Yellen: “No New Financial Crisis in Our Lifetimes” (Until The Fed Removes The Stimulus?) Psych!

John Maynard Keynes commented in March 1929: “We will not have any more crashes in our time.” And then the stock market crashed on Black Thursday, October 24, 1929.

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Then Federal Reserve Chair Ben Bernanke told Americans on March 28, 2007 that “the subprime crisis was likely contained.” And then mortgage delinquencies skyrockted.

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And now Federal Reserve Chair Janet Yellen has proclaimed no new financial crisis in ‘our lifetimes’

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Except perhaps when (and if) Janet Yellen and Stanley Fischer remove the trillions in Fed Asset Purchases and Excess Reserves.

I keep waiting for Janet and Stanley to add “Psych!”

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