[A] major source of wealth for many families is financial assets, including stocks, bonds, mutual funds, and private pensions. ...the wealthiest 5 percent of households held nearly two-thirds of all such assets in 2013
Janet YellenThe past few decades of widening inequality can be summed up as significant income and wealth gains for those at the very top and stagnant living standards for the majority.
Janet YellenBy some estimates, income and wealth inequality are near their highest levels in the past hundred years, much higher than the average during that time span and probably higher than for much of American history before then.
Janet YellenIt slightly worries me that when people find a problem, they rush to judgment of what to do.
Janet YellenWill capitalist economies operate at full employment in the absence of routine intervention? Certainly not.
Janet YellenFirms don't just try to pay as little as possible to get the needed bodies on board; when there is unemployment, they ask themselves how wage cuts would affect the behavior of the employees. Would they quit or feel dissatisfied and work less hard on the firm's behalf if they feel that wage policies are unfair?
Janet Yellen