David Reavill

Just a week ago, on May 3rd the Federal Reserve Open Market Committee adjourned their latest meeting, and announced to the world that they were raising the Fed Funds rate to 5 1/4%, the highest rate since 2007. The feeling around here was, ho hum, another rate hike following a long line of hikes. Most people feeling that “at least they didn't hike rates any more.”

Just a week ago, on May 3rd, the Federal Reserve Open Market Committee adjourned their latest meeting, and announced to the world that they were raising the Fed Funds rate to 5 1/4%, the highest rate since 2007. The feeling around here was, ho hum, another rate hike following a long line of hikes. Most people feeling that “at least they didn't hike rates anymore.”

Circumstances had overwhelmed Titanic. The best-laid plans of the ship's architect and builders had not considered such an eventuality. When the ship traveled at that speed and met a berg of that mass, the outcome was disaster.

It occurred to me how much the current banking crisis resembles that fateful first voyage of the Titanic. Like those who built Titanic, our Bank executives and regulators are experienced, well acquainted with the storms and tides that may come our way.

Circumstances had overwhelmed Titanic. The best-laid plans of the ship's architect and builders had not considered such an eventuality. When the ship traveled at that speed and met a berg of that mass, the outcome was disaster.

It occurred to me how much the current banking crisis resembles that fateful first voyage of the Titanic. Like those who built Titanic, our Bank executives and regulators are experienced, well acquainted with the storms and tides that may come our way.

Circumstances had overwhelmed Titanic. The best-laid plans of the ship's architect and builders had not considered such an eventuality. When the ship traveled at that speed and met a berg of that mass, the outcome was disaster.

It occurred to me how much the current banking crisis resembles that fateful first voyage of the Titanic. Like those who built Titanic, our Bank executives and regulators are experienced, well acquainted with the storms and tides that may come our way.

Circumstances had overwhelmed Titanic. The best-laid plans of the ship's architect and builders had not considered such an eventuality. When the ship traveled at that speed and met a berg of that mass, the outcome was disaster.

It occurred to me how much the current banking crisis resembles that fateful first voyage of the Titanic. Like those who built Titanic, our Bank executives and regulators are experienced, well acquainted with the storms and tides that may come our way.

Consider the irony, this week, the US Central Bank, or the Federal Reserve, met to set interest rates. While, next week, President Joe Biden has invited Kevin McCarthy to the White House to discuss the growing financial crisis. A crisis was created because the US does not have enough cash to pay its monthly Debt payment.

Consider the irony, this week, the US Central Bank, or the Federal Reserve, met to set interest rates. While, next week, President Joe Biden has invited Kevin McCarthy to the White House to discuss the growing financial crisis. A crisis was created because the US does not have enough cash to pay its monthly Debt payment.

Consider the irony, this week, the US Central Bank, or the Federal Reserve, met to set interest rates. While, next week, President Joe Biden has invited Kevin McCarthy to the White House to discuss the growing financial crisis. A crisis was created because the US does not have enough cash to pay its monthly Debt payment.

It was an expression that we used to hear often in this country. Politicians would put their thumbs in their suspenders, lean back and begin their speeches with the meme, “I put my faith in the American People.” It was a way for them to say that they were a “servant of those who elected them,” ever aware that they could be thrown out of office at the next election.