Joe Biden Might Have Just Destroyed America’s Banks

[william]

"By bailing out all depositors—even those who had more than the already insured $250,000 in the banks in question—the federal government has just nationalized the banking sector.

The likeliest outcome of these actions is not only the nationalization of the banking system. It is also the reduction of the banking system to just a few big banks running all other banks. This is where things get creepy: centralization of banking power and its ultimate fusion with political power.

If Powell keeps raising interest rates, more banks will find themselves needing help.

Joe Biden is spending the country into oblivion. He is bailing out wealthy depositors at these banks. Under Biden, our once-private banking industry has essentially been nationalized, too. With each year this man remains in office, a little bit more of America you and I knew will be chipped away. Eventually, we will look much like the European Union: a boon for crony capitalists and a nightmare for innovators.

As former President Donald Trump might tweet, Sad!"

https://www.19fortyfive.com/2023/03/joe-biden-might-have-just-destroyed-americas-banks/?msn

 

[RiffRaff]

Eventually, we will look much like the European Union: a boon for crony capitalists and a nightmare for innovators.

Y'know, I was willing to consider this source's lack of bias until I read that sentence. Whoever wrote this article has never visited the European Union and knows nothing about it. Ironic that the very thing they are accusing the EU of is what America has been guilty of for the past several decades. Fortune 500 companies such as Amazon, WalMart, Apple, and Microsoft have been putting smaller businesses out of business - stifling innovation - from day one of their incorporation. Airlines buy up smaller airlines. Banks buy up smaller banks. Internet service providers buy up smaller internet service providers. All of this is detrimental to the consumer and a boon to the capitalists.

They may or may not have valid points in the rest of the article, but they lost all credibility with me with that single sentence.

 

[Irag8er]

‘Blanket insurance’ of bank deposits is not being discussed, Yellen tells senators​

'Blanket insurance' of bank deposits is not being discussed, Yellen tells senators

Treasury Secretary Janet Yellen has not discussed or considered any plans to guarantee all bank deposits following the Silicon Valley Bank collapse, she said.

www.cnbc.com

Thus the reason for the 500 pt. Drop in the DOW yesterday.
Not Powells .25 pt. Fed. Fund Rate Increase.

 

[Publius]

I will not judge Biden to harshly or differently than past officials in this bank difficultly. Unless they just continue to do repeated stupid attempts to “fix” it. Which at this point I don’t know what the fed could have done differently thus far.
Digging out of 15 years of QE and zero interest rates is going to hurt anyway you play it.
It’s the inflation rate that is what exacerbating the problem right now. Percent storm.
Their are trying to deal with 25 years of poor decisions by all the administrations and congresses that have brought us to this point.?

Inflation with need to raise interest rates is like trying to climb a steep slope of loose sand.

 

[intel-bank]

I will not judge Biden to harshly or differently than past officials in this bank difficultly. Unless they just continue to do repeated stupid attempts to “fix” it. Which at this point I don’t know what the fed could have done differently thus far.
Digging out of 15 years of QE and zero interest rates is going to hurt anyway you play it.
It’s the inflation rate that is what exacerbating the problem right now. Percent storm.
Their are trying to deal with 25 years of poor decisions by all the administrations and congresses that have brought us to this point.?

Inflation with need to raise interest rates is like trying to climb a steep slope of loose sand.

Yep. The economy doesn't wear a blue hat just because democrats are in control. The government by and large keeps meddling with the economy too much, and both sides do it to suit their own agenda.

The economy is a bipartisan issue that requires bipartisan cooperation to manage, and neither side has been willing to do that.

We need to stop placing blame with the economy and work to improve it, all together, and that also involves the individuals, and both parties. We walked ourselves into this mess by not listening to concerns. We need to say "OK, you have a concern. I disagree with you, but maybe we can come up with a solution to your concern without harming my efforts"

The economy doesn't align to a political party unless we make it, and when we make it, shit goes sour.

We can do better than placing blame. If we want a prosperous economy, we need to address every sides concerns, because usually they are somewhat valid.

 

[Publius]

Yep. The economy doesn't wear a blue hat just because democrats are in control. The government by and large keeps meddling with the economy too much, and both sides do it to suit their own agenda.

The economy is a bipartisan issue that requires bipartisan cooperation to manage, and neither side has been willing to do that.

We need to stop placing blame with the economy and work to improve it, all together, and that also involves the individuals, and both parties. We walked ourselves into this mess by not listening to concerns. We need to say "OK, you have a concern. I disagree with you, but maybe we can come up with a solution to your concern without harming my efforts"

The economy doesn't align to a political party unless we make it, and when we make it, shit goes sour.

We can do better than placing blame. If we want a prosperous economy, we need to address every sides concerns, because usually they are somewhat valid.

Yes “we” can but I doubt politicians and activist can.

 

[DEFCON Warning System]

The problem is that both parties have a different approach to the economy. So in a sense, the economy does wear the colour of the hat of the party is in control.

 

[intel-bank]

The problem is that both parties have a different approach to the economy. So in a sense, the economy does wear the colour of the hat of the party is in control.

That is exactly the problem and kind of my point.

See people tend to think that the economy simply can not be done in a bipartisan way. That is not true. Our leaders need to have a discussion on how to come to a middle ground. Because when it comes to the economy, usually both sides are actually fairly rational and should be heard out. Just because it looks like a middle ground is impossible doesn't mean it is.

 

[TruthandJustice]

Biden can’t destroy something that was already destroyed under Clinton/Bush. They opened up the credit flood gates while gutting regulation and thought the private sector could police themselves. Not one high profile bankster has gone to jail either despite numerous examples of wide spread sanctioned mortgage and securities fraud. We knew it was only going to be a short matter of time before it happened again.