Today at the Trans-Atlantic Agenda for Shared Prosperity conference held at the AFL-CIO, Janet Yellen, vice chair of the Board of Governors of the Federal Reserve, talked about the reasons why the recent economic downturn has been painful particularly for America's workers and what the Federal Reserve's role is in reaching maximum employment.The problem with the economy is the lack of demand and current fiscal policy is not helping. Yellen said the Federal Reserve is committed to action that will create jobs and produce economic growth. 

The Federal Reserve recently adopted a two percent inflation target, reports Thomas Palley, AFL-CIO senior economic policy advisor. The Fed should be looking at policies that improve wages, not ones that will undercut the possibility of future wage increases and make it more difficult to achieve full employment, Palley writes In an Op-Ed published in the Economists' Forum blog titled, "The Fed's 2% Inflation Target Trap." 

How did Wall Street get away with crashing the U.S. economy?  Its inner circle spoke a “language” only one percent of the public could understand. Now, a new booklet explains its jargon to the rest of the country.

“Economics for the 99%” serves as an economic translation dictionary, clarifying Wall Street’s “bankspeak,” explaining the  role of the Federal Reserve, as well as the so-called austerity war. 

There’s income inequality and then there’s total net worth inequality. Both are large, and growing, but a New York Times  analysis of Federal Reserve data shows the gaping gulf in net worth between the 1 percent and the rest of us.

Andy Richards on our Field Communications staff files this report.

Wow! Take a look at these photos from the America Wants to Work event in New Mexico over the weekend!