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Janet Yellen Was Freaking Out Six Years Ago

About the recovery and also her 401k.
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Have you fucking seen these goddamned numbers?

While Ben Bernanke was making disquieting Classical allusions, the then-San Francisco Fed chief was making clear she and the boys could not get across that damned river fast enough.

“The economic and financial news has been grim,” Ms. Yellen said at a crucial March 2009 policy meeting when the Fed increased its efforts to boost the economy. “Things are now so bad that I actually open [Fed’s staff] economic projections with greater trepidation than my 401(k)….” In April, she argued the economic outlook was still “fraught with peril” and called for the Fed to ramp up its bond-buying program, which came to be known as “quantitative easing.”

“Now that we’ve tested the waters, it’s time to wade in by substantially increasing our purchases of Treasury securities,” Ms. Yellen said. “I prefer to take appropriate, bold action to stimulate the economy sooner rather than later.”

Of course, in retrospect, she needn’t have worried too much about that 401(k).

Yellen reported total assets estimated at between $4.9 million and $13.3 million, according to the report filed in January with the Office of Government Ethics.

Fed’s Yellen Fretted Over Weak Recovery in 2009, Transcripts Show [WSJ]
Fed Knew It Had Crossed ‘Rubicon’ in March 2009 With QE [Bloomberg]
U.S. Fed struggled with 2009 bailouts, bond-buying: transcripts [Reuters]
Fed’s Yellen reports assets worth between $4.9 mln and $13.3 mln [Reuters]

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