USA 2020 Elections: Thread

[grarpamp]

Progressives Left Democrats and entire "Biden" Admin are total failures,
hypocrites, liars, power and control freaks, frauds, two-faced,
and wantonly destructive cabal of menaces to stable life.
Internet warned people well before elections, no one listened.
It is very sad that hundreds of millions of people worship them.



Yellen Throws Biden Under The Bus On Runaway Inflation: She "Wanted"
$1.9 Trillion Stimulus Cut By A Third

https://www.nbcnews.com/business/economy/treasury-secretary-janet-yellen-admits-was-wrong-inflation-rcna31416

Perhaps the most idiotic thing to ever come out of the Biden
administration - and there has been plenty to choose from - was the
repeated lie that (trillions in) stimulus does not cause runaway
inflation, but rather lowers it.

And while Biden's handlers were generous enough to bribe supposedly
smart people to repeat said lie to give it credibility, like for
example the chief economist at JPMorgan who last March said that the
$1.9 trillion Biden stimulus "won't spark runaway inflation"
(narrator: it did)...

    Why JPMorgan's Chief Economist Thinks The $1.9TN Biden Stimulus
Won't Spark Runaway Inflation https://t.co/v2MtuE9DUS
    — zerohedge (@zerohedge) March 12, 2021

... and of course Janet Yellen, whom we mocked last March when she
said that an "inflation problem was unlikely to result from
stimulus"...

    Yellen Says Inflation Problem Unlikely to Result From Stimulus

    LOL
    — zerohedge (@zerohedge) March 8, 2021

... the truth, of course, as Jeff Gundlach noted recently, is that an
"intelligent twelve year old" was able to predict that excessive
stimulus causes inflation...

    Excessive stimulus caused inflation. An intelligent twelve year
old was able to predict it. Ms. Yellen, long serving Fed Chair…..yes,
Fed Chair,…admitted today she was not. On the inflation bright side,
and it is a very bright side, Build Back Biden did not pass.
    — Jeffrey Gundlach (@TruthGundlach) June 2, 2022

... and yet the 75-year-old Treasury Secretary and former Fed chief
could not, as she herself admitted last week when Yellen told CNN
"Well, look, I think I was wrong then about the path that inflation
would take" when she was shown previous remarks she'd made last year
where she indicated there would only be a "small risk" of inflation,
and that it would be "manageable."

    . at SecYellen on inflation being transitory: "I was wrong then about
the path that inflation would take. As I mentioned, there have been
unanticipated and large shocks to the economy [...] that I, at the
time, didn't fully understand." https://t.co/AlrXn4kT0r
pic.twitter.com/9tqxo0iA3B
    — The Hill (@thehill) June 1, 2022

Only instead of taking one for the team of senile, clueless economists
and Putin puppets (because if there is any admin that has done the
Kremlin's bidding by sending oil prices to near record highs, it is
Biden's) especially after the so-called "president" made it clear he
will blame Powell and the Fed ahead of the midterms for his admin's
catastrophic MMT policies which have assured an avalanche this
November that will hand control of Congress to republicans on a silver
platter...

...  Yellen has decided to strike back, and as Bloomberg reports
citing an advance copy of the Treasury secretary's biography- due out
on Sept. 27, just weeks before the midterms -  the treasury secretary
initially urged Biden administration officials to scale back the $1.9
trillion American Rescue Plan by a third "worried by the specter of
inflation"... the same stimulus plan that she herself said last March
would not lead to an inflation problem. But, in retrospect, she
appears to have changed her mind.

“Privately, Yellen agreed with Summers that too much government money
was flowing into the economy too quickly,” writes Owen Ullmann, the
book’s author and a veteran Washington journalist who has covered
economics and politics in Washington since 1983, referring to former
Treasury Secretary Lawrence Summers, who severely criticized the size
of the aid plan.

Of course, since it would be an act of near treason for the Secretary
of the Treasury to confirm now (if not then) that she personally was
against what has emerged as Biden's most hated policy, prompting
questions about how actually gives economic advice to Biden and why
does Soros have more influence on US policies than the Treasury, the
denials came in fast and furious, with Bloomberg reporting that a
Treasury spokesperson disputed the claims.

