Rand Paul & Janet Yellen
David R. Kotok
Cumberland Advisors, October 25, 2013

 

 

 

There are reports that Senator Rand Paul intends to put a “hold” on Janet Yellen’s nomination for Federal Reserve Chair.

Senator Paul is involved in an absolute act of lunacy. He wants to put Janet Yellen’s nomination on hold in order to force a vote on his Fed Transparency bill.

Fine, Senator Paul, force the vote, but doing it this way will inject disarray into financial markets – and because of a political squabble. You are going to hurt every 401K, every investor, mortgage applicant, builder, and business entity in the United States.

Senator Paul’s website is http://www.paul.senate.gov . His Washington, D.C., and Kentucky telephone numbers are as follows:

Kentucky
Bowling Green: (270) 782-8303
Crescent Springs: (859) 426-0165
Hopkinsville: (270) 885-1212
Lexington: (859) 219-2239
Louisville: (502) 582-5341
Owensboro: (270) 689-9085

Washington, D.C.: (202) 224-4343

If there is ever a time for the American people to say, “We have had enough of this political nonsense,” it is now.

There is nothing wrong with Janet Yellen’s nomination. She is the Vice Chair of the Fed. She has been the president of the Federal Reserve Bank of San Francisco. She has had a distinguished public service career and is a skilled economist. Janet Yellen is an expert in monetary affairs and banking supervision. Furthermore, she was involved in the architecture of the policies that helped save the US and others worldwide in the post Lehman-AIG meltdown.

It is time for citizens to take their country back. One of the ways to do so is to use the telephone now. I already did. If you happen to be from Senator Rand Paul’s state, call his local office and let them know how you feel. He will not answer, but his staff will.

~~~

David R. Kotok, Chairman and Chief Investment Officer

Cumberland Advisors

Category: Federal Reserve, Politics, Think Tank

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

14 Responses to “Rand Paul & Janet Yellen”

  1. RC says:

    Another anarchist stunt by the Tea Party.
    The nation is put to one hostage situation after another by these extremists. Enough is enough.

  2. Moss says:

    I am really confused, as I thought Paul and his ilk are trying to take back their country.

  3. patslatt says:

    Demonstrators in hospital white coats stamped “Commit Senator Paul” should show up at the hearings!

  4. Francisco Bandres de Abarca says:

    Lunacy? I’d say what we have here is a bit of histrionics.

    C’mon, David, are the financial markets really so fragile as that? You’re falling into the trap of allowing your emotions (and those of others) to be used as a portion of a bargaining chip–a quid pro quo moment.

    Fed policy won’t ultimately impacted. The majority in the Senate will see to it.

    I spot negative interest rates on the horizon.

  5. mwbugg says:

    Made a call to the Owensboro office, but could only leave a message. Thanks for the heads up.

    Wayne Bugg
    Henderson, KY

  6. GeorgeBurnsWasRight says:

    I’ve got a better idea.

    End the lunacy that one Senator can put a hold on the rest of the Senate. It’s been a bad idea in the past when we had more responsible Senators. It’s a worse idea today.

  7. 4whatitsworth says:

    This is shameful Rand Paul is now on my idiots list. I will call and humbly ask that he pull his head out of his ass. What the hell is he thinking.. crash the markets and gain some political contribution to his PAC to make it stop? I am so sick of politics!!

  8. Sara Stein MD says:

    He’s a pathetic sociopath. He couldn’t pass the ophthalmology boards so he invented his own “National Board” and gave himself a certificate. It has a po box and 7 members, he’s the president. Because you know, the rules don’t matter, even (or particularly) in medicine. Fortunately for people with eyes, he found another profession. Unfortunately, for everyone with sense, it was politics.

  9. bolto.cavolta says:

    The bigger problem is that now whoever is trying to do the right thing is consider a villain. Just because there were consequences with debt ceiling fiasco, it should not deter people from doing the right thing. What is wrong with asking for transparency from Fed? If the Fed has nothing to hide, why not just do it without having to be required by legislation? The past two decades, the world has seen the biggest inflation ever, “housing, gasoline, precious metals, health care expenses”. It’s not like we have much to show for. Right now, lots of families require dual income in order to keep ends meet. This is like the best scam ever. Keep everyone’s life so focused in servicing debts and misinform the public so that everyone thinks this way of life is the way it should be. Well, it’s NOT.

  10. DeDude says:

    Senate rules were originally made when there was a reasonable expectation that people elected would have a minimum level of statesmanship. In the current congress we have seen that there is no limit to the jackasshattery and nothing they would not do to their country if it further their own personal political goals and gain approval from the morons who voted them into congress in the first place. I don’t believe in using the nuclear option because the fall out hurts everybody. However, the powers of the individual Senator needs to be revised in light of the recent shift in who gets elected. The rules have to change when the lunatics are send to Washington rather than to an asylum.

  11. louiswi says:

    Much of the blame for this nonsense can be laid directly at the feet of the proponents to pass the 17th amendment which allowed for direct election of US senators. The founding fathers had the senate concept right and it should not have been tinkered with.

  12. bazzab says:

    Anyone threatening my $85B/month fix is a traitor.
    Leave my Fed alone Rand Paul!
    I’m feeling good today.
    GOOG above $1000 and AMZN up 10% to $363.
    And my yummy Chipotle at $525.
    Give me more Janet. Give me more.

  13. Greg0658 says:

    this was a good snapshot-video of the last 3 Fed Chairpersons plus JY 2m51s
    Rachel Maddow Show & Janet Yellen
    http://www.youtube.com/watch?v=drV0Z6qEFkU

  14. grantgherkin says:

    With all the money that can come into local elections via Citizens United, you get super ideological agendas from really rich donors that promote the destruction of a “representative” government. When 67% of the campaign donations are coming in from SuperPac for the Montana 2012 senate race, residents of the state are not being represented. Their interests (for government to be efficient and responsible) move to the side and you get extreme Ideological positions in the government. Grinding the already slow process to halt and then pointing, government doesn’t work.

    Take the time & watch this:
    http://www.pbs.org/wgbh/pages/frontline/big-sky-big-money/

    p.s. remember, a certain candidate wanted to abolish PBS & Big Bird. Wonder why.