Marxist Fed Reserve Chair Daly of San Francisco, Former High School Drop Out, Opines on Interest Rates

Mary Daly, the Federal Reserve Bank of San Francisco chief who failed to see major red flags at a failed Silicon Valley Bank, was inspired by Marxian economist Gene Wagner, who she said “has mentored me my whole life” opined on the state of interest rates yesterday. Well that certainly is worth a read I thought. Who would have thought she is still out there bouncing around. From an earlier post.

Talk about moral hazards: The lesbian activist protege of Biden Treasury Secretary Janet Yellen was more concerned with regulating culture than regulating banks previously. Also a BLM activist.

She is not alone. The Federal Reserve’s mission in the recent past was to become “inclusive” – a euphemism for aka “woke.”

The directors of the Fed banks have been in the spotlight in recent years as the central bank has faced criticism that bank directors lacked racial and gender diversity and were too weighted towards the business and banking community. The Fed has been working on expanding who serves in these roles.

Why is she still floating out there setting monetary policy? Well let’s check out her background.

First yesterday:

Fed’s Daly sees interest rate policy in ‘a good place’

San Francisco Federal Reserve President Mary Daly said Tuesday that she backs the central bank’s wait-and-see approach when it comes to interest rates.

“We’ve got policy in a very good place right now. We’ve cut the interest rate by 100 basis points last year. That puts policy in a good place to stay modestly restrictive, keep inflation coming down, but not so restrictive that the economy is vulnerable,” Daly said during an event at Brigham Young University.

“So with growth good and and policy in a good place, we have built the time and the ability to just tread slowly and tread carefully,” she added. (Source)

Bunks flashback:

Federal Reserve Bank of San Fran Prez Mary Daly turned a blind eye to Silicon Valley Bank. President and chief executive officer of the Federal Reserve Bank of San Francisco since October 1, 2018. She serves on the Federal Reserve’s rate-setting Federal Open Market Committee on a rotating basis.

But let us continue with this charade first.

Here is the Cliff Note edition of the woman who is running the shop at the Federal Reserve in San Francisco. .

Mary Daly’s career trajectory: drops out of High School, works at a donut shop, gets GED, goes to college, becomes enamored with leftist prof teaching Marxian economics, becomes San Fran Federal labor researcher, ingratiates herself with Janet Yellen, who keeps promoting her first openly gay Fed/ prez/CEO.  Her background is in the study of economic equality.

Mary Daly, the Federal Reserve Bank of San Francisco chief who failed to see major red flags at failed Silicon Valley Bank, was inspired by Marxian economist Gene Wagner, who she said “has mentored me my whole life”

She tells us everyone can be a Central Banker. Whoopee.

LinkedIn:

The Federal Reserve Bank of San Francisco chief who was supposed to be regulating Silicon Valley Bank, appeared sidetracked by social justice activism: “What Black voices have I lifted up? Equity & inclusion begins with me.” #GeorgeFloyd,

February 2021:

Feb 16 (Reuters) – San Francisco Federal Reserve President Mary Daly on Tuesday pushed back against critics warning low interest rates and government spending could overheat the U.S. economy and spark high inflation.

“I am not thinking that we have unwanted inflation around the corner,” Daly said at a virtual event held by the University of San Francisco. “I don’t think that’s a risk we should think about right now.”

Concerning her overseeing of the bank that failed:

Only ONE member of failed SVB’s board had a career in INVESTMENT BANKING.. The Rest were Obama, Clinton MEGA-DONORS who ‘grieved’ when Trump won including one who went to Shinto shrine ‘to pray’… -Daily Mail

The 12 regional Federal Reserve banks are quasi-private institutions overseen by the Fed in Washington. Their respective boards watch over the banks directly and provide advice on governance as well as local economic intelligence.

Most importantly, these boards also lead the process to select new presidents when there are vacancies, although directors from firms regulated by the Fed are not allowed to participate in that process.

…

The directors of the Fed banks have been in the spotlight in recent years as the central bank has faced criticism that bank directors lacked racial and gender diversity and were too weighted towards the business and banking community. The Fed has been working on expanding who serves in these roles.

Analysis: With record diversity on their boards, Fed bank chiefs see lower chances of policy error

Feb 24, 2023 (Reuters) – A record number of women and minorities hold seats this year on the boards of the Federal Reserve’s 12 regional banks, providing perhaps the most diverse range of input ever as those banks’ presidents – alongside Fed governors in Washington – wrestle with how to slow inflation without tanking the economy.

Fed bank directors generally stay out of the limelight, but many U.S. central bankers view them as a critical resource. Indeed, some argue prospects for a best-case outcome to their policy-tightening campaign are heightened by the advice from such a wide spectrum of voices.

This year, of the 108 spots on the 12 Fed bank boards, 44% are filled by women, and 41% by people of color, a review of the data shows. “I think the probabilities are far higher of achieving that gentle transition, that smoother transition,” San Francisco Fed President Mary Daly told Reuters in an interview.  (What possibly could go wrong?)

Daly, her 11 bank president peers and the six current members of the Fed Board face some of the toughest decisions in their central banking careers in the months ahead.

To find it, they’ll be advised by a small army of PhD economists across the Fed system.

Central to getting that information, Fed bank presidents say, are their regular huddles with their boards and panels that until as recently as 2018 had largely been cut from the same cloth: bankers and business leaders, most of them white men.

Source Reuter

And at the White House? While the stock markets were in the throes of a meltdown with the bank collapse and panic setting in, and everyone was on the edge of their seat?  We were reassured that the best were at the helm,

Sky News nails it. Short sweet and to the point.

Biden administration throwing ‘more woke at the fire’

From Bunks earlier post: March, 2023

Marxist Fed Reserve Chair Daly of San Francisco, Former High School Drop Out, Oversaw Bank That Failed

The best of the swamp.

Source: https://bunkerville.wordpress.com/2025/04/10/marxist-fed-reserve-chair-daly-of-san-francisco-former-high-school-drop-out-opines-on-interest-rates/