Treasury Secretary Janet Yellen was more concerned about climate change than the looming risks to our banking system brought on by the rapid rise of interest rates, Breitbart Economics Editor John Carney told Fox Business host Larry Kudlow on Friday.
During a panel discussion on Kudlow’s show, Fox News contributor Liz Peek noted that Yellen was asleep at the wheel in the run-up to the current banking crisis.
“Everybody was watching last year as interest rates went up, by the way, [at] the sharpest rate of ascent in modern times,” Peek said. “So, you would think that the regulators—Janet Yellen and that group that she has [of] the financial organizers of our country—would have been watching to see what the impact was on the banks and in particular on the tech sector, which it completely wiped out… It’s offensive that Janet Yellen acts now like she has a plan. She doesn’t have a plan. We know she doesn’t have a plan. But where was she? Where has she been during this period?”
“Well, we know where she’s been,” Carney interjected. “They’ve been sitting there worried about climate change the whole time. Climate change risk all the way. Interest rate risk, the basics of banking—they weren’t paying any attention to.”
“Larry Summers said this—he said instead of worrying about inflation and interest rates, they are worried about climate change. And that’s not the role of central bankers,” Kudlow added.
He also brought up Yellen’s conflicting statements about whether the uninsured depositors of all or only some banks would get a bailout. “It sounds to me like we will bail out uninsured deposits and every other damn thing,” Kudlow said.