Fox Business host Charles Payne has a bone to pick with President Biden and Democrats’ “diabolical attempt to spark fear” over the collapse of SVB, trying to justify a bailout as the contagion spread to Signature Bank which was also shuttered.
Signature Bank was closed on Sunday by the FDIC in the wake of Silicon Valley Bank’s collapse. It is the third-largest failure in US banking history and imploded just two days after SVB (the second-largest bank in history) collapsed, putting billions in deposits at risk.
Reuters reported that Signature Bank had $110.36 billion in assets and $88.59 billion in deposits at the end of last year, according to New York state’s Department of Financial Services.
(Video Credit: CNBC Television)
President Biden spoke on Monday attempting to calm fears concerning bank runs and an economic meltdown in the United States. He spoke just long enough to blame former President Trump for the collapse of the banks, asserting it was his deregulation that caused the meltdown. He then ridiculously claimed that taxpayers would not foot the bill for the failed banks just before turning on his heel and walking away without taking questions.
After vowing that all monies deposited would be made available to depositors courtesy of the FDIC, Biden disingenuously claimed that SVB was not getting a taxpayer-funded bailout.
“No losses will be borne by the taxpayers,” he told a disbelieving nation.
Payne took all he could before letting Biden have it on social media.
“There is a narrative being pushed that regular folks will assume they wouldn’t get their deposits back if billion dollar SVB accounts arent made whole. Its a specious and diabolical attempt to spark fear. Accounts are insured up to $250000 most folks have far less in the bank.”
There is a narrative being pushed that regular folks will assume they wouldn't get their deposits back if billion dollar SVB accounts arent made whole. Its a specious and diabolical attempt to spark fear. Accounts are insured up to $250000 most folks have far less in the bank. pic.twitter.com/MRW1vIHXAR
— Charles V Payne (@cvpayne) March 12, 2023
Using deceptive terminology, Biden and the left asserted that they had to bail out SVB in the name of protecting regular Americans.
“They used pain and suffering of people that were coveted [sic] by FDIC insurance. Interesting the federal reserve was involved in decision-making. Powell knew things like this would happen,” Payne tweeted.
They used pain and suffering of people that were coveted by FDIC insurance. Interesting the federal reserve was involved in decision-making. Powell knew things like this would happen. https://t.co/Zzr9zCEdA2
— Charles V Payne (@cvpayne) March 13, 2023
He astutely pointed out that all of this amounted to bailing out wealthy venture capitalists.
“Regular folks are covered to 250;000. This was never about them. Wake up the most arrogant folks on the planet keep a corrupt & irresponsible system moving along without penalty. Venture capitalists and their greed machine was bailed out,” Payne asserted.
Regular folks are covered to 250;000. This was never about them. Wake up the most arrogant folks on the planet keep a corrupt & irresponsible system moving along without penalty. Venture capitalists and their greed machine was bailed out. https://t.co/NxDMSU4bM4
— Charles V Payne (@cvpayne) March 13, 2023
“We have been dealing with negative consequences of two trillion in ‘free money’ the moment president Biden pushed through his ‘rescue’ plan. This bank fiasco just the latest but not last chapter,” he warned, alluding to possibly more bank failures to come.
We have been dealing with negative consequences of two trillion in 'free money' the moment president Biden pushed through his 'rescue' plan.
This bank fiasco just the latest but not last chapter.
— Charles V Payne (@cvpayne) March 13, 2023
Then he hit the White House with a one-two punch that knocked them flat.
“Too big to fail? Too wealthy to fail? Too politically connected to fail? If the bank was located in East Palestine…” Payne snarked.
Payne was joined by many others on Twitter who had something to say about SVB:
SVB failed b/c its head of “Risk Management” was hired for her ESG wokeness not actual quantitative skillset
Just look at this laughable bio
No bailouts – Let the Marxists continue to learn “get woke, go broke” until they’re all bankrupt pic.twitter.com/M0ORcJctVv
— DC_Draino (@DC_Draino) March 12, 2023
The Fed is extending loans against high quality assets to banks for nearly zero interest to prevent a run on the banks Monday all because SVB didn’t insure over 89% of their deposits and instead hedged on failing funds that offered “sustainable finance and carbon neutral… https://t.co/3T3PlS4Tzi
— Rep. Marjorie Taylor Greene🇺🇸 (@RepMTG) March 13, 2023
Everyone is talking about the SVB collapse and woke banking…
If only we had more elected leaders across the country that took these problems as seriously as @GovRonDeSantis. He announced legislation in February to protect Floridians from woke banks. pic.twitter.com/9cm0RlwIBs
— Jeremy Redfern (@JeremyRedfernFL) March 13, 2023
There’s something very ugly happening right now: VCs & startup execs who stand to lose their deposits at SVB are going *out of their way* to push a narrative that there’ll be a bank run on Monday if SVB depositors aren’t bailed out by the government. They’re yelling fire in the… https://t.co/6GYfGRczPk
— Vivek Ramaswamy (@VivekGRamaswamy) March 12, 2023
Community banks all over US invest conservatively & offer lower returns. SVB took big risks, offered higher returns & funded trendy woke BS. Their execs & wealthy tech clients reaped the rewards and bear no consequences for the loss. Responsible banks & their clients get nothing.
— Stephen Miller (@StephenM) March 13, 2023
The worst eventual cost of the SVB Bailout? It will be sustained higher Inflation.
The Fed will use this convenient “out” to stop fighting the soaring cost of living.
In just two years, Biden’s policies crush prosperity, especially for working class citizens.
— Steve Cortes (@CortesSteve) March 13, 2023
There is $150 Billion of uninsured deposits @ SVB..
Do you expect us to believe that this fund supported by fees ‘assessed’ to banks has anywhere near that amount —the FDIC only has $100 billion plus a credit facility…taxpayers are on the HOOK for THIS BAILOUT… pic.twitter.com/LIDVKY38F7— Grace Chong 🇺🇸 (@gc22gc) March 13, 2023
Whatever you think of the SVB bailout, I want you to really sit with the fact that rich VC’s just got an Insta bailout while the people of East Palestine can’t even get a straight answer as to whether their kids have been poisoned.
— Krystal Ball (@krystalball) March 13, 2023
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