Bidenomics: Reuters Pretends Big Banks No Longer Want to Make Money
Big Media’s all-in effort to prop up Alzheimer’s-addled Joe Biden – is as obvious as it is pathetic.
Biden’s economy – is atrocious.
Critics began deriding his assaults on economic activity – as “Bidenomics.”
Against which Biden, Inc. bristled – at first.
“If he succeeds, the president will cast 40 years of economic doctrine on history’s ash heap. But that’s a big if.”
“A big if” – indeed.
Biden was finally forced to embrace “Bidenomics” – in order to attempt to warp its meaning and messaging.
Reality has, of course, always rejected “Bidenomics.”
So the economy – is now atrocious.
Biden and his Democrats stupidly printed trillions of fake dollars. Which – shocker – destroyed the value of ALL dollars.
Having heavily inflated the money supply – and with it the prices of EVERYTHING? Biden faced two ways forward to deflate it.
DC could have cut taxes and regulations – and grown the economy. Which would have diluted and absorbed the trillions of fake dollars – by mixing them in with more and more real ones. And thereby dispensed with the inflation.
But that would have helped poor people. And since the Big Gov-Big Biz objective is to shrink the economy – until it’s just big enough for just them? Growing the economy was never considered.
DC decided instead to shrink the economy – by drastically increasing interest rates.
Which Reuters Fake News Agency recently, desperately tried to spin to Biden’s advantage…:
“Federal Reserve survey data released on Monday showed…evidence that the central bank’s interest-rate hike campaign is slowing the nation’s financial gears as intended.”
Except: Whom do you think is hardest hit by “the central bank’s interest-rate hike campaign…slowing the nation’s financial gears as intended?”
It ain’t The Rich, I assure you. It’s poor people.
Who need loans to pay for food, and rent, and gas, and…. All of which Biden has also mass-inflated.
And Heaven forfend poor people might want to borrow money to open a business – to stop being poor.
It’s hilarious how backwards Reuter’s presentation of the results of Bidenomics is:
“The Fed has raised interest rates by 5.25 percentage points since March 2022, and its surveys and hard data have shown banks have been slowing their lending in response.”
Reuters says there aren’t less loans because poor people who need loans now can’t afford them at Biden’s inflated rates.
Reuters says banks have simply decided to lend less money.
Because they are no longer interested in being banks and making money, apparently. Since lending money – is one of the principal ways banks make money.
Look, I’m sure the Big Banks do have more than a little hesitancy to make loans. Which is understandable.
Because Biden’s economy – is atrocious. And the Big Banks don’t want to bet on it.
Meanwhile, Reuters pressed on in its defense of “Bidenomics”….
Reuters referred to the poor people now making the fewest new loans – as “consumers”:
“(T)he net percentage of banks reporting greater willingness to make consumer installment loans was -21.8% versus the first quarter’s -22.8%, which had been the lowest outside of the pandemic since 2008.
“Smaller net shares of banks reported tightening standards for auto loans, though terms for credit cards did tighten somewhat.”
ALL of those things – sound like things poor people ALWAYS need. But now can’t afford to borrow to get.
But that’s not it – Reuters tells us. It’s actually banks deciding they no longer wish to make money.
All of this idiocy – is reminiscent of the Aesop fable “The Fox and the Grapes”:
“Driven by hunger, a fox tried to reach some grapes hanging high on the vine but was unable to, although she leaped with all her strength.
“As she went away, the fox remarked, ‘Oh, you aren’t even ripe yet! I don’t need any sour grapes.’”
Reuters is pretending poor people haven’t been inflated by Biden out of being able to borrow money.
Reuters is instead also pretending banks everywhere are saying “I didn’t want to lend any money anyway.”
Fake sour grapes.
In service of the Alzheimer’s-addled Biden – and his horrifically failed Bidenomics.