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Economy
See other Economy Articles Title: The Fed Passes the Buck on Bank Failures
Source:
Wall Street Journal
URL Source: https://www.wsj.com/articles/federa ... ure-f16d23d8?mod=hp_opin_pos_1
Published: Mar 29, 2023
Author: Staff
Post Date: 2023-03-29 22:22:11 by Charles_Byrd
Keywords: None
Views: 98
One certainty in politics is that the Federal Reserve will never accept responsibility for any financial problem. Fed Vice Chair for Supervision Michael Barr played that self-exoneration game on Tuesday before the Senate as he blamed bankers and Congress for Silicon Valley Bank’s failure. This act is simply unbelievable. No one disputes that bankers failed to hedge the risk posed by rising interest rates to asset prices and deposits. What Mr. Barr didn’t say is that the Fed’s historic monetary mistake created the incentives for the bank blunders. The Fed fueled the fantastic deposit growth at SVB and other banks with its prolonged quantitative easing and zero interest- rate policy that caused banks to pile into longer-term, higher-yielding assets. Click for Full Text! Post Comment Private Reply Ignore Thread
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