(HorizonPost.com) – President Biden is being linked to the Silicon Valley Bank collapse, according to Just the News. As the economy is reeling in, Silicon Valley Bank, Signature Bank, and Silvergate are making the news as they go under causing further speculation that the U.S. will be a consolidation of regional banks.
While regulators are taking over the banks to ensure depositors have access to their money, the Biden administration is being criticized for aiding the collapse as it pushes unsustainable and “woke” spending projects, such as its environmental, social, and governance (ESG) agenda.
When New York State regulators finally stepped in, Signature Bank was discovered to have been grossly mismanaged, letting eight months pass without a chief risk officer to lead risk assessment. When the bank finally employed someone, they were reportedly focusing on “diversity” initiatives.
A chief risk officer would have formally dealt with the “difficult transition in the venture capital market,” according to Fortune.
While on John Solomon’s podcast, Republican Rep. Bryan Steil, a member of the House Financial Services Committee member, said that the federal government’s excessive spending when there is soaring inflation and interest rates was adding to the problem. He acknowledged that inflation was generating instability in the economy and accused Democrats of making the problem worse by “spending like drunken sailors.”
He claimed that Biden’s war on energy and labor has left American workers on the sidelines. Steil concluded that slowing down is the way to get the economy in stable condition again.
Adding to the excessive spending, a bipartisan $1.7 trillion spending package was pushed through in December 2022, according to American Pigeon. After spending hundreds of billions on the so-called Inflation Reduction Act, bipartisan infrastructure deal, and American Rescue Plan, tens of billions of additional taxpayer money went to foreign countries.
Ukraine received $45 billion for its war with Russia and $410 million went to secure the borders of Jordan, Lebanon, Egypt, Tunisia, and Oman.
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