In a speech at a university housing symposium today, Berkeley’s very own Janet Yellen descended from the marble vaults of the S.F. Fed to bequeath upon us an ominous portend of the oncoming economic meltdown. Yellen, a steel-willed ball-buster disguised as a wispy old lady, has served as the president and CEO of the S.F. Federal Reserve Bank since 2004. In her speech, she remarked that the Fed Reserve may whittle away at the benchmark interest rate, which currently stands at a piddling 1 percent. That’s after the Fed cut the interest rate yesterday for the sixth time this year.

In layman’s terms, cutting the interest rate is supposed to read more »