Biden Treasury Secretary Janet Yellen appeared before the Senate Finance Committee on Thursday morning and things did not go well as she tried to explain the Biden administration’s “not a bailout” bailout of two failed banks in the last week, why she claimed inflation was “transitory” earlier in the cost crisis, and why the Biden administration is refusing to negotiate with Republicans to raise the debt ceiling.
Reiterating claims that Biden’s bailout of Silicon Valley Bank and Signature Bank constituted “decisive action,” seemingly fishing for applause, Yellen said America’s “banking system is sound and Americans can feel confident that their deposits will be there when they need them.” Echoing Biden’s Monday morning speech that failed to quell anxiety about America’s banks, Yellen insisted the banking system remains “strong” and stated “no taxpayer money is being used” in the bailout. Still, the Biden administration has not explained where this apparently magic non-taxpayer money that banks paid into the Deposit Insurance Fund came from. Read more…
