Yellen Like Bernanke on Steroids, Proclaims 'Visionary' Hunter Lewis
UPDATE: The Senate has voted to confirm Janet Yellen as the next Federal Reserve Chair. The vote was 52-26. Eleven Republicans voted in favor.
Breitbart News Executive Chairman Steve Bannon introduced Hunter Lewis as a very special guest and noted that he is the first guest for Breitbart News Sunday on Sirius XM Patriot channel 125 in 2014.
A graduate of Harvard University, Lewis co-founded Cambridge Associates, LLC, a global investment firm whose clients include leading research universities, charitable organizations, and families. He has served on boards and committees of fifteen not-for-profit organizations, including environmental, teaching, research, and cultural organizations, as well as the World Bank.
Lewis discussed the role the Federal Reserve plays in shaping our economy. Unfortunately, he does not have a great deal of confidence in soon-to-be Chairperson of the Fed, Janet Yellen. Lewis said that Yellen is the second most powerful person in the world and that she “doesn’t have a clue of what she is doing.” He notes that she has lived her life in academia and has never worked in the private sector. Although she was vetted by the Senate finance committee, she “side-stepped” important questions and provided no answers.
He predicts that Yellen will be like Fed Chairman “Bernanke on Steroids.” If Bernanke is a “believer” in a Keynesian approach of creating artificial stimulus policies and keeping interest rates artificially low, then Yellen is a “true believer.”
Yellen believes, like many Republicans and Democrats, you can “spend your way to prosperity,” says Lewis. She will be expanding money supply and will in effect be destroying the middle class by keeping interest rates so low that they can’t earn money on their savings. Lewis makes the point that if “inequality” is your concern then the Fed's manipulating interest rates by continuously printing money contributes more to that than anything else in the economy.
Lewis also contends that the stock market is due for a huge correction and that it has been artificially bolstered by a Fed policy of quantitative easing, a system which pumps more money into the economy by printing more. “That will be a litmus test” for Yellen – to see if she starts printing even more money into the economy, says Lewis. Lewis does not think this would be a good outcome for America.
Lewis, a man that Forbes calls a “business visionary,” believes that the Keynesian strategy of pumping more and more money into the economy to stimulate growth, in fact causes “crashes.” Lewis asserts that, “In a crash, Keynesian remedies include printing money, stimulus, and bailouts to achieve economic recovery, policy prescriptions that appeal to politicians, who are very short-term oriented.”