One problem with journalists is that they generally don’t read much, and understand even less. So the controversy over Joe Biden’s nominee for Comptroller of the Currency, Saule Omarova, rapidly devolved into (unfortunately credible) accusations of communist sympathies, with liberals doing the obligatory wow-just-wow and mischaracterizing the substance of the smear job. In reality, her nomination is sunk, but for an even more banal reason. She managed to piss off one of the few chunks of kulaks that actually has some remaining political pull – community banks.
Why do “community banks” matter?
Patrick McKenzie, an internet-famous writer and executive at the payments company Stripe, has an excellent write-up on the role of community banking here. I have said many times that the default players in any random congressional or state legislative district are car dealers and property developers, and community banks provide financing for both (as well as increasingly…
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