what is she supposed to say?
Janet Yellen says ‘serious risk of contagion’ prompted intervention in banking crisis – live
"Yellen to say US banking system 'remains sound' after Silicon Valley collapse
When she appears before the Senate finance committee this morning, Janet Yellen’s job will be to tell lawmakers that, despite the dramatic bank collapses of the past week, the America financial system is in good shape.
“I can reassure the members of the Committee that our banking system remains sound, and that Americans can feel confident that their deposits will be there when they need them,” the secretary will say, according to prepared testimony published by the Associated Press."
"Senators have their own job, and that’s to get as much information out of Yellen as possible. Democratic senator Elizabeth Warren is one of Wall Street’s biggest foes in Congress, and will likely demand the secretary’s opinions on whether regulations that were repealed in 2018 would have prevented the collapses."
“It’s time to put those regulations back in place,” she told Boston’s WBZ yesterday,..."
(We never should have repealed them in the first place or Glass-Steagall.)
"adding that it was time to “send a very strong message to bank CEOs – you’re not going to be able to load up on risk in order to juice your profits.”
(To late, they already have Senator Warren.
We have done it here.
Credit Suisse.
Deutsche Bank etc etc...
The more things change?
The more they stay the same.
Only this time?
This time it's worse:
)
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