Saturday, October 18, 2014

Janet Yellin Visits Chicago's South Side

Janet Yellin, chairwoman of the Federal Reserve, recently visited the violent, disadvantaged, pathology-laced south side of Chicago. After spending quite a bit of time with the residents, discovering just why economic mobility is so difficult for them, she released a statement and a video.

Here's the statement:
“The extent and continuing increase in inequality in the United States greatly concern me,” Ms. Yellen said to a conference on economic opportunity and inequality sponsored by the Federal Reserve Bank of Boston. “I think it is appropriate to ask whether this trend is compatible with values rooted in our nation’s history, among them the high value Americans have traditionally placed on equality of opportunity.”
Here's the video:

I mean, I think that was her shooting the video. She's a Really Smart Person. She went to Yale and Brown, both Ivy League universities. I can't imagine she'd make firm pronouncements about the underclass from inside of a government-academic bubble.

Would she?

Update: OK, I'm sold. Janet Yellin had to be the one shooting that video. Another Really Smart Person who went to an Ivy League School had this to say (emphasis mine):
“I think she broke new ground in terms of a Fed chair looking at such a serious socioeconomic issue with that degree of rigor,” said Karim Basta, chief economist at III Associates, an investment adviser, who attended the conference.


Doo Doo Econ said...

It seems that the "low unemployment" policy goal of the Fed is behind this. It has gone to their heads. They think printing money is the cure for everything, including ebola, enterovirus and fast food, drive through order mistakes.

K T Cat said...

Throw in Michelle Obama combating childhood obesity by eliminating foods that kids will actually eat from school cafeteria menus and you've got a regular Workers' Paradise on your hands!

drozz said...

if you ever want to see why people are poor, go to any mini-mart that sells lottery tickets and booze.