Go woke, go broke
Red State is reporting:
Silicon Valley Bank’s collapse is almost entirely self-imposed, but they’re getting an almost-bailout anyway. President Biden has said the taxpayers will bear the brunt of guaranteeing all SVB deposits. The Federal Deposit Insurance Corp. (FDIC) already insures deposits up to $250,000, a pittance compared to the collapse of this billion-dollar bank.
Many in the financial punditry class believe the move is necessary to prevent a chain reaction that could take down other big investment banks. There is plenty to be debated about the merits of that action, but it certainly does make it harder to accept that Americans are being forced to bail out millionaires when SVB has been grossly irresponsible with their own funds.
As it turns out, SVB was a massive donor to Black Lives Matter and other social justice causes, to the tune of nearly $74 million dollars. $73,450,000 to be more exact.
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John Steed said:
( March 18th, 2023 @ 6:07 pm )
Here are the left wing outfits that Biden bailed out when he bailed out Silicon Valley Bank: freebeacon.com
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Nobody ever lost a dime just because they were nice. Never.
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When bank officials care more about left wing politics than sound economics, it breaks banks as it did Silicon Valley Bank. This bank had its top corporate risk assessement position vacant for almost a year, and the risk assessment people they did have in place were spending all their time on DEI and ESG, or in other words, on far left politics.
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Economics dont care about your politics. Right or left, sound economics with proper oversight is the key to success. That formula has never changed. If you want to blame someone for YOUR financial problems, look in a mirror.
BTW some good financial advice from your favorite Lefty- Bit coin and Crypto are scams. Invest at your own risk but my advice is never invest what you cant afford to lose in this crap. Cause you will lose. |
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Even the major British newspapers were reporting how "woke" Silicon Valley Bank was. Why can't leftwing commenters like Bobbie manage to figure that out? Do they assume that the only "truth" is derived from the leftwing narrative?
www.dailymail.co.uk |
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Absolutely none of this true.
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BLM Funding Database
dc.claremont.org |
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Only one member of SVB's board had banking experience. The rest were political hacks, and the bank was eaten up by woke ESG and DEI. Bailing out the depositers was a travesty. But many banks are eaten up by woke and are playing the same destructive ESG and DEI games. The rest way to protect our banking system is to prohibit banks from playing the DEI and ESG games with our money.
SVB spent $74 million on the Marxist organization BLM and on radical left "social justice" causes. redstate.com |
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The Feds made a disasterous move when the guaranteed the big depositors money. This has never happened before. They did this because of the big deposits make by "influential" people. There is no way the Fed can guarantee everybody's money. Those who did this should be removed from their jots. This feeds inflation.
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