Credit Woke Regulators With Suisse Cheese

While Biden bitches “we need more regulators” to avoid future SVB-like collapses & Swiss make cheese in UBS’ Credit Suisse take over, both have 1 thing in common: Woke regulators were blind to obvious woke banks’ BS.

The WSJ’s editorial board were anything but amused in the irony of Europeans mocking the USA’s West Coast banking turmoil only to find Switzerland’s second biggest bank ALSO needed a government-backed bailout over the weekend. They concluded: “The weekend shotgun marriage with UBS [and Credit Suisse] shows how post-2008 regulation failed again” on BOTH sides of the Atlantic AND despite plenty of blind regulatory guides to boot. PANIC was another common denominator, the editors suggest, in that in the US and in EU the banking geniuses showed “exactly the panicky too-big-to-fail rescue we were told new rules post-2008 [financial debacle] would prevent.” Still another common thread was that the bank management in both instances SUCKED and the RED FLAGS that they sucked were abundantly clear to anyone who could read.

So, we, too, are forewarned when Joe blows his usual big government smoke about needing more regulators AND TAXPAYER BACKUP FUNDING to prevent “too-big-to-fail” banking institutions from failing. Isn’t what we need is an end to woke regulation of woke banking?

Davd Soul