Opinion | Banks Aren’t Busting the Economy, Politics Is Busting Banks

Wonder Land: Joe Biden’s administration is willing to bail out, backstop, guarantee and subsidize just about everything. Images: Storyblocks/Pool Via Cnp/Zuma PressWe’re in the grip of a banking crisis, although it’s not what you think. What’s in the news now is an emerging, slow-rolling bankis something different—a crisis of banking, caused by the reality that “banks” aren’t really banks in the way they used to be.

The bailout brigade forming itself in response to the panic wants you to ignore this bigger crisis. The financial great and good, from hedge-fund supremo Bill Ackman and Twitter money-loser Elon Musk to Treasury Secretary Janet Yellen and Sen. Elizabeth Warren, have emerged to offer variations of the same argument: Washington must act in various ways to bail out the banks lest Main Street businesses suffer.

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Source: CNBC - 🏆 12. / 72 Read more »