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Johnny Dinar

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Everything posted by Johnny Dinar

  1. Gino Spocchia Tue, December 1, 2020, 8:35 AM EST With almost a month until Georgia voters decide whether Republicans or Democrats control Congress’s upper chamber, Donald Trump shared a tweet that asked “why bother voting for Republicans?” The US president shared the post on Monday as he continued to attack Republicans’ commitment to the electoral process and an election he will not concede, despite two crucial Senate elections next month. “Why bother voting for Republicans if what you get is [Doug] Ducey and [Brian] Kemp?”, said the tweet, which was written by conservative commentator Carmine Sabia, and shared by the president, a Republican. His remarks come as voters are set to decide between two Republicans or two Democratic challengers to take Georgia’s seats in the US Senate, and possible control over the upper chamber in Congress, in 35 days time. Mr Trump, who plans to campaign in the battleground state this weekend, has appeared to have turned against Republicans as his election defeat continued to become near-impossible to undo. And despite the two crucial senate races, Mr Trump delivered attacks on Georgia’s governor, Mr Kemp, as well as Arizona’s governor, Mr Ducey, who was alleged to have “put a Democrat in office" as the state confirmed election results, and Mr Trump’s defeat to Mr Biden, on Monday. On Sunday, the president told Fox News he was “ashamed” to have backed Mr Kemp’s 2018 campaign to become governor of Georgia, and that the Republican had “done absolutely nothing” to question the state’s election results, despite repeated — and baseless — allegations about election fraud by Mr Trump. Republican donors and strategists told the Associated Press , however, they were concerned that Mr Trump’s attacks on Republicans would persuade people not to vote in the Senate races, and that “Trump’s comments are damaging the Republican brand”, as Republican donor Dan Eberhart, described. Still, the president told supporters they should back senators David Perdue and Kelly Loeffler against two strong Democratic opponents, who have pushed Georgia’s Senate elections to the wire, with no candidate securing a 50 per cent majority on 3 November. Republicans need only one seat to reclaim control over the Senate, while Democrats need both Jon Ossoff and Raphael Warnock to take the Senate to a tie, which would then be decided by president-elect Kamala Harris. Trump shares posts asking ‘why bother voting for Republicans?’ ahead of key vote that could decide Senate (yahoo.com)
  2. I'd work without a paycheck for this kind of cash-out too!!! Very little of this goes to his defense fund, the rest is his to spend as he wishes... How much have you donated to his latest scam? He doesn't care about the election, he is ringing the bell and eating on the hog... What a genius!!! Nick Visser ·Senior Reporter, HuffPost Tue, December 1, 2020, 1:02 AM EST President Donald Trump has raised between $150 million and $170 million since Election Day amid ongoing appeals to supporters as part of his effort to undercut results of the race that saw him lose by millions of votes to President-elect Joe Biden, according to several media reports. Both The Washington Post and The New York Times reported details of the massive haul, much of which was raised through small-dollar donations from the president’s ardent base in the week after the election. But those appeals are based on misleading emails and text messages, and the Trump campaign has been using shady legal language buried in the solicitations that effectively gives the president broad power to use the money for a variety of purposes beyond fighting the outcome of the election. The fine print behind the fundraising says the first 75% of any donation goes to the Save America leadership political action committee, which Trump set up in mid-November, and the remaining 25% goes to the Republican Party’s operating expenses. Any donor would have to give more than $5,000 before their money would go to the recount effort. Trump and his surrogates have continued to spout lies about the election, pointing to discredited conspiracy theories about voting machines and fraud behind mail-in ballots. There has been no evidence to back up those claims, and every legal effort the president has backed to overturn election results in six battleground states has failed. All six battleground states have now certified their votes declaring Biden the winner. The president-elect is set to be inaugurated on Jan. 20, and Trump will have to leave the White House (his administration signed off on the official transition last week after resisting doing so for days). The figures, shared by an anonymous source close to the Trump campaign, are mammoth and unprecedented. They near sums raised at the height of the presidential race and would almost guarantee that Trump will exit the White House with all of his campaign debt paid off and a sizable chunk in the bank for any political activity after his presidency. The Post noted there are few limitations on how the money can be spent and that it could easily flow to Trump’s own properties through event fees or pay for his travel or personal expenses. Trump Has Raised Up To $170 Million Since Election Day: Reports (yahoo.com)
  3. I'm more worried about the stability of people who think every state and local government official, every volunteer poll worker, every judge and every national security agency is in on some grand conspiracy... Conspiracies don't usually work out because most people can't keep a secret... JMHO
  4. I think the point is they are not moving to America. Foxconn the big manufacturer was supposed to move to Wisconsin, but I don't think that is happening.
