Bank Crisis Reveals Numerous Federal Reserve Failures

Source: The American Prospect
by David Dayen

“I’m at South by Southwest, a music festival that for some reason has been expanded to include a massive bullshit factory, complete with self-congratulatory panels (every one entitled ‘The Future Of’ something or other), an exhibit hall hawking things like ‘phantom snack experiences’ that simulate eating food without the calories (the CIA also has a large booth), and a ‘conscious conversations’ lounge. Reality had the bad manners to intrude when the Silicon Valley Bank collapse sent a large contingent of tech executives here into a tizzy; I too have heard about crying in the streets and people furiously attempting to conduct wire transfers during panel discussions. But fear not! The nation’s strategic bullshit reserve is inexhaustible, a fact being eminently reinforced in the wake of the collapse of SVB, and federal regulators’ backdoor bailout of the rest of the system.” (03/15/23)