It’s no secret that the Biden Administration’s reckless spending policies have us on a collision course with financial disaster. Former FDIC chair William Isaac recently warned that bank closures due to inflation caused by the government’s irresponsible fiscal policies are likely to become more common. The FDIC recently shut down Silicon Valley Bank and Signature Bank after their stock prices plummeted and customers began a bank run.
The 1970s saw the closure of around 5,000 banks due to irresponsible fiscal and monetary policies, and Isaac warns that we could be heading for a similar crisis if the government does not take responsibility for their actions soon.
Unfortunately, the Biden Administration seems unwilling to take responsibility for their fiscal policies and the damage they are causing. The government continues to push for more spending, even as other banks such as Credit Suisse and First Republic are seeing their stock prices plummet.
What’s worse, some of the biggest banks and financial institutions in the US have put woke ideologies ahead of good business practices. They’re catering to the cancel culture and abandoning traditional values in favor of woke policies. This, coupled with the government’s reckless spending, has created an ideal environment for financial disaster.
It’s time for the Biden Administration to wake up and realize that their irresponsible spending habits are leading to inflation and more bank closures. The government needs to take responsibility for their actions and make sure that their policies do not lead to more economic hardship for everyday Americans. Otherwise, we could be facing a financial crisis similar to what we saw in the 1970s.
The only way to avoid this disaster is for the government to take responsibility for their actions and get their fiscal policies in line with reality. This means cutting back on spending, reducing debt, and putting traditional values ahead of woke ideologies. Otherwise, we could be headed for a repeat of the 1970s.