  5. Yell fire enough times and people run out of the building. Trump has screwed the pooch on this one. There is absolutely no evidence of fraud. No votes are counted outside America. Over 30 lawsuits thrown out. Recounts show the election results accurate. Unless you think every judge, voter, volunteer poll worker, state and local governments are all in on this conspiracy, you simply have to give it up and move forward. You don't really believe all these people are in on it, do you? There are people thinking why vote when it's already fixed... Talk about delusional. Kelly Loeffler had a rally Saturday and there was very few people there, and she had the QAnon crazy lady Marjorie Green on stage. This is getting sadder by the day. JMHO
  6. Well I never saw this coming... Trump's efforts to create a conspiracy over voter fraud now has republican voters in Georgia thinking about not voting because it's fixed... He may have just lost the senate with his attempts to tear down the system.... Now that would be tragic for his party and his legacy.... So which is it? Are the elections fixed or not? Pick one!!! JMHO RNC chair warns dubious Georgia voters losing 'faith' in election process could cost Senate runoff Tim O'Donnell Sat, November 28, 2020, 12:06 PM EST·2 min read Republican National Committee Chair Ronna McDaniel on Saturday held a pre-Georgia Senate runoff "meet and greet" at the Cobb County GOP office in Marietta, Georgia. CNN's DJ Judd, who was on the scene, reported that a fair amount of the conversation during the event revolved around President Trump, rather than Sens. Kelly Loeffler (R-Ga.) and David Perdue (R-Ga.), who are both in competitive races to retain their seats in the upper chamber. Voters in attendance reportedly wanted to hear about general election recount efforts across the country, and one person asked McDaniel why Georgia voters should "trust" the runoff elections when they've "already been decided." McDaniel argued that they haven't been decided, and, in fact, look hopeful for Republicans at the moment, adding that "if you lose your faith and you don't vote ... that will decide it." McDaniel remained upbeat throughout, and appeared to have strong support from the crowd by the end when she received a round of applause after telling the audience Trump would want them to get out and vote for Loeffler and Perdue. But the doubt-filled question did appear to highlight some of the challenges the party will face as the Trump campaign continues to push unfounded allegations of voter fraud. RNC chair warns dubious Georgia voters losing 'faith' in election process could cost Senate runoff (yahoo.com)
  7. Reuters and Isobel Asher Hamilton 3 hours ago Major Apple supplier Foxconn is moving some production of the iPad and Macbook from China to Vietnam, a source told Reuters. The source said Apple requested the move as a way of making its supply chain less reliant on China, following the trade war between the nation and President Donald Trump's administration. This will be the first time the iPad has been manufactured outside of China. Major Apple supplier Foxconn is moving some iPad and MacBook assembly to Vietnam from China at the request of Apple, a person with knowledge of the plan told Reuters, as the US firm diversifies production to minimize the impact of a US-China trade war. The development comes as the outgoing administration of President Donald Trump encourages US firms to shift production out of China. During Trump's tenure, the United States has targeted made-in-China electronics for higher import tariffs, and restricted supplies of components produced using US technology to Chinese firms it deems a national security risk. Apple was able to skirt some the tariffs, but it seems the iPhone-maker is wary that being dependent on China for its global supply chain, which could make the company vulnerable to geopolitical forces. Apple's dependence on China was also thrown into stark relief at the beginning of