Former International Trade Commission Chief Peter Morici joined ‘Fox & Friends First’ to discuss the fallout over the bank failures and what the Fed should do moving forward. #FoxNews
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LEARN MORE ABOUT: Bank Failures
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The recent spate of bank failures in the United States is a clear sign that “amateurs” are running both the Treasury and the Federal Reserve, according to economist Peter Morici.
Morici, who is a professor at the University of Maryland’s Robert H. Smith School of Business, argues that the failures are a “damning indictment” of the policies of both institutions.
“Investors have lost faith in the stability of banks and the banking system,” Morici wrote in a recent op-ed for Fox News. “This is not some rare, isolated event. It’s a sign of a much deeper problem, one that has been brewing for years.”
According to Morici, one of the key issues is that both the Treasury and the Federal Reserve have been too slow to act in response to the COVID-19 pandemic, which has caused widespread economic disruption and put many businesses and individuals at risk of defaulting on their loans.
“Instead of taking bold action to shore up the banking system, the Treasury and the Fed have dithered, issuing conflicting policy directives and confusing investors and markets,” Morici wrote.
Morici also argued that the institutions have failed to adequately regulate the banking industry, allowing risky practices to go unchecked and putting the entire system at risk.
“Bank failures are a symptom of a larger problem: a lack of effective regulation and oversight,” he wrote. “Unless we address these issues, we will continue to see a wave of bank failures that will only further undermine the stability of the financial system and harm the broader economy.”
Morici’s concerns are shared by many experts who believe that the current economic situation in the US is unsustainable and that more needs to be done to support struggling businesses and individuals.
As the COVID-19 pandemic continues to ravage the country, many are calling on the Treasury and the Federal Reserve to take decisive action to shore up the banking system and prevent further failures from occurring.
Only time will tell whether these calls will be heeded and whether the US can avoid a full-blown financial crisis.
Nepo Babies
Best piece I’ve seen on Fox
WRONGDOING!? SVB was run by woke ideologues. That's why it failed.
Meritocracy replaced by Kleptocracy.
This guy is ridiculous. There was unsound business practices here. They had no risk manager for eight months. What is he talking about?
Emoluments clause. Money laundering and tax evasion are criminal charges that can and should brought. They need to move or the statues of limitations clock may run out on all of them.
I realize it's a rhetorical claim, but it's not "amateurish" behavior. It's an outgrowth of MMT and Keynesian economics. It doesn't work as the "theory" says it does.
More like derelicts
Smart guy, yeah, bank didn't have bad loans, come on government, figure it out and help them NOT to fail
FDIC doesn’t have enough money & the banking system is a Ponzi scheme. It’s all counterfeit
Yellen was a lousy FED chief and she's an even worse Treasury Secretary, but why should we be surprised? There are no competent members of this Administration, competence is not first on their list of requirements. It's not even in the top 10 requirements.
They are intentionally destroying the economy.
Takes more than a Hedge Fund Hobbiest to run the Treasury.
Yellen is damaged goods
They, SVB should have seen the problem coming. Even I, who don't have a financial portfolio more than some money in a (more reliable) bank, had heard about the possibility of "The Fed" planning to raise interest rates on THE RADIO for over a month. The execs at SVB must have a radio in their BMW's or someone they can pay to listen to one. Right?
Oh no, they saw this coming, but chose to wait until the last moment to act to maximize their returns on their own investments (and pad their bonuses), then parachute out of the plane before it crashes (caviat: metaphorically speaking), and let FDIC cover the scraps and then have the media backlash about the greater losses to business persuade the Government to step in and cover the rest. There must be accountability for these opportunistic execs, up-to, and including, a cell mate named Bubba…
A zero yielding treasury doesn’t seem like a safe asset 😉
People have been predicting this for a year but nobody could stop it?
I hate agreeing with anything on FOX, but I do believe the Fed is being run by amartuers.
This is the kind of "apologist" crap I've come to expect from Fox "News".
Pete Boy is the amateur. Neither your money nor your life is safe as long as professional criminals are running either.
These "amateurs" have destroyed the financial system as professionally as a Domestic Enemy could possibly do it.
Fed interest rate increase is causing collateral damage. Long-term U.S. treasuries are supposed to be the most secured cash equivalent. All banks are affected but only three disclosed to date.
This what is meant,” Go WOKE; Go BROKE”! The SVB bail out is for the rich who have invested in the “WOKE”, agenda. Now they want their investment money back. Why has Joe Biden acted immediately on SVB and it took them 2 weeks to react to Ohio. The difference is California is liberal and Ohio was conservative. Don’t pay your taxes; the government will bail you out.
Like it’s you Lady wake up.
Trillions in stimmy, ZIRP, zero reserve requirements. What could possibly go wrong
Peter, it isn't because these banks have made bad decisions and are now experiencing an "ooops" moment. These banks have been "allowed" to abuse the system for years. They've known for months their game was becoming volatile and dangerous. They didn't care because they knew Brandon would bail them out. Why? Because they're all heavy Democrat donors and part of the system. If left alone to go bankrupt whereby investors actually lost, it may have been better to do so. Now, with the "Biden bail-out", the caps are off and you will see a lot more abuse and destruction of the US banking system. It was planned. Wait for digital currency when the government has the ability to limit your buying power and tell you what you can and cannot buy. Oh yes, it's coming, unless people smarten up. BEWARE.
They are watching out for their money and telling u not to worry about your money.knowing a bank run will hurt and possibly shut down more banks .
Too bad? Inflation doesn’t have to exist. Inflation is theft by government. Opt out of this banking fiat dollar Ponzi scheme and buy Bitcoin while you can and get it off exchanges into self custody.
2 words: CREDIT UNIONS
The head of the Federal Reserve was a diversity hire! She was picked because she was not smart enough to do the job and would be willing to take the fall for the regime
Totally agreed. President Biden should fire Yellen right away. America already has the best president ever, we deserve the best secretary of treasure as well.
SVB WAS A WOKE BANK. GO WOKE, GO BROKE. THAT SAYS IT ALL!!!!
There are other banks in the same situation. More will be failing soon.
If you noticed, many banks are now sending out junk mail advertising, and soliciting consumers to put their money into CD's with such and such APR's. They are doing this because they are in the same position that SVB and the other two banks were that have just failed.
Grandma need to get out
As the notorious gangster John Dillinger once replied when asked – Why do rob banks ?
Dillinger responded:
– Because that's where all the money is.