Economy
Criticism of Fed boss after SVB crash: Better woke politics than banking supervision
Get woke, go broke – the bankruptcy of the Silicon Valley Bank (SVB) makes it clear once again. Mary Daly was supposed to oversee banks as President of the Federal Reserve Bank of San Francisco, but was apparently too busy making politics. Her priorities were climate change, George Floyd and Black Lives Matter, and LGBTQ community rights.
Editorial March 18, 2023 20:07
Actually, it should guard the stability of the banks. But Daly was primarily admired for her commitment to “understanding the economic and financial risks of climate change and inequalities”. According to critics, they did not understand the warning signs of runaway inflation.
So she explained in 2021: “I don’t think we have unwanted inflation ahead of us. I don’t think that’s a risk.” But she later admitted, “I’m not immune to rising gas and food prices, but I’m not in a situation where I have to compromise because I’ve had enough and many, many Americans have had enough.”
Inspired by Marxist economist
According to pundits and insiders, Daly believed the Fed’s core mission was not to control inflation but to achieve full employment.
She is quoted in the New York Post as saying she was inspired by the Marxist economist Gene Wagner, who “has been with me all my life.”
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