congressional black caucus suggested that she janet yellen was in fact a racist. maybe even a white supremacist. what does janet yellen do wrong? they suggested what she did wrong was she failed to harness the power of the federal reserve to help african-americans specifically. now at first janet yellen seemed confused by this point, the point of the fed is to keep the american economy stable. it s not to pay off loyal blocks of democratic voters and tried to explain this. our power, she said, can t be targeted at the experience of particular groups. that was her response. the congressional black caucus did not buy it. their message to janet yellen was the same to you and every other person in the country, do what we say or we will denounce you as a racist. and finally, janet yellen got that message. boy, did she. within a year she had all but abandoned the traditional constraint of monetary policy, and steady there she was yammering on a public about things like racial equit
that s called the u.s. economy coming in here s why, it was improved greatly, people forgot this, i know the election was crazy, i know that january 6th was nuts, but the trump economy was pretty strong, particularly as he left office. on top of that, he delivered a vaccine which was effective against those first two very deadly variance, less effective on omicron, but did not matter. it was basically we were coming out of the pandemic. the economy was going to improve. and this is what they did, they turn around and they spent trillions of dollars, nothing. and they expected no inflation, they encouraged jerome powell to keep printing money when he did not need to. it was the textbook recipe for inflation. i have the equivalent of a minor in econ and i could see it coming. she is supposedly a great economist and everything they have done since then increase