US Treasury Secretary Janet Yellen walks back transitory inflation claims: 'I regret saying it'

https://www.foxbusiness.com/politic...ransitory-inflation-claims-i-regret-saying-it

HYPERLINK has full article

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"I regret saying it was transitory [inflation]. It has come down, but I think transitory means a few weeks or months to most people. And it's lasted longer than that," Janet Yellen told FOX Business’ Edward Lawrence in an exclusive interview.

In early June 2021, Yellen had tamped down inflationary concerns, claiming rising costs and the contributing factors were "transitory," a term used to describe temporary market conditions..............................

Just one year after her comments, inflation surged to 9.1%, which had not been seen in four decades. Fast-forward to this week, when Labor Department data indicated inflation unexpectedly ticked higher in February

end snip

Given that it's an election year, this was a good political move to have her say that she used a wrong term. That now allows the current administration to address the use of the wrong word rather than the issue itself. They can show "humility" by stating that they used the wrong word.

 

But she was so sure when she said it... How can she now walk it back? It demonstrates just how feckless and incompetent she is.

 

nah, they knew. The administration can now freely say, "we apologize for having used the term transitory"

With the help of the Democrat media, they can turn the discussion to the use of the word and that the admin has apologized. It''s how you avoid discussing the train wreck felt by the regular folks

 

Yet, Jerome Powell, the Fed chairman nominated by Trump, also called inflation transitory.

https://www.cbsnews.com/news/interest-rates-inflation-federal-reserve-transitory/

That's why they made the mistake to raise interest rates too late. It shows you that these people, who make a living on handling the economy, also don't have a crystal ball.

Now, it's good that Yellen has enough guts to apologize. Some others could learn from this.

 

People are allowed to be wrong.

 

What is wrong with you?
After a world wide shut down, many economists made many predictions. A lot of them were wrong. Yellen also made a prediction. It was wrong. When asked about that wrong prediction, she regrets having made a bad call. THIS IS WHAT NORMAL PEOPLE DO!!!!
What world do you live in when someone who apologises for having been wrong is somehow a manipulative political monster?

 

Who would you blame for the lockdowns in 2020;

Trump?

or,

Trump’s health experts?

 

So if Hitler had said sorry for the Holocaust, the world would have let him off? Whether these people apologize are not is irrelevant, what is relevant is that they will continue to burn the country down until removed from power.

 

Indeed they are. But if they don't admit they were wrong and double down on the incorrect message, they lose credibility altogether.

 

The communist party of China. And likely the Obama administration for funding the research that caused the virus to be developed. Who would you blame?

 

Indisputable fact; Historically, our experts have often been wrong.

Agree or disagree?

 

allow me to address your question in bold

I have seen this tactic too many times. Apparently, you like it as it's a Democrat administration and thus "your team"

Mis-Spoke is the new way to "they lied"
wrong-term is now the new way to not address inflation, but deflect to word soup. It is important given that it's an election year and the people need to be directed to what the Democrat party and Democrat media wants them to focus. When the GOP is in power, they play the game as well however they do not have the complicit media thus why the Democrat party succeeds at the game



there you go.

what is wrong with me? I guess I don't buy the Democrat BS like you do

 

Did you buy Trump's predictions that the stock market will crash like never before if Biden was elected in 2020? Does it mean that Trump knows nothing, because the prediction was obviously wrong? Did it hurt people, because they were selling stock on Trump's wrong prediction?

Now, anyone with a few brain cells knows that predicting the economy and the stock market is a fool's errand. It can't be done, even by the best and most educated economists and investors. That's why the Fed raised interest rates too late. And, they may start lowering them too early or too late, time will tell. They might get the timing right, this time (with inflation, timing the rate cuts is easier on the way down, because inflation is sticky), who knows. If they get it wrong again, it could lead to a recession, or to another bout of inflation. The reality is that this is mostly a guessing game, and anyone who tells you it isn't is not being honest.

 

You have seen something here that is incredibly rare- a person in political office actually admitting they were wrong.
I don't see that as incompetence at all- I see it as a recognition of a mistake, and being open to improving the analysis of the problem- and the response.

The vast majority would continue to defend past decisions, deny the problems, double down, and be unable to do anything better.
Failing to recognize failure guarantees things will continue to fail.

 

I like the idea. But I think it fails the test of reality. My take on it is that now that the word "transitory" has been disavowed, it gives democrats the ability to apologize for using the word, and not creating the inflation. It allows them essentially to say, see, we fixed it, without ever actually fixing the policy that created the inflation in the first place.

 

Well- they will do that, predictably.

