Article originally appeared on www.dailysignal.com.
The United States 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 Silicon Valley Bank was put in a perilous position.
President Joe Biden promises there will be a “full accounting” of the situation and that everyone will be held “accountable.” But that would mean the president’s taking responsibility for the reckless governance that helped create the environment that made this possible.
The Federal Reserve Bank wouldn’t have been compelled to aggressively raise interest rates if Biden had acted more like a responsible statesman rather than a cynical partisan.
Let’s recall that virtually the entire left-wing political infrastructure—media, politicians, and expert class—was activated to dismiss the concerns …
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