Yellen Fed Testimony – Women Do More Than Wear CEO Suits

Podcast: Play in new window | Download | Embed

Subscribe: Email | RSS

Mandeville, LA – Exclusive Transcript – But Yellen has a power suit on with some shoulder pads.  She could be playing for the Ravens next year.  She looks like she could be playing for the Ravens next year.  Knock a tooth or two out and bam.  That’s number one of this grand show of power.  We’re all-powerful, and thank you, Chairman Yellen, for being a chick and being so powerful with us powerful guys.  It’s so awesome to be powerful.  Check out today’s transcript for the rest…

Today’s Clip of The Day – Does any Member of Congress ever thank Homeschool Moms for their “hard work and dedication” the way Rep. Kildee slobbered over Janet Yellen?

Begin Mike Church Show Transcript

Mike:  I’m going to take a sidebar right here.  Do you know what I did yesterday, young Eric?  I suffered through Janet Yellen.  Did you see any of this woman?

Eric:  [laughing] I can’t say I grabbed my popcorn to watch.

Mike:  I don’t know how she arrived at this lofty station in life, but that testimony yesterday was not impressive.  I’m going to play about a minute and a half of one particular part of this.  I’m going to make a point about it.  I think it will get you thinking in the right way, and then we can get into Allen Mendenhall’s “Secession and Messianic Statism: Evaluating the Current Union of the States.”  I’m watching the Yellen testimony and a member of the House of Representin’ from Michigan, Daniel Kildee, it’s his turn to interrogate Secretary Yellen.  I just want you to hear about a minute and a half, two minutes of this.

[start audio file]

Rep. Kildee: Thank you, Mr. Chairman, and thank you, Chair Yellen, for being here.  I know others have said this, but having a daughter and a granddaughter who will now grow up in a world where the president of General Motors is a woman and the chair of the Fed is a woman, it’s something to celebrate.

Janet Yellen: Thank you very much.

Kildee: I just want to thank you.

Yellen: I appreciate that.

[end audio file]

Mike:  I want to stop right there.  Let’s make point one.  You’re in the front of the House of Representin’, and because I have a daughter and a wife, I just want to thank you for being female, and I want to thank you for being a powerful female in front of our powerful, august body of men here.  Congratulations, gender person.  There’s a little bit more to this.  How many times, ladies and gentlemen — maybe you can send me a link, a YouTube video of this, because I haven’t seen it.  It may have happened.  It doesn’t happen often.  Let me ask the question: Do members of Congress ever bring homeschool moms in front of a committee and thank them for rearing the next generation of young citizens?  [mocking] “As a father who has daughters at home, I just want to say thank you, homeschool mother, for being as awesome as you are, and for dedicating your life to seeing to it that the next generations of Americans has some freaking knowledge and some manners.”  When was the last time you saw that?

But Yellen has a power suit on with some shoulder pads.  She could be playing for the Ravens next year.  She looks like she could be playing for the Ravens next year.  Knock a tooth or two out and bam.  That’s number one of this grand show of power.  We’re all-powerful, and thank you, Chairman Yellen, for being a chick and being so powerful with us powerful guys.  It’s so awesome to be powerful.  I want you to listen to the first two questions that Rep. Kildee asks of Chairman Yellen, and the perfectly and unbelievable pedestrian non-answers that are delivered in response.  I watched this and went: What?  How did this happen?  Here we go:

[start audio file]

Rep. Kildee: . . . comment briefly. Later today, presumably, the House will vote to extend for another year the nation’s debt limit to ensure that we meet the obligations that we’ve already made. I wonder if you might comment on what effect, if any, you think positive action by Congress on the debt limit might be. And I know your staff loves it when you speculate, if you might speculate on what the effect of the failure of Congress to take that action before the February 27 deadline or date set by the Treasury Secretary might have on domestic and global markets, if you could just make a comment on that subject.

Janet Yellen: I think fiscal policymakers should never put our nation in this situation where there’s a risk of defaulting on the federal debt. It would be an extremely destructive thing to do from the point of view of our economy, of our financial markets, of global financial markets. Even in the run-up to the last debt ceiling crisis, we could see the beginnings of market participants beginning to worry and protect themselves, and to take steps even in advance of that limit coming into place that could cause us financial problems in the financial system. I believe, frankly, it would be catastrophic to not raise the debt limit.

