The United States is facing a banking crisis, according to Stuart Varney, the host of “Varney & Co.” on Fox Business.
Varney attributes the crisis to the Biden administration’s spending and the Federal Reserve’s money printing, which led to inflation and a rapid rise in interest rates.
Varney also suggests that poor management and a “woke agenda” at some banks may have contributed to the situation.
Although the president has assured the public that the banking system is safe, changes may be coming, such as regulators raising insurance coverage on deposits and requiring banks to have more ready cash in reserve.
The situation is political, with authorities backstopping small startup technology companies and a bank heavily invested in the crypto market.
If a full-scale bailout occurs, the taxpayer would be responsible for the financial markets’ mistakes, which could cause conflict with the left, who have little sympathy for Wall Street.