Commentary
On April 13, CNN’s business site blasted out the headline “banking is sound.” Who uttered those words? No less than Lael Brainard, former vice chair of the Federal Reserve and presently director of President Biden’s National Economic Council (NEC). CNN flattered Brainard. Really, what else was she going to say?
The above question isn’t a trick one, and it’s not meant to be. By definition banking is always “sound” to Brainard, Speaker of the House Kevin McCarthy, Senate Majority Leader Chuck Schumer, President Biden, and just about anyone else in power. The previous truth isn’t evidence of a political conspiracy or trouble with the truth or anything else sinister sounding. Instead, it’s just a statement of reality….