Yellen: The Blind Leading the Blind (Video)
Yahoo! Finance’s Breakout spoke with Peter Schiff about Janet Yellen’s confirmation hearings. The same day that Yellen insisted there are not any major asset bubbles forming in the US economy, Peter reminded us that Yellen has a terrible record of forecasting bubbles. The only thing that will stop the Fed’s reckless inflationary path will be a complete monetary disaster!
In fact, [Yellen] was dismissing the warnings about the housing bubble that people like me were actually making at the time. She said that the housing market was going up for fundamental reasons, that it wasn’t a bubble. She expected housing prices to keep rising. Even if she was surprised and housing prices went down, it wouldn’t be a big deal; it wouldn’t hurt the economy, housing was a small part of the economy. So she was wrong about everything in the past and I think she will continue to be wrong once she’s chairwoman.
[youtube http://www.youtube.com/watch?v=xlBpQMVCrqI?rel=0&w=640&h=360]
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