Bharat Ramamurti, deputy director for the National Economic Council, joins Lana Zak and Errol Barnett ahead of the Federal Reserve's decision on interest rates. He discusses the Biden administration's response to recent bank failures and stubbornly high inflation. #banking #bankingcrisis #inflation CBS News Streaming Network is the premier 24/7 anchored streaming news service from CBS News and Stations, available free to everyone with access to the Internet. The CBS News Streaming Network is your destination for breaking news, live events and original reporting locally, nationally and around the globe. Launched in November 2014 as CBSN, the CBS News Streaming Network is available live in 91 countries and on 30 digital platforms and apps, as well as on CBSNews.com and Paramount+. Subscribe to the CBS News YouTube channel: Watch CBS News: Download the CBS News app: Follow CBS News on Instagram: Like CBS News on Facebook: Follow CBS News on Twitter: Subscribe to our newsletters: Try Paramount+ free: For video licensing inquiries, contact: licensing@veritone.com...(read more)
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The White House's top economy official recently had some stern words about bank failures and high inflation in the United States. Speaking at a public event, the official warned that failure to address these issues could have serious consequences for the American economy. Bank failures have been a concern for some time now, with many economists worried about the fragile state of the financial sector. Despite efforts to shore up banks and prevent them from collapsing, the official noted that there are still systemic risks that could lead to a major crisis. According to the official, one of the biggest risks is the ongoing convergence of traditional banking and non-bank financial institutions. The rise of fintech, which includes online lenders and payment apps, has challenged the traditional banking model and made it harder to regulate the sector. The official warned that if a fintech firm were to fail, it could have ripple effects throughout the financial system and hurt consumers who rely on those services. While some have argued that fintech firms are less risky than traditional banks because they rely less on deposits, the official cautioned that this perception may not be accurate. In addition to bank failures, the official also discussed high inflation, which has become a growing concern for many Americans. The official acknowledged that some inflation is normal and even healthy for the economy, but warned that the current level of inflation is higher than what most people are comfortable with. The official attributed the current inflationary pressures to a number of factors, including supply chain disruptions caused by the pandemic, rising energy prices, and wage pressures as the labor market tightens. While the official expressed confidence that these factors are temporary and will eventually even out, they still represent a challenge for policymakers in the short term. Overall, the White House's top economy official's comments serve as a reminder that there are still significant risks facing the American economy. Addressing these risks will require collective action from policymakers, regulators, and financial institutions, as well as continued vigilance from consumers and investors alike. https://inflationprotection.org/white-house-representative-discusses-bank-failures-and-rising-inflation-in-the-economy/?feed_id=94487&_unique_id=6454ab4a78a38 #Inflation #Retirement #GoldIRA #Wealth #Investing #BankingCrisisResponse #CBSNews #economy #federalreserve #inflation #money #MoneyWatch #siliconvalleybank #u.s #BankFailures #BankingCrisisResponse #CBSNews #economy #federalreserve #inflation #money #MoneyWatch #siliconvalleybank #u.s
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