This came about because Trump did not reappoint Yellen.
Under her watch, as Chair, the stock market hit record highs, there was no recession, and unemployment crashed.
Accolades Pour In
Ya gotta love Bell's last line "And hopefully Americans will remember Yellen’s admonition—'keep refilling the punch bowl until the guests have all arrived.'"
Hold the Champagne
Hold the champagne, the praise, and the truffles.
While it's true, unemployment crashed under Yellen, it's also true the Fed sponsored the biggest stock market bubble in history on her watch.
Few see that now, just as few saw the housing bubble fueled by Greenspan and Bernanke. And Yellen was part of the housing bubble-blowing affair too, just not as the Chair.
Not only did Yellen "keep refilling the punch bowl until the guests arrived," she kept refilling the punch bowl long after every guest was drunk.
There's quite a bit of sobering up to do.
Few will be singing accolades for Yellen when the realization hits that the Fed blew it again.
Mike "Mish" Shedlock