Janet Yellen is selling Bank Crisis Short

Janet Yellen is selling Bank Crisis Short

Execs fear dozens more teeter on brink

NEW YORK POST

Listening to Janet Yellen, you might be led to believe that the US banking system is, in her words, “sound,” and that your deposits “remain safe.”

She’s the Treasury secretary, after all. She must have some clue, right?

Nope. Top financial CEOs tell me she’s mostly MIA as our banking system shows serious signs of cratering. In her two years as the government’s top banker, Yellen has failed to grasp the full magnitude of the problem because she has instead been too focused on other stuff like Ukraine, abortion, and all those progressive causes she’s championed.

The problem is pretty obvious if you can read a balance sheet. Top financial executives have privately identified as many as 25 regional and mid-sized banks in the neighborhood of $15 billion to $200 billion in assets that are ripe for failure. The ill-fated Silicon Valley, Signature banks, and today’s latest headache, First Republic, are the festering sores that signal an even greater degree of banking rot.

On one hand, 25 mid-sized bank debacles sounds better than the vast 2008 financial collapse that began with Lehman Brothers bankruptcy and spread to our biggest banks and Wall Street firms.

It also sounds better than the scare number recently circulating – that nearly 200 banks are in danger of imploding. But not so much when you start adding up the assets and deposits that might be lost by the so-called “dirty two-dozen.”

Treasury Secretary Janet YellenTreasury Secretary Janet Yellen has been too focused on other stuff like Ukraine, abortion, and all those progressive causes she’s championed, Charles Gasparino writes.. (Getty Images)

Look up any list of the biggest banks by assets, minus the top five or so, and we’re talking trillions in assets that could be wiped out even if the big banks remain solid.

When the first 25 go south, that’s when the rest of the system is in danger of a wider collapse, making the scare number imminently possible. It also ratchets up the chances of a deep recession.

kevin bacon - animal house Memes & GIFs - Imgflip

Again, you won’t hear any of this from Yellen or Sleepy Joe Biden — they’re too busy doing their best imitation of Kevin Bacon’s clueless security guard character in “National Lampoon’s Animal House,” shouting “Remain calm, all is well!”…..

 

Continue reading…

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Header featured image (edited) credit: Yellen illustration/© Joe Cummings

Emphasis and pictorial content Bacon/imageflip added by (TLB) editors

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