The partisan war of words over Silicon Valley Bank's collapse has already started, with POTUS quick to point fingers. Biden reassured the public that 'the banking system is safe,' but also strongly implied the collapse was Trump's fault.
Biden spoke Monday morning about the collapse of Silicon Valley Bank and Signature Bank, reassuring that"the banking system is safe." But he also strongly implied the collapses were the fault of Donald Trump.“During the Obama/Biden administration, we put in place tough requirements on banks like Silicon Valley Bank and Signature Bank, including the Dodd-Frank law to make sure the crisis we saw in 2008 would not happen again," Biden said.
"The Biden bank bailout is a result of Biden’s failed economic policies," said Club for Growth President David McIntosh."The additional regulations being proposed by Biden would only make the situation worse and further consolidate power among the big banks and hurt regional banks that small businesses rely on.”
House Financial Services Committee Chairman Patrick McHenry said he also has confidence in"the protections already in place" while calling Silicon Valley Bank"the first Twitter-fueled bank run." In reality, there's a little bit of truth to both, argues University of Massachusetts economics professor Gerald Friedman.
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