Biden and the Silicon Valley Bank Failure
I’ve been having an ongoing discussion about whether Biden was politically motivated to blame Trump for the Silicon Valley Bank failure. My friend thought it was underhanded for Biden to blame Trump. Well…
The Federal Reserve just published a report about why Silicon Valley Bank failed. There’s articles about the report but I went and found the original report. The first 4 pages are a letter summarizing the report. Read it, it’s in pretty plain English.
It blames the bank managers at several levels and the Economic Growth, Regulatory Relief, and Consumer Protection Act (IE, Trump’s gutting of the Dodd-Frank Act.)
So, was Biden politically motivated about blaming Trump for the SVB failure? No, the experts have been saying that all along, as long as Biden also includes all the managers that screwed up too, which he did in his statement on March 13th, when he said, “Second, the management of these banks will be fired”.
As a last out, If you don’t trust the people that run the Federal Reserve to write honestly, well I’ve got a Bitcoin mine to sell you.