Fed Chair Powell: I am sure there will be bank failures

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Federal Reserve Chair Jerome Powell testifies before the House Financial Services Committee.

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I appreciate people in high places trying to help companies, but there is a downside. We have already discussed this many times over the past 15 years. If every time the Fed or USG steps in to save a sector when something in the economy changes, then all you get is inflation and increased national debt or the Fed increases their "balance sheet". They are so afraid to "let the chips fall where they may". Did they step in to help the telecom industry in 2001-ish? No. So why the attitude shift? Teleom went through a wash, and it healed (minus those who are still poorly managed). But when housing went down in the late 2000's, they had to save everything. Was it because it affected the banks? And remember, they threw Bernie Ebbers in jail. But EVERYONE was over valuing their companies. Had something to do with "mark-to-market". So I have no idea why the FED wants to save everything. Or maybe they just want to save themselves? (the banks) But still, it just causes inflation. You mix that with USG spending, and no wonder we have so much inflation

mrchadz

That’s what happens. They will fail and others will come in and scoop up the remains. It needs to happen or the can is just being kicked down the road.

rayBARInvest

The sheer Amount of vacant sky scraps in the city are gonna drown the local economy 😂

MichaelRyan-lp

If you have more than $250k (FDIC insurance) spread your nest egg into different bank baskets now. Of course if you think trading your US dollars for gold, Bitcoin or other property is helpful- consider that it isn’t something you can use in most transactions globally.

ReginaJune

Big will be getting bigger. In the meantime, City tax revenues going into serious decline.

peterbedford

I didn’t hear him say banks will fail… is this a click bait?

georgemaximus

He could quit destroying the banking system, and the lenders that drive the economy by lowering rates

chri

Get your money out of banks and buy Bitcoin to protect yourself.

Jadix

Fed Chair Powell: I am sure there will be bank failures

Fed Chair Powell: I am sure there will be bank failures

Fed Chair Powell: I am sure there will be bank failures

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