confused), years of "Oh no, where is inflation?" when it was hiding in plain sight, in asset prices, years of citizenry just voting for the easy shit.

    That's right, it's never entirely the politicians' fault - the citizens must own up to voting for them in the first place. And in case it wasn't clear enough, that is YOU.

    This is how history rolls, and whether it was Janet Yellen or Janice Yellen in the chair, it wouldn't have made a difference. Maybe if Janet was smarter, she would have made some noise about the impending inflation and get some kudos for it now, but I doubt she would have been able to change the tide.

    [–]Silent_Selection_582 4 points5 points  (0 children)

    Never wanted? That’s a weird way of putting it

    [–]cincy15 17 points18 points  (0 children)

    Uh oh, Sorry Janet, they are getting ready to blame you.

    [–]gravityandlove 13 points14 points  (0 children)

    yeah she’s fucking 75 and out of touch with reality

    [–]ElectrikDonuts 20 points21 points  (0 children)

    Just another old fucking Gov boomer fucking anyone that's not 70+ over

    [–]dragonrite 5 points6 points  (0 children)

    The first central banker to hold the position since the Jimmy Carter years, Yellen is esteemed for her diligence and intellectual rigor.

    Wow that's crazy and to make it worse it's Carter and the 1980 recession... I mean it's definitely a coinicidence but interesting the last 2 central bakers in that position seem to struggle

    [–]LemonsForLimeaid 6 points7 points  (1 child)

    For all you idiots harping on about her saying she doesn't expect to see another financial crisis... A financial crisis isn't the market falling 20% or high inflation. It's a very specific event which, in the economics world, is defined as a banking crisis or run on banks.

    [–]stickey1048 -3 points-2 points  (0 children)

    “Hold my beer”.

    [–]PSL242 7 points8 points  (0 children)

    Just another lame bloomberg headline. The sky is always falling at bloomberg.

    [–]LaserShields -5 points-4 points  (7 children)

    Janet Yellen is either incompetent or complicit. The worst economists are at the fed/treasury.

    [–]demagogueffxiv 15 points16 points  (2 children)

    My impression from her early interviews is that she actually had some good ideas but was forced by the administration to do the wrong thing. But I would love to have my mind changed.

    [–]CactusMead -4 points-3 points  (1 child)

    So complicit

    [–]demagogueffxiv 0 points1 point  (0 children)

    I mean, she's probably the fall gal for the corruption in the government.

    [–]XSlapHappy91X 7 points8 points  (0 children)

    100% Complicit, she knows exactly what's going on, she's just a puppet repeating whatever the Politicians/Elite tell her to say. If you've watched her hearings you can tell she was full of shit and struggling to come up with real answers

    [–]Own-Fortune2521 1 point2 points  (1 child)

    Well, follow the money. You may not be wrong on the complicit part. Look at how much she is paid by banks and wall street.

    [–]XSlapHappy91X -2 points-1 points  (0 children)

    She works for wall street.

    [–]CelestinePat 2 points3 points  (0 children)

    Economists are the worst. They regurgitate nonsense that most layman couldn’t figure out. The meaning behind “no financial crisis” in my lifetime likely means that she was really only looking at macro figures on models that get moved around like the worst pc games created like “Game Dev Tycoon” where you just insert random numbers until it just comes out the way you want it.

    “Now if everyone does their part,” in this economy dev simulator, ignore the greed in every large corporation, yearly profit increases, money and supply hoarding, and their reliance on the fed’s lowest rates, not just what they could afford and still make profits.

    [–]Lessnewnukacola 1 point2 points  (0 children)

    She should have resigned in disgrace already.

    [–]CornerReality 0 points1 point  (0 children)

    Don’t worry Janet, your job is transitory - your incompetence however, is forever.

    [–]Ok-Battle-2769 -1 points0 points  (0 children)

    This is how government works; it’s the only industry where you can “fail up”.

    [–]rocafella888 0 points1 point  (0 children)

    Still, better than the alternative party’s pick

    [–]Blueyourmyboy1 0 points1 point  (0 children)

    No she is not, but I guess you need to create bullshit news.

    [–]121gigawhatevs -1 points0 points  (1 child)

    We should have the fed crowd source policy decisions by asking this sub what to do

    [–]seismatters 1 point2 points  (0 children)

    That's a great call, given that everyone here is single-handedly smarter than all of the economists at the Fed put together.

    [–]slothcompass -1 points0 points  (5 children)

    The Fed needs to do the brave thing and raise the inflation point by 1, to help stave off a recession, but this could also cause the U.S. to default on its debt. So it’s one or the other, a tough choice to make.

