Posted on 03/21/2023 8:16:18 AM PDT by ChicagoConservative27
Treasury Secretary Janet Yellen said Tuesday that the period of turmoil in the financial sector following the failures of several large banks may be coming to an end.
“The situation is stabilizing,” she said Tuesday at a conference of the American Bankers Association, the largest trade group for U.S. banks, in Washington, D.C.
As evidence, Yellen cited increased lending to banks from the Federal Reserve, including from a new line of credit that was set up by the Fed and backstopped by taxpayer money. She also said that flights of deposits out of smaller banks to the banks that were deemed “too big to fail” in the wake of the global financial crisis of 2008 have calmed down.
“The Fed facility and discount window lending are working as intended to provide liquidity to the banking system. Aggregate deposit outflows from regional banks have stabilized,” she said.
The Fed added more than $300 billion to its balance sheet over the last week, nearly halving the program of quantitative tightening that it began along with its interest rate hikes in March of 2022.
(Excerpt) Read more at thehill.com ...
She’s lying. She wants the Fed to keep increasing interest rates until it all falls down and she gets her Central Bank Digital Currency.
My work is done here.
ON TO THE NEXT CRISIS!!!
Exactly what I was about to post.
Spot on.
Mushrooms!!
Americans in general seem to be uncomfortable with the concepts of responsibility and accountability. There is great reluctance to confront anyone in this society over performance issues, or even malfeasance.
When there are no consequences, standards become pointless.
Gonna be interesting
My work is done here. ON TO THE NEXT CRISIS!!!
*************
Political elites love a crisis. It provides an opportunity to do whatever they want. The more crises there are, the more opportunities to gain more power, influence and control.
Has there been a crisis in recent memory that didn’t strengthen the hand of those in power?
Just the women.
Ducking for cover.
Yellen is a confused incompetent just like Brandon and I doubt she knows WTF is happening, as she has amply proven with her inflation Bullsquat.
Mushrooms!!
***********
The authorities keep us in the dark.
They only tell us what they want us to know.
It was reported that Yellen is so incompetent that she bankrupted the last two Treasury Dept and Federal Reserve bake sales.
ROTFL! I guess this is why the Demented One had to consult with Buffett, Warren not Jimmy, to have Buffett tell him what the hell is going on.
That’s a big bandaid.
Warren Buffet ( a well known Obama supporter) just had two dozen plus regional bank CEO’s fly into his headquarters, over the weekend, presumably to bail out their banks.
The financial crisis is just starting.
You guessed it! :-)
I wasn’t aware of that little gathering. Thanks.
However, the banking system has now been effectively nationalized. There is no way IMO that the gov will allow their banking friends to fail.
This of course introduces a huge moral hazard problem. But that doesn’t matter to TPTB who can conjure up any reason they want to justify bailouts and/or Fed intervention.
“However, the banking system has now been effectively nationalized.”
Correct.
What folks have not figured out yet is that the world economy is so fragile that governments cannot allow anything major to fail—not just banks.
Bailouts of all different sorts are coming—folks are going to be stunned.
The Global Economy is one big chain, and it’s only as strong as its weakest link.
Ain’t Globalism wonderful?
Is it just me or is Yellen a Captain Kangaroo lookalike?
TRANSLATION:
WE are moving all Biden Family $$$$$$ out of the USA as fast as we can.
I NEED MY CUT—
I will resign as soon as this is accomplished.
There is no way IMO that the gov will allow their banking friends to fail.
———-
The quickest way to instate a cashless system ( sovereign digital currency) is to let a financial crisis ensue…..banks are blamed, but .gov will have the answer ( digital currency) when 401k’s, pensions, start failing, the sheep will endorse it quicker than they did over the Covid vax hoax. Think back how many Americans bought into the vax hoax and rushed into taking the unproven, dangerous jabs…..only the gift of “ discernment “ caused one quarter of our population to question the wisdom of injecting man made poison into their bodies.
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