Sen Bernie Sanders asked Federal Reserve chair Janet Yellen "Are we still a capitalist democracy or have we gone over into an oligarchic form of society in which incredible economic and political power now rests with the billionaire class?"
Her answer: I prefer not to give labels.
“All of the statistics on inequality that you’ve cited are ones that greatly concern me, and I think for the same reason that you’re concerned about them, they can shape the ability of different groups to participate equally in a democracy and have great effects on social stability over time,” Yellen responded.There is video clip on huffingtonpost.com; the original story came from rawstory.com:
“I don't know what to call our system," she added. "I prefer not to give labels, but there’s no question we’ve had the trend toward growing inequality, and I personally find it a very worrisome trend that deserves the attention of policy makers."
Fed Chair Janet Yellen won’t tell Bernie Sanders whether U.S. is democracy or oligarchy by Travis Gettys.
Good old Bernie, fighting to save what's left of our democracy. He seemed relatively pleased with her answer, as carefully worded as it was, though he pushed her for more. The next question was what did she think about efforts to repeal the estate tax? Yellen: “I’ve indicated that I share your concern with inequality, but I guess I’m going to say on this that it’s up to the Congress to decide what’s appropriate, and there are a number of different ways to address it (and) that certainly is on the list.”
Yeah, up to the Congress. The folks who are owned by the oligarchs, which she knows but won't say because she prefers not to give labels.