Warren: Powell 'took a flamethrower' to bank regulations leading up to SVB collapse

[Yo_Mama_Been_Loggin]

Sen. Elizabeth Warren blamed some of the recent banking crisis on Federal Reserve Chair Jerome Powell, saying he "took a flamethrower" to regulations in her most forceful criticism yet after the collapse of Silicon Valley Bank.

The Massachusetts Democrat's claims came Sunday on ABC's "This Week", as she took aim at Trump-era bank deregulations that eased rules that included risk management standards and stress testing requirements.

Warren: Fed chair Powell 'had two jobs' and 'failed at both'

Warren has heavily criticized Powell in the past for the Fed’s aggressive fight against inflation by raising interest rates, warning that high interest rates could lead to higher unemployment rates.

“Raising interest rates doesn’t do anything to solve those problems. All it does, at least by the way the chair wants to do this, is put millions of people out of work.” Warren said on NBC’s “Meet the Press.”

https://www.msn.com/en-us/news/politics/warren-powell-took-a-flamethrower-to-bank-regulations-leading-up-to-svb-collapse/ar-AA18Oz8M

[SWBTATTReg]

1. Personally, I think that her blaming Powell is misdirected. Most of the blame, if not all of

it, rests on the bank not hedging its bets and putting too much on the strategy it employed, and, in the meantime, the markets turned on SVB.

Way too much exposure for one thing, and a reckless consolidation of investments that exposed the bank to too much risk (obviously). Greed killed the golden goose/egg here.

How else does one fight 'inflation'? Reducing demand is one way, but what if it isn't demand that is causing price inflation?

What if it was just plain ol' price gouging by companies (inflation not really the culprit, it's greed by companies).

IMHO, the real culprit is the abnormally low tax rates paid by the super wealthy in this Country, and of course they want to score as much net income that they can make w/o having to pay the formerly massive income taxes they used to pay. Returns of course, via certificates of deposit etc. aren't so hot either.

If anyone is to blame, blame djt and the republicans for the bank failures.