Commentary Elite overseers of the U.S. banking system spent the better part of the week assuring us that all is well with it. You just have to trust them. They know. And we all know how much we can trust our overlords to tell us the truth, right? Such a wonderful track record of at…
The Bank Meltdown Has Just Begun
March 27, 2023
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banking crisisBusiness & MarketsBusiness ColumnistsFederal Reservefinancial crisisinterest ratesJanet YellenOpinionSilicon Valley BankSilicon Valley Bank CollapseSVBU.S. economyViewpoints
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Silicon Valley Bank and the Soft Pivot of Our Weak-Kneed Fed
March 23, 2023
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bank collapsebanking crisisFDICFederal Reservefinancial crisisOpinionquatitative easingSilicon Valley Bank CollapseU.S. economyViewpoints
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Commentary Old habits die hard for the folks over at the Federal Reserve, who immediately rung in the 2023 financial crisis with what will in due time be recalled as the fifth round of quantitative easing, the Fed’s preferred term for monetary expansion. It’s now apparent that the Fed currently finds itself between a proverbial…
The Fed Is Running Two Policies at Once
March 20, 2023
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banking crisisBusiness & MarketsBusiness ColumnistsCredit Suissefinancial crisisFirst Republicinflationinterest ratesOpinionquantitative easingU.S. economyUBSViewpointszero interest rates
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Commentary Last week was a grim reminder that the economic chaos of the lockdown period is far from over. Markets discovered that several major banks, which hardly anyone truly suspected were in trouble, faced closure and quick rescue for fear of contagion. The trouble was the same in each case: too many assets held in…
Anatomy of the Banking Crisis of 2023
March 16, 2023
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banking crisisBusiness & MarketsBusiness ColumnistsFederal Reserveinflationinterest ratesjerome powellOpinionrecessionSilicon Valley BankSilicon Valley Bank CollapseU.S. economyViewpoints
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Commentary For three years, I’ve been amazed at the relative calm in the financial system. It truly did not seem believable to me that governments and central banks could utterly shatter all market functioning and flood the world with paper money and yet there be no structural consequences for the banks. My only question was…
Biden Admin’s Banking Busts
March 15, 2023
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banking crisisbidenclimate changeESGFederal Reserveinflationinterest ratesJanet Yellenjerome powellOpinionSignature BankSilicon Valley BankSilicon Valley Bank CollapseSVBU.S. economyViewpointsWashington Mutualwoke
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Commentary 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 administration’s Banking Busts. The Biden administration has been obsessing on woke causes while banks teeter toward insolvency. Three days before Silicon…
Tyranny Thy Name Is Emergency
March 15, 2023
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administrative statebanking crisisemergencyemergency powersOpinionSilicon Valley BankSilicon Valley Bank CollapsetyrannyU.S. economyViewpoints
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Commentary In the last few days, the federal government has embarked on a disastrous path as regards banking and finance. Their actions guarantee a worsening of the problem whether in the near term or down the line. These “emergency” actions have effectively created a moral hazard that could wreck the entire sector and the whole…
The Fed Can’t Give Up the Inflation Fight Yet
March 14, 2023
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Business & MarketsBusiness ColumnistsFederal Reserveinflationinterest ratesjerome powellOpinionrecessionU.S. economyViewpoints
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Commentary Many people in Washington hoped for much better inflation numbers in February. Below zero would have released tears of joy following this rough weekend of bank failures and the first signs of financial instability in these three years of nonstop terrible. Alas, that did not happen. The report came in at a 0.4 percent…
The Collapse of SVB Portends Real Dangers
March 10, 2023
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Bank Runbanking industryBusiness & MarketsBusiness ColumnistsFederal Reservefinancial crisisinflationinterest ratesOpinionrecessionSilicon Valley BankSVBU.S. economyViewpoints
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Commentary Thus far in this 3-year fiasco of mismanagement and corruption, we’ve avoided a financial crisis. That’s for specific reasons. We just had not traveled there in the trajectory of the inevitable. Are we there yet? Maybe. In any case, the speed of change is accelerating. All we await is to observe the extent of…
The Economic Upheaval Has Just Begun
March 7, 2023
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Commentary This weekend, a good man who owns a landscaping business came up to the microphone during a question and answer period following my speech at an event. He posed a simple but sincere question. He has endless demands for his services. He has all the capital he needs. He has a thriving business with…
Scholars Rank Biggest Spending Presidents as the Greatest
Commentary Before President Joe Biden entered the White House, he consulted with several prominent historians about how to be a great commander in chief. Their answer: Grow government. Spend, spend, spend. Don’t worry about blowing up the debt. It was the worst possible advice, and that meeting no doubt contributed to our economic calamity. So,…
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