The economy has changed significantly in the past year through technology disruptions like apps on smartphones and, as powerful as Fed Chief Janet Yell is, she has no control over the pace of innovation, said TheStreet’s Jim Cramer. Cramer added that it is not easy to replace the jobs being displaced by this new economy and that is something Yellen cannot address. In Cramer’s view, major structural changes to the U.S. economy are more of a Congressional issue and this should be taken into account during her testimony today.
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