the coronavirus pandemic, as the outbreak caused major disruption in the company's supply cahin. Apple did not immediately respond to a request for comment. Taiwan's Foxconn, formally Hon Hai Precision Industry Co Ltd, on Tuesday announced a $270 million investment to set up a new subsidiary called FuKang Technology Co Ltd — a move the person said was aimed at supporting the Vietnam expansion. Shifting iPad production to Vietnam will mark the first time Foxconn has assembled the device outside of China. This isn't the first indication we've had that Apple is looking to seed its global supply chain beyond China. The firm already plans to spend up to $1 billion expanding an iPhone assembly plant in India as "strongly requested" by Apple to diversify production beyond China, people with direct knowledge of the matter told Reuters in July. Foxconn and peers such as Pegatron Corp are also considering building plants in Mexico, people with knowledge of the matter said, as Washington promotes near-shoring production. Foxconn Chairman Liu Young-way in August told investors the US-China trade war had split the world into two, saying his firm aimed to provide "two sets of supply chains." Apple moving iPad, Macbook production from China to Vietnam - Business Insider
  8. Erik Pedersen Tue, November 24, 2020, 4:44 PM EST Hal Ketchum, a singer-songwriter who rode the 1990s country music wave with hit singles including “Small Town Saturday Night,” “Past the Point of Rescue” and “Hearts Are Gonna Roll,” died Monday of dementia complications at his home. He was 67. His wife, Andrea, posted the news on social media today. “May his music live on forever in your hearts and bring you peace,” she wrote. He had revealed his diagnosis in April 2019. After settling in Nashville via Texas in the late 1980s, Ketchum broke out with a string of hit country singles starting with “Small Town Saturday Night” in 1991. That track peaked at No. 2 — as did follow-ups including “Past the Point of Rescue” and “Hearts Are Gonna Roll.” “Sure Love,” the lead title track from Ketchum’s 1992 LP, hit No. 3 on the Billboard Hot Country Singles chart. Country music was seeing a frenzied boom in popularity at the time, fueled by the mega-success of the likes of Garth Brooks, Alan Jackson, Trisha Yearwood and Brooks & Dunn. Ketchum’s albums didn’t sell by the ton like those acts did, but he continued to score hits with tracks including “Mama Knows the Highway” and “Stay Forever,” both of which hit the country top 10. He became a member of Nashville’s revered Grand Ole Opry in 1994. Ketchum’s popularity had peaked mid-decade, but he continued to record and tour into the late 2000s. Late in that decade — exhausted and battling multiple sclerosis — he left Nashville to return home to Texas. “I was hiding out,” he said in his website’s official bio. “I’d been in the public for so long. I didn’t even go into town; I had my daughter bring me groceries. I develop a form of agoraphobia, really. I found pleasure in watching the stars at night and watching the sun during the afternoon. I also put out a lot of bird feeders and basically talked to myself all day long.” Born on April 9, 1953 in Greenwich, NY, he began his musical journey as a drummer before pivoting to banjo and acoustic guitar. He honed his songwriting craft with encouragement from the likes of fellow New Braunfels/Gruene Hall local Lyle Lovett and Jimmie Dale Gilmore and eventually moved to Music City. There he cut his 1988 debut disc, Threadbare Alibis, for Watermelon Records. It failed to chart, but Ketchum moved to Curb Records, which would release his follow-up — 1991’s Past the Point of Rescue, which went gold — and his next eight albums, including the commercial hits. By 2009, his health was deteriorating as he battled acute transverse myelitis, which is related to his MS. He would release a final album, I’m the Troubadour, in 2014. Hal Ketchum Dies: ‘Small Town Saturday Night’ Country Hitmaker Was 67 (yahoo.com)
