WHAT'S ON YOUR MIND
By Scott Hennen
Host of “What’s On Your Mind?” Radio Show heard on KTGO-1090AM and KFYR-550AM
Co-owner of Flag Family Media and the McKenzie County Farmer
I have three important points to get across in this column:
1. Our banks are safe!
2. Our banks are safe!
3. Our banks are safe!
The echo-chamber corporate media is a dangerous weapon. They can easily take the mistakes of one poorly-run California bank, that you’ve never heard of before, and turn it into a faux crisis. I have a suggestion for these reporters who dig yelling “FIRE” in a crowded theatre. Rather than follow the pack and report the same thing everyone else does, try a unique angle. Why don’t you compare North Dakota banks to Silicon Valley Bank or some other such national or regional bank? The difference is stark. To be clear, all banks have faced challenging times thanks to the Biden administration. The big spending and print money policies have brought historic inflation. Over the last year, inflation has spiked to 40-year highs. That caused the Fed to have hiked interest rates eight times in the last year. That means less borrowing and fewer profits for banks. But our community banks anticipate every scenario and plan for it.