As I watched the Biden White House and federal authorities at the Federal Deposit Insurance Corporation, the Federal Reserve, and the Department of the Treasury respond to the troubles of the Silicon Valley Bank and Signature Bank, an eerie feeling ran up my spine – we’ve seen this before, haven’t we?
Banks not tending to risk and not managing their assets properly, and the government stepping in to bail them out. Yes, that sounds familiar, very familiar.
Fifteen years ago, major bailouts of Wall Street banks – first with the Troubled Assets Relief Program (TARP) in 2008, then with the so-called “stimulus” bill in 2009 – were the equivalent of tossing gasoline-soaked rags all over a house.
In that environment, when CNBC commentator Rick Santelli raged from the floor of the Chicago Mercantile Exchange about traders paying the mortgages of their neighbors, he put a match to those gasoline-soaked rags and lit the grassroots fire that became the modern-day Tea Party movement.
By the time of the next election, the Tea Party movement had organized itself into a powerful political force that helped send hundreds of bailout-backing politicians at all levels to early forced retirements. President Obama referred to the Democrats’ electoral drubbing that year as a “shellacking.”
And now the bailouts are back.
The problem with bailouts is that no matter how insistent Administration spokesmen (including, and, especially, President Biden) may be, bailouts are never just one shot. Bailouts beget more bailouts.
The current bank bailout is just one of many bailouts from Joe Biden:
Biden has bailed out labor unions for the last two years.
Biden attempted to bail out renters, before the Supreme Court ended his extended eviction moratorium.
Biden’s attempted student loan bailout would benefit those who owe money, as well as the woke universities that charge enormous amounts of money for degrees that, in too many cases, do not lead to careers compensated well enough to enable their holders to pay off their own student loan debts.
Biden’s latest bailouts for Silicon Valley Bank and Signature Bank help banks as well as the companies and high net worth individuals that kept uninsured funds in those banks. Not surprisingly, it turns out many of them were major Democrat donors, and they had significant ties to leading Democrat politicians in California and Washington.
At Silicon Valley Bank, the bank’s senior leaders demonstrated their political savvy – and helped their marketing efforts in (liberal) Silicon Valley? – by touting their bank’s Environmental, Social, and Governance (ESG) efforts.
At Signature Bank, the bank’s senior leaders demonstrated their political savvy by adding former Massachusetts Democrat Congressman Barney Frank – a former chairman of the House Financial Services Committee, and one of the principal co-authors of the 2010 Dodd-Frank bank reform bill – to their bank’s board of directors.
It’s no wonder that when they turned to Washington demanding a bailout, they found receptive ears. Both banks were able to leverage their political connections to win favorable treatment from decision-makers who have the power to decide the fate of such institutions.
For executives at those two banks, it was a matter of their client base’s life or death.
To Biden, on the other hand, it was just another in a long line of bailouts, another chapter in his personal lifelong dramedy.
Let’s be honest about it: With his track record, Joe Biden might as well be called “Bailout Biden.”
There’s an old saying: When the only tool in your toolbox is a hammer, every problem looks like a nail. Biden’s hammer is the bailout, and every problem looks like a nail.
Mark my words, unless we speak up and make our voices heard, more bailouts will be forthcoming. What we’re looking at now will be just the start of what’s to come.
The cost to our treasury will be enormous.
The cost to our dignity, our principles, and our values will be even greater.
Let the Silicon Valley Bailout be our wake-up call.
Americans, it is up to us to tell Congress to stop Bailout Biden.
If, however, he keeps acting unilaterally without input and approval from Congress and without listening to Americans in the heartland who have to pay for the bailouts, we will work tirelessly in 2024 to defeat him as President.
From CNSNews - READ ORIGINAL
Some media, including videos, may only be available to view at the original.