  9. I agree... Politics should stay in that section... The rest of the site is a joy to read.
  10. I just feel sorry for people who are grasping at anything to keep the fantasy alive. The world is moving forward including the GOP... It has actually become very sad reading these posts. JMHO
  11. Evidence Builds That an Early Mutation Made the Pandemic Harder to Stop James Glanz, Benedict Carey and Hannah Beech Tue, November 24, 2020, 8:05 AM EST·8 min read As the coronavirus swept across the world, it picked up random alterations to its genetic sequence. Like meaningless typos in a script, most of those mutations made no difference in how the virus behaved. But one mutation near the beginning of the pandemic did make a difference, multiple new findings suggest, helping the virus spread more easily from person to person and making the pandemic harder to stop. The mutation, known as 614G, was first spotted in eastern China in January and then spread quickly throughout Europe and New York City. Within months, the variant took over much of the world, displacing other variants. Sign up for The Morning newsletter from the New York Times For months, scientists have been fiercely debating why. Researchers at Los Alamos National Laboratory argued in May that the variant had probably evolved the ability to infect people more efficiently. Many were skeptical, arguing that the variant may have been simply lucky, appearing more often by chance in large epidemics, like Northern Italy’s, that seeded outbreaks elsewhere. But a host of new research — including close genetic analysis of outbreaks and lab work with hamsters and human lung tissue — has supported the view that the mutated virus did in fact have a distinct advantage, infecting people more easily than the original variant detected in Wuhan, China. There is no evidence that a coronavirus with the 614G mutation causes more severe symptoms, kills more people or complicates the development of vaccines. Nor do the findings change the reality that places that quickly and aggressively enacted lockdowns and encouraged measures like social distancing and masks have fared far better than the those that did not. But the subtle change in the virus’s genome appears to have had a big ripple effect, said David Engelthaler, a geneticist at the Translational Genomics Research Institute in Arizona. “When all is said and done, it could be that this mutation is what made the pandemic,” he said. The first outbreaks of the virus would have spread around the world even without the mutation, believe most researchers, including Engelthaler. The original variant spotted in Wuhan in late 2019 was already highly contagious, he said. But the mutation appears to have made the pandemic spread farther and faster than it would have without it. Scientists are especially cautious in this area of virology. Lab studies found that mutations of the Ebola virus, which spread in West Africa starting in 2013, increased infectivity in tissue culture. But that conclusion did not translate to increased transmission in lab studies with animals. And some experts said the effect of the 614G mutation might be modest compared with other factors, like social distancing rates. But the new evidence, from research groups in the United Kingdom and the United States, has changed the minds of many scientists who were initially skeptical. One study found that outbreaks in communities in the United Kingdom grew faster when seeded by the 614G variant than when seeded by its Wuhan ancestor. Another reported that hamsters infected each other more quickly when exposed to the variant. And in a third, the variant infected human bronchial and nasal tissue in a cell-culture dish far more efficiently than its ancestor. Trevor Bedford, associate professor at the Fred Hutchinson Cancer Research Center and the University of Washington, said that the collection of findings from different lines of research had won him over. “My being convinced comes from seeing the same thing repeatedly,” Bedford said. “I think at this point that it is real.” While impressed with the new work, Bedford and other scientists said it was still unclear if an inherent advantage was the main reason for the global dominance of the variant. Kristian Andersen, a geneticist at Scripps Research, La Jolla, said the research did show that the variant is more transmissible, but he believes the difference is subtle. Even so, Andersen said that the variant’s higher transmissibility could help explain why some countries that were initially successful in containing the virus became susceptible to it later. The virus may have been “harder to contain than the first time around,” he said. “What you used to do may not be quite enough to control it,” Andersen said. “Don’t necessarily expect that the enemy of two months ago is the enemy you have the next time.” Around the world, the emergence of 614G has generated both serious scientific debate