* Today Janet Yellen was up on Capitol Hill, it was the first of her 2-day testimony * She was before the U.S. Senate today; tomorrow she will be testifying before the House of Representatives * She talks about monetary policy; we have a bunch of Senators and Congressmen who engage in political grandstanding * To me, a lot of the people asking Janet Yellen questions are really just trying to speak for sound bites for the media, trying to score brownie points for their constituents * One senator had to make some comment about global warming - do you think global warming is one of the things the Fed considers when it sets monetary policy? * Elizabeth Warren is trying to get Janet Yellen to criticize the Trump administration's efforts to pull back Dodd-Frank * Because she believes it was the bank that caused the financial crisis * She doesn't lay any of the blame at the foot of Congress or the Federal Reserve or the artificially low interest rates * She thinks it was just Wall Street greed that blew up Wall Street and that the reason we haven't had another financial crisis was because of the great legislation Dodd-Frank * And that somehow, if any bit of that is rolled back, it's going to unleash another wave of rampant Wall Street speculation and blow up the economy all over again * Probably one of the dumbest comments from one of the senators is why we need more minorities on the Federal Reserve * The senator commented to Janet Yellen that we needed more African Americans on the Fed because they represent a significant percentage of the population, of the work force, and they need some representation at the Fed * I'm thinking, "What is this guy talking about?" * Do you have to be black to conduct monetary policy on behalf of other blacks? * Does that mean that only whites can conduct monetary policy for whites? * What is black monetary policy?Our Sponsors:* Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD* Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.comPrivacy & Opt-Out: https://redcircle.com/privacy

Ask this episode

“What did the council decide on item 42?” — answered with the speaker and the moment.

Transcript

Related