Janet Yellen blames “lack of competition” for inflation.

Photo above - Janet Yellen blames "lack of competition" for the lack of affordable homes. I blame scenes like this.

Is Janet Yellen too old and senile to be Secretary of the Treasury? She’s going to be 78 in a few weeks. She’s right up there with Biden, Trump, House Leader Mitch McConnell, Nancy Pelosi, Senate leader Chuck Shumer, Fed Chaiman Jerome Powell, and nearly half the supreme court. We are ruled by a gerontocracy of politicians-for-life who constantly smirk as they tell us "Don’t worry, be happy".

Yellen’s contribution to the debate came during her appearance on Squawk Box this week. She said that yes, inflation is a problem, but that “lack of competition” was the cause. NOT the fact that the government is spending twice what it collects in taxes, and has amassed $34 trillion in federal debt (that’s $100,000 for every man woman and child in America). See link below.

This “no competition” claim is both hilarious and scary. When pressed for examples, Yellen came up with bread and milk, which are up 30% since inauguration day. Wait . . . what? There’s a giant conglomerate controlling bread and milk? Not evident at the grocery store where I shop. There are about 200 companies represented on the bread aisle. Has Janet actually ever been in a supermarket since she turned 70? Or do her caregivers do that sort of stuff for her now?

Okay, so Janet's claim about bread and milk is complete BS. How about gasoline? There are more than two dozen oil refinery companies in the US. And then there’s Shell (the Netherlands), BP (the UK), and a bunch of other international players. This looks like LOTS of US competition, compared to Russia, China, Brazil, Mexico, the UK, etc. And energy prices are a huge source of American inflation.

Okay, maybe Janet can explain how “lack of competition” has created 40% housing inflation since inauguration day? Presumably there’s some ginormous construction company called “General Homes, Inc." which is secretly pulling the strings? I have a different take: high home prices are the result of cities, counties, and states adding layer upon layer of zoning restrictions which put both new construction and urban renewal on the slow road to nowhere. If you drive through any major city – New York, LA, or rust belt hellholes like Chicago, Cleveland, and Milwaukee, you see block after block of abandoned shells that probably should be bulldozed under “eminent domain” for new, decent construction. It isn’t “lack of competition” that preventing this. It’s elected officials and bureaucrats.

Yes, Ms. Yellen. I WOULD like to see more competition in America. Let’s start by replacing all our octogenarian lawgivers with a new generation who is in touch with how we live. I've had enough of millionaire politicians old enough to be my great grandmother or grandfather.

I’m just sayin’ . . .

~CNBC Exclusive: CNBC Transcript: United States Treasury Secretary Janet Yellen Speaks with CNBC’s Andrew Ross Sorkin on “Squawk Box” Today~