Joe Biden is desperate.
Fingers are pointing at him for yet another crisis on his watch, this time the banking collapse.
So, what does he do?
Well, he blames Trump, of course!
It’s Don’s Fault
Biden touted regulations that were put in place during the Obama administration.
He stated that they put “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.”
He continued, “Unfortunately, the last administration rolled back some of these requirements.
“I’m going to ask Congress and the banking regulators to strengthen the rules for banks to make it less likely that this kind of bank failure will happen again and to protect American jobs and small businesses.”
Two things here…
First, the rule changes that Trump put in place were bipartisan with significant Democrat support.
Second, they had nothing at all do with what happened to this bank.
The SVB went down because it was completely mismanaged, complete with losing investments in the “green” sector and massive donations to Democrats.
Third, there were opportunities reportedly for investors to come and save the bank, but Biden’s FDIC shot them down.
Kevin Hassett, a former chairman of the Council of Economic Advisers, explained.
He stated, “I have heard it from people I have a great deal of faith in that were very close to the situation that there were buyers who were willing to step in and buy the bank and that the radicals at the FDIC basically weren’t going to allow that to happen.
“I even heard again someone told me this directly that was close to the situation, that the Biden administration had a whitelist of companies were allowed to buy the failed bank and companies that weren’t.”
Fox News’ Larry Kudlow also explained how everything Biden said was complete hogwash…
So, sorry, Joe, but Donnie had nothing to do with this.
Source: Just the News
