Ken Mahoney, CEO – Mahoney Asset Management, financial/market analyst, book author and TV co-host on US NO1 business TV channel Fox Business Network
So now we have another California bank failing and it begins to beg the question who do we start to point fingers at. The answer is San Francisco's Fed president Mary Daly, as First Republic Bank was in her backyard, who spends more time focused on social justice issues more than she does on actual banking or finance.
This is the same fed governor who said there is no risk of high inflation in 2021, and once it did hit hard, she said she doesn't feel the pain of inflation and doesn't make any trade offs, and that many Americans have enough. When you make over $400,000 per year, sure, inflation is no problem. She studied Marxist economics, and of course, just like many other fed members, she also has zero background in banking or managing risk.
So it is no surprise banks in her district went unchecked. To no surprise, the...