|Photo Courtesy of The Associated Press
Impersonating Yellen, Bill Bonner sketches the thoughts running through her mind as she mulls raising interest rates.
What if they say it’s my fault? What if they call it the Yellen Depression?That is from part one.
Oh, no… It’s not fair… It’s not fair… Boo-hoo… sob… sob… I should have stayed at Harvard. I’d have tenure. I’d have a nice pension. George and I could go the Martha’s Vineyard in the summer. It would be such a nice life.
But there is also a part two.
There he writes:
"But if the economy is as healthy as I say it is, it isn’t going to be bothered by a quarter-point rate hike. And if it isn’t as healthy… and the rate hike throws it into a tizzy… then all those seven long years of ZIRP did zip for the economy and rates may as well be raised anyway, no?" (Janet smiles; she is pleased with her turn of phrase.)"Read Part One...
And part two.