NJ is in his bubble... lol..
The article doesn't even mention that democrats in both the house and senate helped pass the Dodd-Frank rollback....
https://thefederalist.com/2023/03/14/democrats-deserve-plenty-of-blame-for-the-bank-crisis/
Over the weekend, the United States suffered the second-largest bank failure in history. The consensus view is that Silicon Valley Bank made a huge mistake by borrowing short term and then parking money in long-term bonds. When interest rates rose, assets lost value, and SVB was put in a perilous position.
Joe Biden promises there will be a “full accounting” of the situation and that everyone will be held “accountable.” But that would mean the president taking responsibility for the reckless governance that helped create the environment that made this possible. The Fed wouldn’t have been compelled to aggressively raise interest rates if Biden had acted more like a responsible statesman rather than a cynical partisan.
It’s infuriating reading fluff pieces like Politico’s “How Biden saved Silicon Valley startups: Inside the 72 hours that transformed U.S. banking,” when it was the president and his party, against all common sense and evidence, that helped create the conditions that led to the crisis.
Let’s recall that virtually the entire left-wing political infrastructure — media, politicians, and expert class — was activated to dismiss the concerns of those who warned that inflation was a threat. The reason was obvious: Democrats wanted to cram through as many long-term spending proposals as possible while they held both houses. That had to be done in two years’ time. And it had to be done with the support of Joe Manchin, a senator who would occasionally feign concern about spending.
In 2021, Biden signed the $2 trillion so-called American Rescue Plan, indiscriminately sending checks to millions even as Covid lockdowns were winding down. This, after issuing a number of presidential edicts limiting affordable fossil fuels (with some Republican help, Democrats would later pass a $715 billion green “infrastructure” bill). The Fed, meanwhile, kept rates at zero, pumping an already hot post-lockdown with billions. Inflation began spiking.
That’s when the word “transitory” began making an appearance. The president argued in the summer of 2021 that “there’s nobody suggesting there’s unchecked inflation on the way — no serious economist.” White House Press Secretary Jen Psaki claimed that “no economist,” serious or otherwise, was projecting higher inflation due to more government spending. (And the politicization of economic departments is a disaster, but that’s another story.) Treasury Secretary Janet Yellen promised there was “small risk” of inflation, but that it would be “manageable.”
When prices started creeping up, Biden’s then-chief of staff Ron Klain called inflation a “high-class problem” before Democrats inevitably pivoted to blaming corporate greed and arguing that conglomerates had suddenly conspired, after 40 years of keeping prices relatively in check, to screw over consumers. Piece after piece dismissed the “weird” and hawkish ideas of people who were warning that spending would spur inflation.
The article doesn't even mention that democrats in both the house and senate helped pass the Dodd-Frank rollback....
https://thefederalist.com/2023/03/14/democrats-deserve-plenty-of-blame-for-the-bank-crisis/
Over the weekend, the United States suffered the second-largest bank failure in history. The consensus view is that Silicon Valley Bank made a huge mistake by borrowing short term and then parking money in long-term bonds. When interest rates rose, assets lost value, and SVB was put in a perilous position.
Joe Biden promises there will be a “full accounting” of the situation and that everyone will be held “accountable.” But that would mean the president taking responsibility for the reckless governance that helped create the environment that made this possible. The Fed wouldn’t have been compelled to aggressively raise interest rates if Biden had acted more like a responsible statesman rather than a cynical partisan.
It’s infuriating reading fluff pieces like Politico’s “How Biden saved Silicon Valley startups: Inside the 72 hours that transformed U.S. banking,” when it was the president and his party, against all common sense and evidence, that helped create the conditions that led to the crisis.
Let’s recall that virtually the entire left-wing political infrastructure — media, politicians, and expert class — was activated to dismiss the concerns of those who warned that inflation was a threat. The reason was obvious: Democrats wanted to cram through as many long-term spending proposals as possible while they held both houses. That had to be done in two years’ time. And it had to be done with the support of Joe Manchin, a senator who would occasionally feign concern about spending.
In 2021, Biden signed the $2 trillion so-called American Rescue Plan, indiscriminately sending checks to millions even as Covid lockdowns were winding down. This, after issuing a number of presidential edicts limiting affordable fossil fuels (with some Republican help, Democrats would later pass a $715 billion green “infrastructure” bill). The Fed, meanwhile, kept rates at zero, pumping an already hot post-lockdown with billions. Inflation began spiking.
That’s when the word “transitory” began making an appearance. The president argued in the summer of 2021 that “there’s nobody suggesting there’s unchecked inflation on the way — no serious economist.” White House Press Secretary Jen Psaki claimed that “no economist,” serious or otherwise, was projecting higher inflation due to more government spending. (And the politicization of economic departments is a disaster, but that’s another story.) Treasury Secretary Janet Yellen promised there was “small risk” of inflation, but that it would be “manageable.”
When prices started creeping up, Biden’s then-chief of staff Ron Klain called inflation a “high-class problem” before Democrats inevitably pivoted to blaming corporate greed and arguing that conglomerates had suddenly conspired, after 40 years of keeping prices relatively in check, to screw over consumers. Piece after piece dismissed the “weird” and hawkish ideas of people who were warning that spending would spur inflation.
