Good day all. As we grow ever closer to the day when Joe Biden is tossed onto the ash heap of history, (And buried with salt poured on top), the incompetent drones that make up his cabinet are beginning to realize that all their hard work to Make America Weak Again, will soon come to an end.
One of the people who is beginning to understand that the party is over is Treasury Secretary Janet Yellen. She is one of the most incompetent people at everything. Somehow, she has always managed to fail upward. Now she is “Warning” the incoming Trump Administration about banking oversight. Here are the details from Newsmax:
Treasury Secretary Janet Yellen on Friday urged the incoming Trump administration to refrain from interfering with what she called critically important appropriate regulation of American banks’ capital levels, liquidity and risk-taking.
She warned against taking radical steps that would interfere with needed oversight or the current system of insuring banks’ deposits, given the long history of bank failures triggering financial crises. “I don’t want to say that exactly what we have is utterly sacrosanct and couldn’t possibly be touched. But I do not think it’s broken. We’ve got a good system,” Yellen told Reuters as she prepares to hand off to Scott Bessent, President-elect Donald Trump’s nominee to be Treasury secretary.
How would you know? You have been wrong about everything as far back as I’ve been aware of you. I seem to recal that you said that Bidenflation was just “Transient” and wouldn’t last. How did that work out for you? As for the banks, they have been weaponized by the U.S. government to spy on people and to “Debank” them as we as certain legal businesses because they were saying and doing things the Democrats didn’t approve of.
Trump’s return to office has raised the prospect of radical changes to the federal government’s current structure and a regulatory framework put in place over decades to oversee financial services and banking, as well as digital currency.
Well, Duuh! One of the reasons President Trump was reelected was the massive over-regulation by the Biden maladministration. It crossed the line into flat out tyranny soon after that corrupt lying pedophile was sworn in. The Newsmax story goes on to quote Yellen the Felon on many of the things that “Concern” her.
Yellen said she was troubled by a report that Trump’s transition team was exploring ways to reduce, merge, or even eliminate the top bank regulators in Washington, but had no specific insight into their plans.
Why would they tell you anything?
“We’ve seen what happens when banks are inappropriately supervised,” she said, referencing the unexpected failures of Silicon Valley Bank and Signature Bank in March 2023, and others before them that had “created the possibility of a contagious financial crisis.”
I actually know about that bank for…reasons. It was a perfect storm of incompetence and stupidity. It also happened on YOUR WATCH you moron.
Yellen said U.S. banks were doing “exceptionally well” despite warnings that the Dodd-Frank legislation passed after the 2008-2009 global financial crisis would make it difficult for them to compete.
It has done just that. Dodd-Frank needs to be repealed. It has created the notion of “To big to fail” for some banks, such as Bank of America.
Yellen, who led the Fed from 2014 to 2018, agreed that the U.S. had a complicated system of banking regulation involving many agencies at the state and federal levels. She said there had been discussions over the years about possible consolidation moves at the federal level, and the Office of Thrift Supervision was eliminated after the global financial crisis with no adverse impact.
The bank regulatory system was started under the Roosevelt administration when thousands of small banks failed and people lost all their savings. Some regulation was needed, but what we have now is not designed to protect small banks, but to protect the large ones at the expense of smaller banks. What is needed is a bottom up review of the entire regulatory structure of the American banking system, including the state level.
But she added that changing the structure of the system had not been at the top of her agenda.
It was never even on her list of things to do. She is and always has been part of the Deep State, specifically the financial arm. The problem with Yellen is that she was never that smart or that competent. I don’t know anything about President Trump’s selection to replace Yellen, Scott Bessent , but if he’s anything like the other people he’s been hiring, he’s not going to look kindly on maintaining the status quo. The Treasury Department is yet another agency that needs a good cleaning out. Hopefully Mr. Bessent has a plan, and a list of people to help him take out the trash.
Thatisall
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