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Joe Biden Blames Trump For Bank Failures and Broadening Contagion


Joe Biden on Monday blamed Donald Trump for the recent bank failures and broadening contagion.


Silicon Valley Bank and Signature Bank collapsed over the weekend.


Silicon Valley Bank is the largest bank to fail since the 2008 liquidity crisis.


Biden blamed Trump and threatened to go after those responsible: “In my Administration, no one is above the law.”

“During the Obama-Biden Administration, we placed tough requirements on banks to make sure the crisis we saw in 2008 wouldn’t happen again,” Biden said.


“Unfortunately, my predecessor rolled some of those back,” he said.

Joe Biden and Democrats in Congress created the inflation crisis by spending more than $6 trillion in a couple years.


Inflation hit 40-year highs because of Joe Biden.


Enter the Federal Reserve…


Federal Reserve Chairman Jerome Powell raised rates seven times in 2022 for a total of 450 basis points – or 4.5% to hedge inflation.

The sudden and dramatic rate hikes crushed the bankers.

Jerome Powell knew exactly what he was doing.


Silicon Valley Bank reportedly held $173 billion in deposits.


The Fed interest rate is at 4.57% and $117 billion of Silicon Valley Bank securities are yielding only 1.56-1.66% – this caused a run on the bank.


By Friday Silicon Valley Bank was in FDIC receivership.


But Joe Biden is blaming Trump!


Biden mumbled for a few minutes on Monday and walked away without taking any questions.


WATCH:





OPINION: This article contains commentary which reflects the author's opinion.


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