easyt65
Diamond Member
- Aug 4, 2015
- 90,307
- 61,076
- 2,645
'The failure of three banks in the last two weeks, including Silicon Valley Bank on Friday and Signature Bank on Sunday, is a saga of utter government incompetence. Call these bank collapses Biden's Banking Busts. The Biden administration has been obsessing on woke causes while banks teeter toward insolvency.
Three days before Silicon Valley Bank collapsed, Treasury Secretary Janet Yellen cautioned that climate change puts the banking industry at risk. Yellen was in la-la land, speculating that future storms and tornadoes could diminish the value of banks' assets.
Weather is a risk, but she was oblivious to the much more immediate problem facing banks -- the plummeting value of the bonds they own. She was heedless to the impending downfall of SVB and possibly several other small banks that had purchased long-term bonds when interest rates were near zero.
In 2022, after doing nothing to tame inflation the previous year, the Federal Reserve hiked rates repeatedly to make up for their previous inaction. Those rapid rate hikes, the most drastic in decades, made the banks' bonds lose value.
A week before Yellen's climate change harangue, Moody's Investors Service already had delivered bad news to SVB that it was about to be downgraded several notches because its inventory of bonds was not worth enough to repay depositors (due to bonds' decreased values due to Fed Rate Hikes).A day before Yellen's loony speech, Federal Deposit Insurance Corp. Chairman Martin Gruenberg also cautioned that the diminishing value of the bonds held by banks meant a $620 billion problem ahead.
The Office of the Comptroller of the Currency, a part of Yellen's Treasury, is responsible for examining the financial condition of banks. It failed to avert the SVB collapse.'
Again, as experts have explained, the Bipartisan legislation Trump signed into law had nothing to do with 3 (now) bank collapses, including the SVB.
Govt incompetence and sudden rapid interest rate increases in an attempt to get Biden's inflation under control destabilized the banks, already on the brink of collapse, pushing them over the edge.
www.foxnews.com
'B...b....but Trump...'
No, NOT Trump's fault at all.
Another 'Desperate Finger-Pointing FAIL' by President Joe 'The Buck Stops Here' Biden and his incompetent administration.
Three days before Silicon Valley Bank collapsed, Treasury Secretary Janet Yellen cautioned that climate change puts the banking industry at risk. Yellen was in la-la land, speculating that future storms and tornadoes could diminish the value of banks' assets.
Weather is a risk, but she was oblivious to the much more immediate problem facing banks -- the plummeting value of the bonds they own. She was heedless to the impending downfall of SVB and possibly several other small banks that had purchased long-term bonds when interest rates were near zero.
In 2022, after doing nothing to tame inflation the previous year, the Federal Reserve hiked rates repeatedly to make up for their previous inaction. Those rapid rate hikes, the most drastic in decades, made the banks' bonds lose value.
A week before Yellen's climate change harangue, Moody's Investors Service already had delivered bad news to SVB that it was about to be downgraded several notches because its inventory of bonds was not worth enough to repay depositors (due to bonds' decreased values due to Fed Rate Hikes).A day before Yellen's loony speech, Federal Deposit Insurance Corp. Chairman Martin Gruenberg also cautioned that the diminishing value of the bonds held by banks meant a $620 billion problem ahead.
The Office of the Comptroller of the Currency, a part of Yellen's Treasury, is responsible for examining the financial condition of banks. It failed to avert the SVB collapse.'
Again, as experts have explained, the Bipartisan legislation Trump signed into law had nothing to do with 3 (now) bank collapses, including the SVB.
Govt incompetence and sudden rapid interest rate increases in an attempt to get Biden's inflation under control destabilized the banks, already on the brink of collapse, pushing them over the edge.
Biden's banking busts include this single biggest monetary policy mistake in half a century
The failure of three banks in the last two weeks is a saga of utter government incompetence.
www.foxnews.com
'B...b....but Trump...'
No, NOT Trump's fault at all.
Another 'Desperate Finger-Pointing FAIL' by President Joe 'The Buck Stops Here' Biden and his incompetent administration.
