I spent. [background noises] the committee will come to order. Without objection the chair is authorized to declare a racist of the committee at any time by this hearing is entitled semi annual report of the bureau of financial protection. Without objection all members will have five legislative days within which to submit extraneous materials to the chair or inclusion in the record. I now recognize myself for four minutes to give an Opening Statement. Thank you director for being here today. As the director you wear a lot of hats. You are a member of the federal Deposit Insurance Corporation and the Financial Stability oversight consult. This committee spent a lot of time understanding how regulators reacted to the failures of Silicon Valley macon signature bank. Given both the fcic have equal rolls in the failures i am looking forward to hear about your involvement in the decisionmaking process. As we said the fdics chair grunberg and pfister bar testified before this committee there
I spent. [background noises] the committee will come to order. Without objection the chair is authorized to declare a racist of the committee at any time by this hearing is entitled semi annual report of the bureau of financial protection. Without objection all members will have five legislative days within which to submit extraneous materials to the chair or inclusion in the record. I now recognize myself for four minutes to give an Opening Statement. Thank you director for being here today. As the director you wear a lot of hats. You are a member of the federal Deposit Insurance Corporation and the Financial Stability oversight consult. This committee spent a lot of time understanding how regulators reacted to the failures of Silicon Valley macon signature bank. Given both the fcic have equal rolls in the failures i am looking forward to hear about your involvement in the decisionmaking process. As we said the fdics chair grunberg and pfister bar testified before this committee there
This hearing is just under four hours. I spent. [background noises] the committee will come to order. Without objection the chair is authorized to declare a racist of the committee at any time by this hearing is entitled semi annual report of the bureau of financial protection. Without objection all members will have five legislative days within which to submit extraneous materials to the chair or inclusion in the record. I now recognize myself for four minutes to give an Opening Statement. Thank you director for being here today. As the director you wear a lot of hats. You are a member of the federal Deposit Insurance Corporation and the Financial Stability oversight consult. This committee spent a lot of time understanding how regulators reacted to the failures of Silicon Valley macon signature bank. Given both the fcic have equal rolls in the failures i am looking forward to hear about your involvement in the decisionmaking process. As we said the fdics chair grunberg and pfister ba
That was easy. At one point today when the indices broke down, i heard a collective sigh. And i was pretty shocked that i didnt get hit by a white flag of surrender after i walked down wall street after the show. But the facts refused to align with negative story. I think today was one of those times. As we saw a terrific rebound in the averages, after a second bout of hideous selling this morning. The dow closing up two points. The nasdaq declining 2. 4 . First, lets deal with the negativity. Its coming from four different directions. Sell sell sell sell. Sell sell sell sell. Worry number one, chinas falling apart. No matter that its been falling apart for ages or the chinese stock market is not creating wealth, many cant handle the stress of waiting for the other chinese shoe to drop after mondays break down. Suffice it to say theres big trouble in big china. Negative number two, the fed has gone from friend to foe. Theres a narrative out there right now, now that we have started to
But the facts refused to align with negative story. I think today was one of those times. As we saw a terrific rebound in the averages, after a second bout of hideous selling this morning. The dow closing up two points. The nasdaq declining 2. 4 . First, lets deal with the negativity. Its coming from four different directions. Sell sell sell sell. Sell sell sell sell. Worry number one, chinas falling apart. No matter that its been falling apart for ages or the chinese stock market is not creating wealth, many cant handle the stress of waiting for the other chinese shoe to drop after mondays break down. Suffice it to say theres big trouble in big china. Negative number two, the fed has gone from friend to foe. Right now, now that we have started to raise rates theres no return to the practical policy of data dependence. This thesis says that were on autopilot mode like the prebernanke fed. Well get a shortfall in earnings. Third fear were in the high peaks region of the economic cycle.