This woke bank behaved in risky loans and investments with startup companies and took in billions. They didn’t follow the FDIC guidelines with depositors by allowing large uninsured amounts to be deposited. They should have warned their clients not to place that much money into one bank or the clients should have known better. But since Democrats donors know that Biden will always back them up, they took the risk.
This bank was more concerned with holding woke seminars in diversity and inclusion and checking the right boxes when giving out loans. They were big on solar and wind power companies. They revered the LBGTQ community. So, if you were gay, transgender, woke, techy, or black applying for a solar company loan (whether or not you had a good credit rating or investment idea), you got the loan. This bank gave out risky loans just as what was done in 2007. They took in deposits over the insured amount allowed by the FDIC out of greed. History repeating itself.
As the interest rates were rising steadily, this bank could not keep up with the new rates causing them to feel the crunch of the FED’s frivolous attempt at lowering inflation. They didn’t see it coming, apparently.
But when Biden comes to the mic, who does he blame for the SVB collapse? None other than Trump! Shocker. Just like he blamed Trump for the recent train derailment and war in Ukraine. He claimed that Trump loosened some regulations that the government had over banks whereby they weren’t inspecting what they were doing. After listening to many excuses given by many pundits, it seems that our government wasn’t on top of banks and what they were up to but not because of a bipartisan bill that congress passed but rather due to lack of doing their jobs just like how the Transportation Department runs. In short, they were falling down on their jobs. Remember, a fish stinks from the head down. Biden is the head.
So, the bank didn’t have anyone looking over their finances nor did our government and the FED kept raising the interest rate and now Biden breaks all the rules of the FDIC and decides to honor their millions lost anyway with increased bank fees that will be passed onto the consumer–US. This de facto bailout would never happen in a Red State, Red City. Biden hasn’t even gone to Ohio yet to see the people suffering from the train derailment. This guy is only about helping his donors.
Biden is a human wrecking ball. Everything he touches, crumbles. He has never run anything and does not know how the economy works. He’s never even balanced his own budget or paid his own bills; he has Hunter doing it. His wife doesn’t pay her own bills. This incompetent couple is running our country into the ground like a demolished building.
He’s destroyed our energy independence, Education Department, Transportation Department, Military, border control, peace with other countries, retirement accounts, women’s sports, morality in schools, farm and cattle industries, manufacturing, food supply, shipping industry, racial relations and many more industries to come. This is his goal to destroy our country as he hates it. As the stock market goes then goes the real estate market and possibly war with another country. Then he’ll be happy and say he got more done than any other president in four years. True with one caveat. He got more UNdone than any other president in four years. Nothing to brag about.
Moral of the story: Go woke, go broke. This Green New Deal bank got what was coming to them.