Janet Yellen issued her final official interview as Fed Chairman: Lil High...
Janet Yellen ended her long career at the Federal Reserve with concerns over how high the stock market has surged under her watch.
The S&P 500 has soared 315 percent since the March 2009 bear market lows and about 53 percent since she took over as chair of the central bank in 2004.
Yellen said in an interview with CBS News that market valuations are the source of some concern as she headed into private life following a 14-year Fed career, the last four as the chair. She spoke as the market finally took a breather from what has been a breathtaking move higher, with the Dow industrials falling 666 points Friday.
“Well, I don’t want to say too high. But I do want to say high,” she said. “Price/earnings ratios are near the high end of their historical ranges.”
In addition to elevated equity prices, Yellen also said commercial real estate is “quite high” compared with rents.
Irrational exuberance is what it’s called. Hype and craziness not backed by reality. Stocks too damned high!
Aunt Yellen speaks. 666. Not liking where this is going…
Says she’ll now devote more time to her monkeys… Freaking News.
But not to worry – another wise, Creature-approved acolyte of economic deception will be along Monday… The interests of the bankers are in good hands. And, it’s really them that matter the most, right?