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'This Economy is going to have to live with something it doesn't understand': Dick Bove
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The Federal Reserve raised rates another 25 basis points on Wednesday with Jerome Powell adding that, 'it's clear we do need to strengthen supervision and regulation' for the banking sector. This hit a nerve with Odeon Capital Group financial strategist Dick Bove, who pointed the finger at the Fed, the FDIC, and those managing the country's currency: 'If they did their job, which they did not do, we wouldn't need regulation.' Bove then took things a step further, saying, 'We're going to see a whack at the banks here which is going to drive us into a recession.' Regional banks First Republic (FRC) and PacWest Bancorp (PACW) both fell by more than 10% in Wednesday's session. PacWest made headlines earlier in the day when it revealed that its customers had withdrawn 20% of their deposits in 2023. Bove also elaborated on higher rates and more regulation will put pressure on the banks, including rising credit that will force the banks to come up with more common equity: I think it is very clear that by the end of the year, this economy is going to have to live with something it doesn't understand.' KEY VIDEO MOMENTS: 0:00: How the Great Recession set the foundation for what the U.S. economy is dealing with now 0:45: The U.S. does not need new regulation in the banking sector 1:07: Regulation toward the banking sector will lead to a recession 2:03: The U.S. economy is going to have to live with something it doesn't understand
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