LORDS OF PRINTING
From Yesterday's Federal Reserve Lovefest
Bernanke does not like deferring to Janet. He misses the spotlight. I've watched a few hours from this particular Fed Party Royale and it's obvious from his body language. QE is in his blood and he wants back in the game. The Brookings Institution doesn't have a Plunge Protection Team. Where's the fun in that.
REAL UNEMPLOYMENT RATE
Janet Yellen discusses the U.S. economy at the Historic Fed Chair Conversation at International House in New York featuring Volcker, Greenspan, and Bernanke. In the second half of the clip Yellen is asked about the real unemployment rate and whether that figure might be above 20%. She murmurs some nonsense about 9%. John Williams of Shadow Stats has pegged the real unemployment rate (calculated as it was during the Depression) at above 20%.
Brian Sack Runs The Plunge Protection Team...