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.@DavidSacks: "If wokeness was the problem, the whole Fortune 500 would be bankrupt right now. All of these banks are woke. The problem was they believed inflation would be transitory. When Biden, Yellen, and Powell said in 2021, don't worry about inflation, it's going to be transitory, they believed them. They didn't buy the hedge on interest rates that they should have.

Now, I think that was incredibly stupid. I never believed Biden, Yellen, and Powell, and you didn't because we're skeptical, but that was really their mistake... If it wasn't for the Biden administration spending trillions and trillions in an unprecedented way starting in 2021, the economy was already hot and already recovered from COVID.

Biden started printing trillions, and the fed kept going with QE and that led to this unprecedented wave of inflation. That led to the spike in interest rates, and that is why all these banks have so many toxic assets on their books."

https://twitter.com/KanekoaTheGreat/status/1636209845186760704