Democrats Deserve Plenty of Blame for the Bank Crisis
Comfort with risk is a vital part of the American finance system. It separates us from other nations as top innovators and entrepreneurs. But is it really ‘risk’ if certain types of investors can never lose?
America recently suffered the second largest bank failure in the country’s history. The consensus view is that Silicon Valley Bank made a huge mistake by borrowing short term and then parking money in long-term bonds. When interest rates rose, assets lost value, and SVB was put in a perilous position.
President Biden promises there will be a “full accounting” of the situation and that everyone will be held “accountable.” But that would mean the president taking responsibility for the reckless governance that helped create the environment that made this possible.
A login link has been sent to
Enter your email to read this article.
Get 2 free articles when you subscribe.