“The Secretary did not urge a smaller package and, as she has said,
believes that without the American Rescue Plan, millions of people
would have been economically scarred, and the country’s historically
fast recovery would have been far slower,” Treasury spokesperson Lily
Adams said in response to the book’s claims. What Lily failed to
mention is that without the package, US gas prices wouldn't be on the
verge of double digits.

Ullmann’s account sheds new light on a policy debate that preceded the
eruption of inflation, which now poses a major political threat to
President Joe Biden and his Democratic party’s control of Congress.

Fears of overheating have since been confirmed making a mockery of the
idiots known as "team transitory" as price increases this year hit a
40-year high and have destroyed Biden’s standing among voters, who is
now even more unpopular than Trump was at this time in his tenure.
Meanwhile, sensing doom in November, Democrats have blamed the cost
surge on supply-chain bottlenecks caused by the pandemic and on energy
price surges following Russia’s invasion of Ukraine. They’ve also
pointed the finger at US energy companies, and most recently, the Fed
itself. But as it has now become clear to both smart 12 year olds and
even economists, outsize demand - fueled in part by Biden’s spending
plan - was the driving force behind galloping inflation.

Yellen’s concern about inflation “is why she had sought without
success to scale back the $1.9 trillion relief plan by a third early
in 2021 before Congress passed the enormous program,” wrote Ullmann,
who had “unfiltered access” to Yellen as he researched the book,
according to publisher PublicAffairs.

Ullmann wrote, “She worried that so much money in the pockets of
consumers and businesses would drive up prices at a time when the
pandemic had caused severe shortages of goods that were in
unprecedentedly high demand.”

Now if only she had said as much instead of - say - repeating the
opposite over and over, just to placate her senile boss and lose every
last shred of credibility she may have had. Hilarious, even the
biography - her desperate attempt at expiration - is confused how to
spin Yellen's revisionary view of events:

    It’s unclear from the book how staunchly Yellen lobbied to cut
back the size of the third wave of aid or whom she engaged with in the
administration. And Ullmann goes on to emphasize that Yellen threw her
full weight behind the bill as it moved ahead in its larger size.

    The Treasury chief endorsed the package before US lawmakers,
telling them that historically low interest costs on federal debt had
given the government space for fiscal expansion. She has continued to
defend the ARP even as high inflation proved persistent. In an April
28 speech, she said it had helped drive unemployment to 3.6%,
practically a 50-year low, and had prevented the pandemic from causing
a much higher degree of suffering for Americans.

    Still, Yellen “would have preferred something closer to $1.3
trillion, according to colleagues,” Ullmann wrote. “But given the
choice between Biden’s full $1.9 trillion package and less than $1
trillion that some in Congress preferred, Yellen believed going big
was the better course.”

    Yellen also felt that even if the bill pumped too much money into
the economy, the subsequent spike in inflation would be “transitory,”
a term she used through 2021.

Even more remarkable is that according to the biography, while Yellen
pushed back against Biden's stimmies, but not really and endorsed them
in public at every opportunity, Yellen was angered by Summers’ attacks
on the stimulus plan, "even though she shared some of his worries."
Yes, you read that right: Yellen disagreed with Biden, but she was
more angry when someone else criticized his plan! This kind of
cognitive dissonance of the highest order has to be a Democrat thing.

    “Yellen was irritated that he would cause his own party so much
grief by arming Republicans and some Democrats -- such as Senator Joe
Manchin of West Virginia, a conservative by Democratic standards --
with a justification for opposing subsequent spending proposals on
Biden’s agenda,” Ullmann wrote.

    Manchin cited rising inflation, along with long-term debt
concerns, when he later opposed Biden’s 10-year $3.5 trillion economic
development proposal known as Build Back Better.

Of course, it's too little too late now, and with even the liberal
media turning on Biden, Yellen's last-ditch attempt to preserve some
of her reputation in the twilight of her career, and life, will be a
miserable failure just like Biden's entire administration as even Jeff
Bezos of Democracy Dies In Doublespeak fame, now attests...

    their best to add another $3.5 TRILLION to federal spending. They
failed, but if they had succeeded, inflation would be even higher than
it is today, and inflation today is at a 40 year high.
    — Jeff Bezos (@JeffBezos) May 16, 2022