Posted on 03/21/2023 8:16:18 AM PDT by ChicagoConservative27
Treasury Secretary Janet Yellen said Tuesday that the period of turmoil in the financial sector following the failures of several large banks may be coming to an end.
“The situation is stabilizing,” she said Tuesday at a conference of the American Bankers Association, the largest trade group for U.S. banks, in Washington, D.C.
As evidence, Yellen cited increased lending to banks from the Federal Reserve, including from a new line of credit that was set up by the Fed and backstopped by taxpayer money. She also said that flights of deposits out of smaller banks to the banks that were deemed “too big to fail” in the wake of the global financial crisis of 2008 have calmed down.
“The Fed facility and discount window lending are working as intended to provide liquidity to the banking system. Aggregate deposit outflows from regional banks have stabilized,” she said.
The Fed added more than $300 billion to its balance sheet over the last week, nearly halving the program of quantitative tightening that it began along with its interest rate hikes in March of 2022.
(Excerpt) Read more at thehill.com ...
This is like a city saying that the heroin problem is stabilizing now that they are giving free heroin to any addict who shows up and asks for it.
>>“The situation is stabilizing,” she said Tuesday
Translation: “We’re all Doomed! Doomed! Definitely Doomed!”
“....was set up by the Fed and backstopped by taxpayer money.”
...but Sleepy Joe said no Taxpayer funds....
Good, it's only transitory
Didn’t she say that inflation was stabilizing last year aroudn this time?
Can you imagine a more disgusting little creepy creature than her?
(“The situation is stabilizing,”(
OKAY. Now I’m officially worried.
The bandaid on a severed artery has slowed down the bleeding...for now.
“The situation is stabilizing”
*************
And transitory. /sarc
Death is as stable as it gets.
So we are in a period of a bank failure every week, a stable market of failures.
The economic Sword Of Damocles hangs over us all...
The people who caused the problem are now saying they fixed it. Its amazing that anyone of them still have their jobs.
We are the land of zero accountability.
First Republic Bank stock is up 30% from its low yesterday.
‘The situation is stabilizing’
Weren’t we told “all is well, SVB was an anomaly”?
Hard to hold elected officials accountable when the one tool we have, the vote, is corrupted. Add to that the corrupt media, the corrupt schools indoctrinated kids, the corrupt billionaires buying DA's, and we are not in a good place to hold anyone accountable.
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