In an interview today with Kai Ryssdal of Marketplace, former Federal Reserve Chair Janet Yellen did not mince words when it came to Donald Trump’s (lack of) qualifications to be president.
Yellen, who was famously too short to be DJT’s pick for Fed chair, stated point-blank that Trump has a poor grasp of economics — and by “poor grasp” I mean he has a tiny hand slathered in snake oil and myriad other lubes.
Ryssdal: Do you think the president has a grasp of macroeconomic policy?
Yellen: No, I do not.
Ryssdal: Tell me more.
Yellen: Well, I doubt that he would even be able to say that the Fed's goals are maximum employment and price stability, which is the goals that Congress have assigned to the Fed. He's made comments about the Fed having an exchange rate objective in order to support his trade plans, or possibly targeting the U.S. balance of trade. And, you know, I think comments like that shows a lack of understanding of the impact of the Fed on the economy, and appropriate policy goals.
As for that trade war that’s destabilizing the world economy and undermining pretty much every other world leader’s confidence in the United States, Yellen thinks it’s a big bowl of nonsense:
Ryssdal: More broadly, then, his understanding of the effect of his trade tariffs and his withdrawal from, say, the Trans-Pacific Partnership.
Yellen: Well, I think that's creating a lot of uncertainty for businesses, and I think my own view is that those shifts are likely to be adverse for the U.S. economy, to the extent that some of these things are bargaining chips, with the hope of lowering trade barriers generally. I suppose the outcome of that, if it's successful, could be positive …
Ryssdal: It’s a big “if.”
Yellen: It is … a big “if.” And when I continually hear focus by the president and some of his advisers on remedying bilateral trade deficits with other trade partners, I think almost any economist would tell you that there's no real meaning to bilateral trade deficits, and it's not an appropriate objective of policy.
That’s a really polite way of saying someone is as dumb as a sack of dicks. Of course, Yellen would never be that direct. Because she’s way too short, apparently.
So the next time you hear someone say “I think comments like that shows a lack of understanding of the impact of the Fed on the economy, and appropriate policy goals,” what they’re really saying is, “Oh, my God, a wheelbarrow full of crickets would make a better president than this guy.”
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