Kildee: Thank you for that. That’s good guidance. I hope members of Congress on both sides of the aisle will listen closely to your thoughts on that. I wonder if I might take a different tack for a moment and ask you, in the report you supplied, you do make reference to labor markets, particularly in the context of the dual mandate of the Federal Reserve. I wonder if you’d comment on two points. One, you make reference in the document to the length of time that those who have been out of work, basically the long-term unemployed, have had on the economy. Then you reference . . .

[end audio file]

Mike:  I’ve got to warn you, if you’re driving, pull over right now, especially if there’s ice on the road.  If you’re in the South or the Carolinas, north Georgia, pull over.  If you’re standing, sit down and get a comfy chair.  I am telling you, you are about to be bowled over with such unbelievable financial, economic and worldly brilliance by Secretary Yellen that you will not be able to continue life.

[start audio file]

Rep. Kildee: Also, to the fact that while productivity over the long period has increased recent gains in wages, and real wages have not kept up with productivity despite the fact that we may not have seen productivity gains recently. But over the long term, we’ve certainly seen productivity gains far in excess of what we’ve seen in real wages. Why are those two factors important in terms of the mandate of the Federal Reserve?

Janet Yellen: The fact that we have very long spells of unemployment, almost 36 percent of those unemployed who are in very long spells of 26 weeks or more, really suggests that the job market is not strong enough to be able to provide people with jobs who want to work, which is roughly another way of stating what our employment goal is. It’s a mark that there’s a great deal of slack in the labor market still that we need to work to eliminate. The fact that wages have not kept up with productivity for the last number of years, we have seen a shift in the distribution of income more away from what’s called labor share and more towards capital share. I think it’s not fully understood what accounts for that trend, but it is a disturbing trend, because it suggests that workers aren’t, even though they’re being more productive, their wages in real terms aren’t keeping up with that. It is a very worrisome trend from the point of view of living standards.

[end audio file]

Mike:  Oh, for heaven’s sake.  Now, Eric, you’re going to be the first one I’m going to quiz.  How dazzled are you by Yellen’s brilliance?

Eric:  I’m feeling better already.

Mike:  You feel better about yourself, in other words.  You know, our labor market, there aren’t enough jobs to provide people with jobs and that’s why we have a problem in the labor market.  Wow, man, it is so easy to see how you ascended to Bernyankme’s throne and now rule all the central banks of the world.  The other part of this — as I said, there are two parts.  The first part is, thank you for being so awesomely gender-ish and womanly and coming here with all us awesome, powerful guys and being powerful with us.  Being powerful is all there is to life.

The second part is, [mocking] “We’ve got these problems in employment.  Can you help us solve an employment problem?” — “I would just like to recognize that there are not enough jobs for people to take and that’s why there’s a long-term employment problem.  I would just like to acknowledge that yes, we’ve see this trend that’s disturbing and we’re working on it.”  For how many years are you going to work on it?  The Fed’s only been around since 1913.  What does it take, five generations, six generations?  Should we give you to 2114 maybe?  I tell you what, we’ll come and check back with you in 100 years.

Does any of that sound as though there is any effort whatsoever, or even any acknowledgement that there needs to be an effort to maybe stop doing some of the unbelievably destructive things that are being done?  Folks, that is a show.  That show is put on for people like me to play for people like you; although, the caveat is that there is not an expectation that there will be an analyses of what you just heard.  There is every expectation that I will just regurgitate it and it’ll be played on the CNN morning news and MSNBC and Fox Business News and on Fox News and NBC News and ABC News and all the other outlets.  [mocking] “That hearing, Secretary Yellen said she was gonna check on these things.”

You know why the markets went through the roof yesterday?  Because they were convinced that this woman is Bernyankme’s twin, because they were convinced that the free-spending party that the cartels and central banks have engaged in is not going to end.  It all happens at the expense of me and you and our children.  Folks, what you heard her say was basically that the rewards of the Federal Reserve system are all being showered upon those that already have money.  Those that do not are getting clobbered and we’re going to keep on getting clobbered.  So why would we suffer this?  Why in dude’s holy name would free people suffer this or continue to suffer it?  If there’s anything more offensive that I have seen in the House of Representin’ than that insult to my intelligence and to yours, I do not recall it recently.

End Mike Church Show Transcript