and largely political blame dodging. Government officials in Vietnam and Thailand, which fared well in containing the ancestral strain despite an influx of Chinese visitors early in the year, have suggested that the later outbreaks may have been partly the result of the 614G virus. Thailand has kept both variants of the virus under control over the past year through the strict quarantining of returnees, a ban on foreign tourists, masks and other measures, said Thira Woratanarat, an associate professor in the faculty of medicine at Chulalongkorn University in Bangkok. Still, he said, resurgences in the region are concerning. “We have seen several countries, like Vietnam, South Korea and Japan, that seemed to have it under control,” Thira said. “But then there was a second wave.” In Vietnam, he said, the virus with the 614G mutation was first confirmed in the central coastal city of Danang after about 100 days with no reported cases of local transmission. An outbreak quickly spread to 10 cities and provinces. In Singapore, he said, the mutated virus spread in crowded dormitories for migrant workers. “When the mutated virus lives in big groups, it spreads faster and makes it much more difficult to control,” he said. But other researchers said that a lack of proper containment measures, not the mutation, is largely to blame for resurgent outbreaks. “The reason this is spreading is people are not having enough measures in place,” said Kari Stefansson, founder and chief executive of deCODE Genetics, a leading genome analysis firm based in Iceland. “It seems like extraordinarily poor politics to blame the inadequacies on the virus. They should be picking on someone their own size, not this tiny virus.” In one of the new studies, a British team of researchers had an advantage shared by no one else: They were able to draw upon the largest national database of coronavirus genome sequences in the world. The researchers collected new evidence that, at least in the United Kingdom, the variant took over because it indeed spreads faster. “When we look at clusters, the G variant grows more quickly,” said Erik M. Volz, a researcher at the Medical Research Council Center for Global Infectious Disease Analysis at Imperial College London and the leader of the study. The data collected by the COVID-19 Genomics U.K. Consortium allowed the team to observe the growth of infected clusters as a kind of horse race. Side by side, did clusters of 614G infections grow faster than infections involving the ancestral variant? The 614G variant clearly won the race, the analysis found. The precise rate remains uncertain, but the most likely value gives 614G roughly a 20% advantage in its exponential rate of growth. “This is exactly the kind of analysis that needed to be done, and it provides more support for G being more transmissible” than the ancestral virus, said one of the researchers, Katharina V. Koelle, an associate professor of biology at Emory University. In a separate series of studies, a team led by Ralph Baric at the University of North Carolina tested live viruses, comparing the 614G variant with the ancestral version. In one, the team found that 614G viruses were more infectious in samples of human bronchial and nasal tissue, the most likely source of virus to be transmitted to others. Another study, published in Science, found that the variant was more readily transmissible in hamsters when infected animals came within a few inches of each other. Scientists consider animal experiments a critical step to test whether a mutation that makes viruses more infectious in a lab dish also does so in a living population. Baric’s team placed an infected hamster in a cage, adjacent to the cage of an uninfected one; the cages were several inches apart, so the animals could not touch one another. Any transmission could occur only through the air, in droplets or aerosols. After two days, five of eight hamsters with the 614G variant had infected its pair. None of those with the ancestral virus had done so. “When you take all the data together, everything is consistent with a system that increases infectiousness and transmissibility,” Baric said. The virus will continue to change, and while most of those changes will be mere typos, some may be more meaningful, Engelthaler said. “There will be the possibility of additional alterations that change the nature of the pandemic,” he said. Already, Engelthaler said, he has seen strong indications of such alterations in his own unpublished data tracking the spread of different variants in Arizona. “We have to listen to what the virus is telling us,” he said. This article originally appeared in The New York Times. © 2020 The New York Times Company Evidence Builds That an Early Mutation Made the Pandemic Harder to Stop (yahoo.com)
  12. I think he continues to raise money for his debt... Go read his donation site. The majority of money is not going to his defense fund...
