No shit, Yellen. What pisses me off about this is the fact that Yellen was yapping her pie hole about confidence earlier today. And her comments are riddled with hedged-statements such as "well this is better, but I'm worried about this." Just count the contradictions in her statements. She sounds utterly clueless and given her position, that makes her utterly useless like all the rest. http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aoQtYnu9Q5Ck
They aren't clueless. A trainwreck is headed this way and they are trying to hide it as long as possible.
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Dennis Kneale is getting reamed by the online financial community. He is universally hated and that hate is well placed.
Keep the rates low is the answer, it was the answer to creating the biggest asset bubble in history, does one ever learn. Funny how the ONLY way out of this deep recession is with 0% interest rates. I believe the recession will be here for years to come but I also believe fighting off a recession is NOT the way to do it with 0% interest rates.
The whole fantasy that people will somehow start borrowing to consume is crazy. People are beginning to save & pay down debt, which they should be doing...
Yep. They think fixing an excessive debt problem is with much more excessive debt. The only way to fix a borrowing problem is with more borrowing? The only way this problem gets fixed is if consumers pay off their debt or get relieved of their debt. We need to go back to an economy where purchases are based off savings and when you fall short you crawl to mom and dad for a quick loan, typically at 0%. How on earth did the economy grow from the WWII era to roughly about the 80's? Answer: Savings.