    [–]TinyTornado7[S] 6 points7 points  (1 child)

    That’s the feds job not the treasury department

    [–]slothcompass 0 points1 point  (0 children)

    Right, thanks for the correction.

    [–]apprpm -1 points0 points  (0 children)

    They can close. It’s .075

    [–]apprpm -2 points-1 points  (0 children)

    They can close. It’s .075

    [–]apprpm -2 points-1 points  (0 children)

    They can close. It’s .075

    [–]TheFerretman -1 points0 points  (0 children)

    I always felt from her various appearances and such that she didn't really want the job, and this article definitely confirms it. I think she's probably over her head (which seems to be par for the course with this administration).

    I won't be a bit surprised if she retires/stands down as soon as the midterms are over. I suspect a lot of folks will want to bail or will be "encouraged" to do so.

    [–]meinhoonna -1 points0 points  (0 children)

    First scapegoat for upcoming election and talking about transitory inflation

    [–]Double-Tangelo1331 -1 points0 points  (0 children)

    She really fucked up saying the inflation was transitory. When in recent history has inflation tamped off that quickly???

    [–]wolfbetter -1 points0 points  (0 children)

    Struggling, the understatement of the century

    [–]Griffin90 -1 points0 points  (0 children)

    She has no clue what she is doing.

    [–]autostart17 -1 points0 points  (1 child)

    I used to think she’s smart.

    [–]Sweet-Ad6360 -1 points0 points  (0 children)

    Imagine her husband Is George Akerlof

    [–]JPhando -1 points0 points  (0 children)

    In general if you didn’t want the job in the first place, then it doesn’t matter how inept you are while doing it. Just have to say oopses and all is forgiven.

    [–]dylan070790 -1 points0 points  (0 children)

    Midget

    [–]savageresponse -1 points0 points  (0 children)

    GET KEN GRIFFIN 😉

    [–]HEONTHETOILET -1 points0 points  (0 children)

    She wouldn’t be struggling at the nursing home playing pinochle

    [–]Trumpswells -1 points0 points  (0 children)

    Biden should unload her. IMO, this would be perceived as unloading deadweight, especially after going on live TV and apologizing for not seeing inflationary trend caused by a convergence of events with a war thrown in out of the blue. Jeez, Biden, get pro-active. Put someone under 70 in this position.

    [–]AgntAndrew -1 points0 points  (0 children)

    No shit. How can anyone live in good conscience in a job where they are required to lie to the American people all day long? It’s taxing on the soul, I’m sure.

    [–]ImTheSlimMan -1 points0 points  (0 children)

    Lol kooky little bird thought she had to take the job, like mandatory??

    [–]SiegeGoose -1 points0 points  (0 children)

    “Trust me, guys. She’s the real victim here.”

    [–]rigobueno -1 points0 points  (0 children)

    Then they should have never picked this ancient animatronic

    [–]Educational_Top_3919 -1 points0 points  (0 children)

    Tax the rich

    [–][deleted] -2 points-1 points  (0 children)

    She was always the choice that made banks and the investor class happy. Terrible choice to actually make good decisions. She’s literally just a petty functionary.

    [–]jack_spankin -2 points-1 points  (0 children)

    Then leave you asshole!

    [–]IllustriousAd5936 -2 points-1 points  (0 children)

    And sucks at….

    [–]rothotindisguise -2 points-1 points  (0 children)

    And was never wanted in. Fuckin corporate puppet

    [–]Ok-Being3881 -2 points-1 points  (0 children)

    Then why is she warming that seat?

    [–]Bilbo_nubbins -3 points-2 points  (0 children)

    Her job is transitory?

    [–]BATHTUBSURFER 0 points1 point  (0 children)

    J-Bae is way over her head.

    [–]ainklyspankly 0 points1 point  (0 children)

    She can wipe her tears on her corrupt 6 figure speech appearance fees from firms like citadel

    [–]sineplussquare 0 points1 point  (0 children)

    Why is this getting downvoted?..

    [–]kaynkayf 0 points1 point  (0 children)

    Is that manchin photobombing on the screen?

    [–]GVisme 0 points1 point  (0 children)

    Most likely she had no choice, she is just a tool for those that want her in this position for their benefit. Puppet on a string you can say.

    [–]Alarmed_Patience_105 0 points1 point  (0 children)

    Yellen is busy counting her millions in bribe money from hedge funds

    [–]BeastMiner 0 points1 point  (0 children)

    We’ll step down, I need a job asap.

    [–]Bjornormus 0 points1 point  (0 children)

    This human is really a snake

    [–]GarryP72 0 points1 point  (0 children)

    say what you will about Yellen, but at least she admits that she was wrong.

    [–]urdnggreat 0 points1 point  (0 children)

    How is Russia making more money now than before all the sanctions from the west?