  13. Atkins’ musings fly in the face of former Vice President Joe Biden’s call for unity delivered shortly after the media declared him the new president-elect. Biden told Americans, “I pledge to be a president who seeks not to divide, but to unify…Now, let’s give each other a chance. It’s time to put away the harsh rhetoric, lower the temperature, see each other again, listen to each other again. This is the time to heal in America.” Biden’s words, as lovely as they were, belie the reality that liberals have no intention of unifying with Trump’s supporters. Honest debate and compromise are not part of their plan. Their objective is to “eliminate” dissent, one way or another. I realize that Atkins’ ideas sound radical and alarming, and they certainly are. But the truth is that most liberals’ thinking is more closely aligned with Atkins than with the lofty ideals Biden expressed in his “acceptance speech.” Liberals do not seek unity with conservatives, they want us to abandon our principles and embrace their world views. They want to control us. I assure you that the left has one goal; above all else, they want power – as much as possible and they will do whatever is necessary to maintain it for as long as possible. I think all these politicians are losing it..... JMHO
  14. Giuliani admits to exaggerating claims of voter fraud after saying Detroit had more voters than citizens Stephen Proctor Tue, November 24, 2020, 2:02 AM EST President Trump’s personal attorney Rudy Giuliani appeared on Lou Dobbs Tonight Monday where he made a startling admission. Not long before Giuliani’s appearance, the Michigan state board of canvassers certified Joe Biden winner of the election in the state. On top of that, Giuliani and Trump’s legal team have suffered dozens of losses in courts in their attempt to prove widespread voter fraud and overturn the results of the election. Giuliani has repeatedly made wild and baseless claims of fraud, but admitted on Monday that he’s exaggerating, at least when it comes to alleged fraud in Detroit. “The city of Detroit probably had more voters than it had citizens,” Giuliani said. “I’m exaggerating a bit, but all you have to do is look at statistical data and you can see that the fraud was rampant and out of control.” The Michigan Department of State has denied claims of widespread voter fraud in the state. While Giuliani has argued his case of voter fraud to anyone who will listen, he has yet to provide any evidence. In fact, over the weekend, a federal judge threw out a lawsuit brought by Trump’s legal team for failing to provide any proof of fraud. But, just moments before admitting to exaggerating his claims of fraud, Giuliani exaggerated claims of fraud. Once again, without providing evidence. “A hundred thousand ballots were brought in at 4:30 in the morning in Detroit in trucks that look like garbage trucks — in garbage pails actually,” Giuliani said. “All those ballots were counted for Biden with no Republican inspectors around.” Giuliani also claimed there was an over-vote rate of 400% in Detroit. Giuliani admits to exaggerating claims of voter fraud after saying Detroit had more voters than citizens (yahoo.com)
  15. I know right? And yet there she was out front speaking at Rudy's news conference. Thankfully her insane comments were even too much for Rudy... Strange, why would they even let her in the door? Blaming Hugo Chavis was off the charts... He's been dead for a while, and yet I'm sure there are some people out there now thinking Hugo was in on it... LOL
  16. Rush Limbaugh: Trump’s Legal Team ‘Promised Blockbuster Stuff and Then Nothing Happened’ Brittany Bernstein Mon, November 23, 2020, 3:51 PM EST Conservative radio host Rush Limbaugh on Monday criticized President Trump’s legal team over their chaotic press conference last week that failed to provide any evidence to back up their claims that the 2020 election was rigged. “You call a gigantic press conference like that — one that lasts an hour — and you announce massive bombshells, then you better have some bombshells,” Limbaugh said during his show on Monday. “There better be something at that press conference other than what we got…I talked to so many people who were blown away by it, by the very nature of the press conference. They promised blockbuster stuff and then nothing happened, and that’s just, it’s not good.” He added, “If you’re gonna do a press conference like that with the promise of blockbusters, then there has to be something more than what that press conference delivered.” He also questioned the role of lawyer Sidney Powell, who was present at the press conference but has since cut ties with Trump’s legal team. Though Trump lawyers Rudy Giuliani and Jenna Ellis said Powell is “not a member of the Trump legal team” or a personal lawyer to the president, Limbaugh argued it’s a “tough thing to deny she was ever part of it because they introduced her as part of it.” “She was at that press conference last week,” he said. During the press conference on Thursday, Giuliani claimed to have evidence of a “national conspiracy” to steal the election for President-elect Joe Biden, though he said he could not yet release any evidence as the judges presiding over the campaign’s lawsuit might object and because his witnesses might face retribution if their names became public. He said he had “at least ten” witnesses ready to describe instances of voter fraud, he couldn’t reveal them publicly because “they don’t want to be harassed.” Rush Limbaugh: Trump’s Legal Team ‘Promised Blockbuster Stuff and Then Nothing Happened’ (yahoo.com)
