Janet Yellen to take the fall for Joe Biden's bank and inflation fiascos?

Janet Yellen is one of the worst Treasury secretaries in memory.  She couldn't be more emblematic of Joe Biden's pathetic and incompetent administration.

She famously called inflation "transitory."  After that, she admitted she had no idea it would happen.  She called "climate change" the biggest risk to the banking system, and as recently as March 7, she demanded more environmental, social, and governance (ESG) activity of banks to ward off "shocks" to the financial system.

Then ESG-filled Silicon Valley Bank collapsed.  She fumbled badly when questioned by the steel-trap mind of deceptively folksy Sen. John Kennedy of Louisiana about inflation, taxes, and the IRS, making it pretty clear she was making it up as she goes along. 

So apparently, someone at the White House has noticed, and thinks Biden needs — and can get — someone better.

According to Charlie Gasparino, writing for the New York Post:

Janet Yellen is once again on thin ice inside the Biden Administration over her bungling of the banking crisis that keeps roiling markets, The Post has learned.

The question is when will Sleepy Joe & Co. finally act? They need to put Yellen out of her misery and end ours by handing her job to someone who knows how to deal with the very real possibility of banks failing on a scale not seen since the 2008 financial crisis and a possible deep recession.

As we have reported, the political types in the White House — the people that craft messaging and give input on cabinet choices — have been increasingly wary of Yellen’s ability to do the job despite her expansive resume and years running the Fed, people with direct knowledge tell the Post.

Gasparino suggests he will believe it when he sees it, given the pokiness of the Biden administration.  I think he's calling that right.

But obviously, someone has noticed that there's an incompetent in the house, someone who doesn't even understand where inflation comes from, let alone how rising interest rates affect banks, and there's a big economic storm ahead to be staved off so that Joe can get re-elected in 2024.

What makes this interesting is that Yellen is supposedly well qualified as an academic economist and has been around for a long time, serving in many offices, including chair of the Federal Reserve.  She even had a reputation as a moderate in the past.  You'd think she would know how to do her job as Treasury secretary, would know how inflation works, would know how banks work.  It's possible she really is stupid and incompetent and doesn't actually know those things as a bat-brained academic, but it's also possible that she does, but she mouths the wokester lines and odd rationalizations about inflation, which is a product of Joe Biden's government overspending, because she's politically weak and going along with the wokester flow coming from the White House, just as Joe Biden does, making her a sort of mirror image of Joe himself, although she is not senile.  There have been reports in the past that she's on her way out, she's been reportedly concerned about them, and yet...nothing ever happened.

With Joe Biden, a gaslight has always served as a substitute for a solution to any big problem affecting the U.S.  Yellen plays the gaslight nonsense well as the economy careens, just as Joe Biden does.

Gasparino notes that some harder-minded character in the White House is saying "enough" to that and seeking a Clinton-administration type who will project some kind of competence — and the names of the Bank of America chief, Brian Moynihan, and commerce secretary Gina Raimondo have been thrown out as heavyweights with real-world experience.  If so, Biden might be moving to find its own Larry Summers or Rob Rubin, who, however much one may disagree with them on some things, came off as competent.

A Biden-on-Biden mirror gaslighter, in other words, might be called to take the fall.  But that's assuming Joe Biden actually cares about competence and doesn't want clowns around him who are just as mediocre and lightweight as he is.  We will have to see about this.  Up until now, we have not seen anything resembling this pattern.

Image: Twitter screen shot.

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