The Briefing Room
General Category => Economy/Business => Topic started by: Kamaji on March 20, 2023, 01:41:06 pm
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Why woke ‘Frisco Fed chief missed Silicon Valley Bank’s warning signs
By Paul Sperry
March 17, 2023
Wokeness has replaced competence and merit across the banking sector, and San Francisco Fed Chief Mary Daly is the poster child of this pernicious trend.
A protege of Treasury Secretary Janet Yellen and short-list candidate for Federal Reserve vice chair, Daly was supposed to be supervising Silicon Valley Bank but apparently was too busy playing politics and pushing woke agendas to regulate rogue banks like SVB, the second-biggest bank failure on record.
Daly had other priorities, including climate change, George Floyd and Black Lives Matter, inequities between blacks and whites, LGBTQ+ rights and a host of other woke social-justice issues that had nothing to do with banking and finance.
Daly’s Fed bio gushes she’s committed to “understanding the economic and financial risks of climate change and inequities.” Never mind the more existential threat of banks in her jurisdiction amassing mortgage bonds with longer maturities that exposed investors to greater interest-rate risk.
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Daly has no background in banking or managing risk. After dropping out of high school, she worked in a donut shop before eventually getting her GED and entering college, where she became enamored with a socialist professor.
She said she was inspired by Marxian economist Gene Wagner, who “has mentored me my whole life.”
Several years later, after earning a PhD from Syracuse University, Daly landed a job as a labor inequality researcher at the San Francisco Fed, where she ingratiated herself with then-SF Fed President Janet Yellen, who helped her fail upward.
Daly called Yellen an “important mentor in my life . . . [ S]he made my career kind of explode.” Daly quickly rose up the ranks, and in 2018, she was named president and CEO of the SF Fed — but more important to the wokesters, she was the “first openly gay” regional Fed bank chief.
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Source: https://nypost.com/2023/03/17/why-woke-frisco-fed-chief-missed-silicon-valley-banks-warning-signs/
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:facepalm2:
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The Fed needs more Congressional oversight and scrutiny.
Once again, bad Fed monetary policy and lax bank supervision threatens to wipe out another generation's savings.
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Daly has no background in banking or managing risk. After dropping out of high school, she worked in a donut shop before eventually getting her GED and entering college, where she became enamored with a socialist professor.
She said she was inspired by Marxian economist Gene Wagner, who “has mentored me my whole life.”
Ms. Daly:
(https://nypost.com/wp-content/uploads/sites/2/2023/03/Mary-Daly.jpg?resize=744,496&quality=75&strip=all)
Dr. McCoy, after using his Tri-Corder:
She's a commie, Jim...
(https://tos.trekcore.com/hd/albums/3x17hd/thatwhichsurviveshd0414.jpg)
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We are placing too many people in positions that they neither have the skill, knowledge, or basic competency to do