Yellen's Testimony Tanks; Trade, Don't Invest: Best of Kass

NEW YORK (TheStreet) -- Doug Kass of Seabreeze Partners is known for his accurate stock market calls and keen insights into the economy, which he shares with RealMoney Pro readers in his daily trading diary.

Last week, Kass wrote on The Muppets Take the Fed and closed-end municipal bond funds.

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Yellen's Testimony Tanks
Originally published on Tuesday, July 15, at 10:50 a.m. EDT

To some degree, Yellen's statements are laughable.

  • "Inflation sub-target" -- I thought the target was 2%?
  • "Slack in the labor market" -- aren't we right near the 6% target?

The Fed isn't raising rates. It believes it can opine and twist and tweak words to manage the world economy. They are geniuses in booms and saviors in busts, but in reality, they are just dangerous interventionists whose policies are widening the wealth gap and creating immense capital misallocation.

If I were a senator, I would be throwing tomatoes on Capitol Hill today.

[Read: Yellen’s Denials About Inflation Will Curb Fed’s Independence]

Below is an old pictogram:

Insert your favorite central banker or master of the world economist for Dr. Bunsen Honeydew and make poor Beaker the taxpayer.

BTW, does it get any better than this description of Dr. Bunsen Honeydew in relation to our ever increasingly "transparent" central bankers?

Dr. Bunsen Honeydew, Ph.D. is a Muppet character from "The Muppet Show," performed by Dave Goelz. He is a bald, green-skinned, bespectacled, lab-coated scientist who would do periodic science segments from "Muppet Labs, where the future is being made today." The character has no eyes -- only completely transparent, lensless glasses.

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