A bank serves exclusively the richest most liberal clientele of the west coast, embracing diversity quotas and championing equity over competency. They fail while Biden is president and the watchdog agencies set up by Democrats did not keep them in check. They acted with irresponsibility that could have been detected by the regulatory regime that was rolled back by Donald Trump. Throughout it all was a common thread of the Federal Reserve led by a bipartisan cadre of neoliberals who vastly increased the money supply over the course of the last three presidencies, totally failed to anticipate inflation or to foresee the ramifications of their interest hikes to keep inflation in check.
A lot of people point fingers during and after a crisis like this, one party or another. What I see is the failure of ideology itself. Go too far one way, go too far another, and more damningly of all, think that you alone know the solution.
Its bad fiscal policy. You keep ballooning the money supply, you devalue your currency, you get inflation. You prop up the markets on artificial growth via quantitative easing and bottomless handouts, without any corresponding actual growth in product, and you create a bubble. You constrict that money supply and all the house of cards comes tumbling down, and you can't control the ensuing collapse. And there's a very good chance we're just brushing up against the tip of that iceberg right now. It might only wipe out banks at the periphery of high risk investments and poor management like these, who were so dumb they couldn't see the rate hikes in the future with their bonds- but where does the Fed go next? Rock and a hard place. Either all the monopoly money in your retirement account means nothing when a Big Mac costs $36 in the year 2040, or they keep rolling back the M2 and oops your account no longer exists.