The idea of being honest with the people is foreign in politics. In part because it doesn't work well- meaning that most people will prefer a comfortable lie over an uncomfortable truth.

JFK's father Joe was considered a master of politics. One bit of advice he gave JFK is this:
What you are doesn't matter it politics. What people think you are matters".

Give them the image they will vote for, and behind that facade- do what you want to do.

Honorable men will at least serve the country in office, those without that honor will feed on it like leeches.

 

that is EXACTLY the plan and Democrat voters here will poo poo the idea that their Democrat politicians would use such a tactic

 

Did you listen to the interview? Clearly you did not.
The FOX interviewer asks her "do you regret having used the term transitory?" she is answering a question that is being asked to her point blank by a fOX interviewer. She said yes, explained that clearly the inflation had not been transitory as they thought it would be, and then the interview moved on.
Somehow you loony conspiracy theorists have interpreted this as there is a vast Biden Admin Secret Plan to work on rebranding of inflation issues to obfuscate their secret plan to destroy America. You guys think there is a campaign afoot to focus on the word 'transitory'? You just made that up out of thin air.

 

Example 1 out of 10,000

Late 2020, Trump publicly praised the efficacy of our Covid vaccines.

By mid 2021, Republicans were blasting the vaccines…..“We were lied to”, and blamed our experts.

Thus, should a President be called a liar for repeating an assertion made by an expert?

 

She regrets getting caught lying...lol

 

And first in line to insist Trump or anyone else should trust the science..... is the left.
Unless they don't like the science.

The fault here as seen by the left is not in the choice, but in it's agreement with what they want to hear. Choices are right or wrong on that basis to them. Fundamentally flawed logic.

Leadership must know it's own assets, and it's limitations. It must be willing to hear opinions, voices of expertise- but must also know when the right choice is elsewhere.

Let's say, you have a health issue. You go to a doctor, who says you need surgery. YOU have to decide IF your doctor is right, and IF he has the ability to do the job well.
While you may not have his knowledge and skill, you must make an assessment of those things, and make a decision. You must go with your best judgment.
I once walked out of a knee surgery during pre-operation counseling, because I just couldn't buy the doctor's diagnosis and advice. Problem healed itself in a few weeks as I had thought it might.
I could have been wrong, and I would have been responsible for that too. However, I was choosing for myself, not a nation. Huge difference in responsibility.
However, it was Trump who cleared the way for vaccines to be available in record time. Less study and testing is very likely to have a higher rate of complications and side effects- and that is a trade-off against the potential to save lives by having it sooner. He was making choices too; that was his job. We have no way of knowing how many lives the light-speed development program may have saved.

Since nobody is perfect, mistakes happen. You and I make them- presidents make them. Yellen makes them.
Hindsight being far more accurate than projections, we now know that Fauci did indeed lie to us.
We also know that had Trump rejected the advice of the top science expert at the time, people like you would have blamed him for that too.

Yellen WAS the expert, expressing her own views, and now acknowledging it to be wrong. I have no problem with that at all.
If you banked on her expertise- that was your choice. I didn't agree with her when she said that. My choice.

I don't expect to see a cure for the blame game anytime soon.

 

But- IF she believed what she said, it wasn't a lie. It would be a mistake- which she now acknowledges.
Our politics is saturated with lies and mistakes.
How many of them ever speak up and acknowledge they made one?
I can't recall any. This may not be a first, but it's rare.
Even more rare in an administration that seems to be unable to do anything right, and refuses to acknowledge any of that is wrong.

 

Example 2 out of 10,000

Mid 2019…..John Hopkin’s researchers/experts unveiled their global pandemic preparedness study/report, naming the U.S. as the most prepared nation to handle a pandemic.

At a campaign rally, and at a White House press briefing, Trump proudly waved said report, thus, re-assured the public that the U.S. was most prepared nation to handle a pandemic.

1. When our pandemic emergency storage containers were opened, staff discovered a huge stockpiles of PPE that were expired.

Headline; Doctors/nurses Covid PPE in short supply just when needed most.

2. During a period when Covid cases were growing exponentially, CDC announced that the testing kit they’ve developed had flaws.

Mid January 2020……Canada’s province of British Columbia developed their own testing kit, NO FLAWS, and mass distributed them prior to their first case, and by mid March, BC Health tested more citizens/foreigners than the entire United States.

 

Which do you prefer- trashing Trump for accepting the science, or trashing Trump for rejecting the science? Or for just not being perfect, like Biden?

 

How could she not know? A lot of other people knew. She's supposed to be an expert and she didn't know?

If she didn't know, then she lied about being an expert.