About the collapse of silicon bank west church of the largest Bank Failures in u. S. History. Congressman mchenry discussed the role the Federal Reserve and the Deposit Insurance Corporation Bank Regulation of Risk Management. This event as hope and by the brookings institution. Kground noises] [background noises] good morning everybody. Im director on fiscal and Monetary Policy and be half the hutch and Center Center on me you to this event both the people in the room and the people watching remotely. Our subject today is what lessons we have learned from the really interesting efforts of march 2023. A year ago the glol Financial System suffered the most significant banking stress since the Global Financial crisis of 2007 and eight. As you all probably know if event Silicon Valley bank failed prompt and the fdic to take it over the middle of the dayay could not even make d it to the weekend which is as a one off event. Silicon valley was certainly for lack of a better term unusual. Th
Many of the problems we saw at the end began at the very beginning. I spoke about the attempt to control all institutions and all parts of the economy and political life and social life. One of the problems is that when you do that, when you try to control everything, you create opposition and potential dissidents everywhere. If you tell all artists they have to paint the same way and to artist says no, i want paint another way, you have just made him into a political visited. Political dissident. If you want to subsidize housing in this country and the populace agrees that it is something we should subsidize, put it on the Balance Sheet and make it clear and make it evident and make everybody aware of how much it costs. But when you deliver it through these thirdparty enterprises, fannie mae and freddie mac, when you deliver the subsidy through a Public Company with private shareholders and executives who can extract a lot of that subsidy for themselves, that is not a very good way of
The republicans are viewed a so extreme by the left at this point, you know, they are not at they are sort of papering over the differences on the democratic side but i think that those differences are certainly there. And they are certainly bubbling up. One last phone call. Sue is a democratic caller. Caller how are you doing . I think hillary is the only democrat that, you know, the others are just waited too late to get in the name. I dont know their names or anything about them when you do mention these potential Democratic Candidates to run against her. I think you under estimate the fact that bill may have been this and bill may have been that, but i think the country would love to have him back even if he is in there as the first man, i dont know how that would be. We never had a woman president. Elizabeth warren is great, and i have to agree with the first lady in florida the main issue in the one that no one wants to talk about forget about anything else. Trade stuff. You know
We partner with the private sector to protect critical infrastructure. We work with states and local communities to prepare for and respond to disasters of all types like Hurricane Sandy while supporting recovery and rebuilding. Put simply, the automatic Budget Reduction mandated by sequestration would be disrupted and destructive to our Nation Security and economy. It would negatively affect the Mission Readiness and capabilities of the men and women on our front line. It would undermine the significant progress we have made over the past 10 years to build a nations preparedness and resiliency. Perhaps most criticallcriticall y it would have serious consequences to the flow of trade and travel at our nations ports of entry. We will have to begin to furlough customs and border officers to staff those ports. At the Major International airports, we will be limited in accepting new International Flights and average wait times to clear customs will increase by as much as 50 and at our busi
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