Stuart Varney: Biden’s massive spending got US into a big financial mess
‘Varney & Co.’ host Stuart Varney argues Biden and Fed Chair Jerome Powell are responsible for the banking crisis and high inflation.
During his "My Take," Wednesday, "Varney & Co." host Stuart Varney argued President Biden and Jerome Powell are to blame for the banking crisis and high inflation thanks to endless big government spending and nonstop money printing.
STUART VARNEY: What a mess. A banking crisis and high inflation. All at the same time.
Jay Powell at the Federal Reserve has to deal with this. We'll find out what he's going to do at around 2 p.m. this afternoon.
I'm not going to try to guess what he's going to do. I'm more interested in asking why we're in this mess. That might give us some idea of what to avoid in the future.
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Spending money and printing money got us into this. Joe Biden moved into the White House in January 2021. He's never stopped spending since.
When inflation started to pick up in the summer of '21, he said it was just "transitory." He kept spending. He met with Jay Powell and appointed him to a second term at the Federal Reserve. Powell kept on printing.