Rolling coverage of the latest economic and financial news, as European Union car sales slump 23.7% last year
- Latest: Janet Yellen says US should go big on stimulus
- Goldman Sachs profits double in Q4
- Deutsche: Bitcoin and US tech shares are top bubble risks
- IEA cuts oil demand forecast
- EU car sales drop 23.7% last year – worst drop on record
On debt burden of $1.9T package
Yellen: "Scarring due to this pandemic…can really harm the long-run potential productivity of our economy…that would make it difficult to get back on the growth path we were on. & it's really critically important to provide this relief now."
More highlights from Janet Yellen’s confirmation hearing (being streamed here):
.@JanetYellen's confirmation hearing begins today.
First, @SenFeinstein w/ this zinger: "Some have joked that Janet's husband of 42 years, George, won the Nobel Prize in Economic Sciences yet he is regarded by many as the 2nd most accomplished economist in his own home."
Yellen speaking now on her vision for recovery & Biden's Rescue plan.
"Neither the president-elect nor I proposed this relief package w/o an appreciation for the country's debt burden. But right now, w/ interest rates at historic lows, the smartest thing we can do is act big."
On bipartisan cooperation, Yellen: "My husband & son are watching us on C-SPAN from the other room…They're also wonderful & opinionated economists themselves. So, I'm used to debate about these issues in the house. And I'd welcome it in the Senate."
