Tuesday, March 21, 2023

Flashback: Janet Yellen Says We Won't See Another Financial Crisis in Her Lifetime

Click here to read the original Cautious Optimism Facebook post with comments

The Cautious Optimism Correspondent for Economic Affairs and Other Egghead Stuff has studied the history of banking crises for years going back to the late 1690's and written a great deal of that history here on this page. For what it's worth, he doesn't consider the failure or near-failure of three idiosyncratic niche banks to be a systemic financial crisis, at least not yet.

However Janet Yellen evidently does which makes this "won't see another financial crisis in our lifetimes" flashback all the more amusing. It belongs among the pantheon of greats such as...

"We shall have no more crashes in our time."

-John Maynard Keynes, 1927

"Stock prices have reached what looks like a permanently high plateau."

-Irving Fisher, October 17, 1929

"There will be no serious consequences in London resulting from the Wall Street slump. We find the look ahead decidedly encouraging.”

-John Maynard Keynes, November 1929

“The end of the decline of the Stock Market will probably not be long, only a few more days at most.”

-Irving Fisher, November 14, 1929

“The Soviet economy is proof that, contrary to what many skeptics had earlier believed, a socialist command economy can function and even thrive.”

-Paul Samuelson Nobel Laureate, 1989

"Can economic command significantly accelerate the growth process? The remarkable performance of the Soviet Union suggests it can. Today it is a country whose economic achievements bear comparison with those of the United States.”

-Lester Thurow, MIT economist and Business School Dean, 1989

"By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine's."

-Paul Krugman, 1998

"On the basis of historical experience, the risk to the government from a potential default on GSE [Fannie Mae & Freddie Mac] debt is effectively zero."

-Joseph Stiglitz, Nobel Laureate, 2002

“The United States economy has never been in better shape… … monetary policy is spectacular.”

-Arthur Laffer, August, 2006

See Yellen 2017 flashback at:


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