Speaker Kevin McCarthy was spot on when he connected Biden’s inflation to the breaking of the banks. Don’t want to take Speaker McCarthy’s word for it? Take the word of Biden’s favorite economists.
Moody’s downgraded their outlook for the entire U.S. banking system as Bidenflation forces the Fed to hike interest rates:
We expect pressures to persist and be exacerbated by ongoing monetary policy tightening, with interest rates likely to remain higher for longer until inflation returns to within the Fed’s target range…US banks also now are facing sharply rising deposit costs after years of low funding costs, which will reduce earnings at banks, particularly those with a greater proportion of fixed-rate assets.
Biden’s reckless spending fueled inflation (even liberal economists say so), forcing the Fed to raise interest rates, which increased pressure on banks and set the stage for the current crisis.
Now, Biden is in denial. Just wait until he claims a banking crisis is “progress.”
