The Grind:
It’s a funny but sad spectacle that Joe Biden & Co. are trying to turn the mess at Silicon Valley Bank – and the crisis engulfing the banking system – into a political win.
Funny because the BS is working about as well as their spinning of the transitory nature of inflation, or how well they handled the alarmingly chaotic pullout from Afghanistan.
The Details:
Sad because it underscores the downright stupidity of our political class as they face very serious issues about the banking system and the economy that can’t be spun away.
Of course, the final word has yet to be written on the collapse of SVB, Signature Bank, the near-collapse of First Republic Bank, and whatever else implodes by the time this column is in the paper.
But one thing I know for sure is that banking crises demand leadership from Washington – stuff that’s so obviously lacking at a time when it’s so desperately needed.
Back in 2008 we had Treasury Secretary Hank Paulson working day and night putting out multiple fires and leveling with Congress and the American people about the severity of the situation. Today we have Sleepy Joe Biden, his equally asleep Treasury Secretary Janet Yellen announcing that bank bailouts aren’t really bailouts because taxpayers aren’t involved. Read more…