dailyreckoning.com / Matt Insley / Jan 10, 2014
If you stare at a picture of Janet Yellen long enough you’ll see her eyes move.
What are those almond shaped oculars looking at? Don’t be fooled my hard-asset friend, she’s taking a long hard look at your savings!
With a firm grip on the monetary-policy levers, our new Fed Chairman knows well that you can’t create prosperity out of thin air. However, creating prosperity for some at the expense of others? Well that shouldn’t be too hard now, should it?
I’ve got to admit I don’t know much about Mrs. Yellen. Does she have a dog? Make a killer casserole? Enjoy cross country skiing? Beats me!
Heck, I don’t even know where she lives. Maybe Taper City, U.S.A.?
Regardless of these nuisances, there’s one thing I do know: she’s got one helluva act to follow.
For years Ben Bernanke wreaked havoc on the savings accounts of many an American. Helicopter Ben forced average, hard-working, big-saving Americans to head out of their comfort zone. (If I have to look up another bond fund for my father, I’ll scream!)
Can’t earn a retirement saving your money in a bank account these days, that’s for sure. And if you want to make 1, 2, dare I say 3% you’ve got to juggle so many CDs and money market accounts you’d make your head spin.