ANOTHER DARK BRANDON WIN
Joe Biden Won’t Get Credit For Stopping The SVB Meltdown
As usual, the media ignores when Democratic presidents prevent catastrophes.
As usual, a Democratic president is cleaning up a mess caused by his Republican predecessor. Thanks to the GOP’s reckless regulatory cuts, Silicon Valley Bank was allowed to profit from bad lending decisions without backing up enough of their depositors’ money to prevent bankruptcy, and is now essentially getting bailed out by the government to protect their customers’ money.
And, as usual, no one in conservative media will give Joe Biden any credit for stopping a potential bank catastrophe that could have precipitated other bank runs, bankruptcies, and possibly even a massive financial meltdown like 2008.
Critics are bemoaning the fact that the Biden Administration is guaranteeing all depositors in SVB, which means that all banks and their customers will have to pay more for the FDIC insurance payments, but the reality is that we discovered it was pretty stupid that so many new tech companies and startups had all their money in just one bank.
However, it is not good for our society to have all of these companies lose their money, fail to make payroll payments to their employees…