  17. Former Fed Chair Janet Yellen reportedly Biden pick for Treasury Secretary Brian Cheung ·Reporter Mon, November 23, 2020, 3:12 PM EST Former Federal Reserve Chair Janet Yellen will serve as the 78th Treasury Secretary of the U.S., the Wall Street Journal reported Monday afternoon, citing people familiar with President-elect Joe Biden’s transition team. Yellen, 74, will have her work cut out for her, with the U.S. economy in the midst of the deepest economic crisis since the Great Depression. But Yellen’s deep experience with macroeconomics, in addition to her familiarity with the inner workings of Washington, could prove to be useful tools as the Biden administration takes a swing at a fiscal response to the crisis. If confirmed, Yellen will be the first woman to hold the position, and only the second Fed chair to serve in the role (G. William Miller). Her resumé includes 16 years in leadership roles within the Federal Reserve System. From 2004 to 2010, Yellen served as the head of the Federal Reserve Bank of San Francisco before being tapped by the Obama administration for a role as Fed Vice Chair from 2010 to 2014. She was then appointed to replace Ben Bernanke as Fed Chair and served in that position until 2018 when the Trump administration replaced her with Jay Powell. WASHINGTON, DC - DECEMBER 13: Federal Reserve Chair Janet Yellen speaks during her last news conference in office December 13, 2017 in Washington, DC. Yellen announced that the Federal Reserve is raising the interest rates by a quarter point to 1.5%. (Photo by Alex Wong/Getty Images) Like many former Fed chairs, Yellen has had experience working with fiscal policy through economic roles within previous White Houses. From 1997 to 1999, Yellen served as chair of the White House Council of Economic Advisors, helping to drive policy under the Clinton administration. Since leaving the Fed, Yellen has worked at the Washington D.C.-based think tank Brookings Institution. Spend more? Yellen was not a formal member of Biden’s economics team during the election, but has been part of a team of advisers that have briefed the President-elect. The former Fed chair has been vocal about her suggested approach to the COVID-19 crisis, arguing that Congress and the White House should be more aggressive on spending that would keep households and businesses whole through grants. “When unemployment is exceptionally high and inflation is historically low, as they both are now, the economy needs more fiscal spending to support hiring,” Yellen and Biden chief economist Jared Bernstein wrote in The New York Times on August 24. Yellen has argued that with interest rates so low, the government should not be afraid of deficit spending in the middle of an unprecedented economic shock. “This spending is preventing even more of an economic collapse and the more the economy shrinks, the more tax revenues decline. A dollar of spending now doesn't really add a dollar to U.S. debt,” Yellen said in March, after the passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. But in the past, Yellen has expressed concern over the longer-run path of the deficit. She has described the pace of government spending as “unsustainable,” telling CNBC in 2018 she would support raising taxes and cutting retirement spending. Fed policies As Fed chair, Yellen oversaw the central bank’s first rate hikes out of the Great Financial Crisis. In December 2015, the policy-setting committee raised interest rates with the unemployment rate at 5.0% and inflation undershooting its 2% target. Fed officials are now saying those early rate hikes may have been pre-emptive. The economy would end up sustaining unemployment rates well below 5% (the headline rate was 3.5% just before the COVID-19 pandemic) without substantial inflationary pressures. The critique: that the Yellen-era rate hikes may have held back what would have been a faster labor market recovery. Yellen said earlier in the year that hindsight is 2020, but insisted that the rate hikes had not “slammed the brakes” on the economic recovery. “It would have made a small difference,” she said on September 1. Yellen beat several other candidates for the job, including current Fed Governor Lael Brainard. Bloomberg reported earlier on Monday that Brainard had been ruled out for the position, suggesting that the Biden transition team preferred to keep her in place at the central bank. Former Fed Chair Janet Yellen reportedly Biden pick for Treasury Secretary (yahoo.com)
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