By Lars Larson,
NW and national radio host
Maybe guilt drove Joe Biden to offer up cash to pay off the 156 billion in uninsured bad deposits at Silicon Valley Bank.
The bill for that bailout goes to every bank and its customers across America in higher fees to fund the Federal Deposit Insurance Corporation.
Biden lied quite creatively Monday when he said it won’t cost taxpayers.
I guess that’s technically correct…but it will cost everyone with any kind of bank account…which is pretty much the same people just getting their pocket picked by FDIC instead of IRS, like that makes a big difference.
After all, Biden policies drove this politically correct, diversity loving, ESG funding source-of-cash-for-everything-woke into bankruptcy
The bank gifted tens of millions of dollars to Black Lives matter and other left wing activists…and lots of money to democrat politicians.
(Oregon Native) Kim Strassel at the Wall Street Journal editorial board provides the details.
Silicon Valley Bank made billions in loans to so-called “tech startups” in America…and, crazy as it sounds, many weren’t actually designed for profit.
When Congress and the White House shovel out trillions in “infrastructure” and “clean energy” cash, you don’t have to actually MAKE money…you just have to take it…from the federal treasury.