Wednesday, October 23, 2013

Janet Yellen Exposed, Part 2 | Peter Schiff

"Will capitalist economies operate at full employment in the absence of routine intervention? Certainly not." ~ Janet Yellen
The Schiff Report (10/23/2013)

[Janet Yellen Exposed - The Truth Behind the Myth, Part 1]

To Download my 2005 housing bubble article, click the link below
To watch the full video of my mortgage bankers speech, click the following link

In reviewing this video I realized that I did not emphasize the most foolish of Yellen's statements. In her praise of "innovative" mortgage products, which include such things as subprime, interest only, zero down, negative amortization, and no-doc loans, Yellen specifically identified homeowners using their houses as investments rather than places to live, and leveraging those "investments" using cash-out refis or home equity loans, as evidence that there was no bubble. So according to Yellen, highly leveraged, real estate speculation was evidence that there was no housing bubble! That the very products that helped fuel the housing bubble and exacerbate the financial crisis proved that there was nothing to worry about! Incredible!!! And she is out next Fed chairman!

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