Being Woke Is NOT a Substitute for Expertise

The Other McCain, as usual, has a great summary of a complicated issue. Yellen’s Banking House of Cards

Far be it from me to claim to be an expert in financial institutions. My knowledge of banking is no greater than the average SVB board member, which is to say I know nearly nothing about the subject. But judging from headlines in recent days, I have the distinct impression that Treasury Secretary Janet Yellen is basically shuffling around piles of money from one troubled bank to another in a desperate attempt to stave off a complete collapse of the international financial system.

From the FDIC bailing out ChiCom depositors with Silicon Valley Bank, to the situation with Credit Suisse, you will find a lot of details on the banking crisis explained clearly.

There are several links in post above, but the one I found most interesting was from The Daily Mail, detailing the quip made in the quote above, about SVB board members not knowing squat about banking. REVEALED: Only ONE member of failed SVB's board had a career in investment banking - and the rest were Obama, Clinton mega-donors who 'grieved' when Trump won including one who went to Shinto shrine 'to pray.

The board is now being investigated for its failure to act ahead of the bank's collapse, as some argue it was too focused on being woke.

Gee, ya think? I'm shocked - Shocked, I tell you! - to discover that such a diverse board could fail at anything, let alone, a high-technical, specialized endeavor like investment banking. (Question: Does any of them know what the Net Present Value of a stream of payments is? I'm not asking them to calculate it, just define it.)

Being Woke is not a substitute for expertise or talent. The Florida International University pedestrian bridge proved that a few years ago. Disney's destruction of everything they touch is proving that now. (look at the stock price.) I'm afraid that more and more of the economy is going to prove that in the near future.