Troy Smith
President Biden spoke this morning in a national address following the collapse and government takeover of the Silicon Valley Bank. Signature Bank, the second failure, occurred yesterday.
Videos by Rare
During his speech, Biden claimed that the Obama Administration had regulated banks, but that Trump de-regulated them, leading to the collapse last week.
Accepting no responsibility for the current state of the economy, Biden simply blamed Trump. See a clip of that moment below…
President Biden on Silicon Valley Bank and Signature Bank: “During the Obama-Biden administration, we put in place tough requirements on banks… Unfortunately, the last administration rolled back some of these requirements.” pic.twitter.com/nXo202vu9p
— Forbes (@Forbes) March 13, 2023
Biden said that the management of the banks would be fired. See a clip of that below…
BANKING: President Biden on Silicon Valley Bank and Signature Bank: “The management of these banks will be fired.” pic.twitter.com/oF9jCo2RzV
— Forbes (@Forbes) March 13, 2023
Biden announced that investors in the Silicon Valley Bank would not be compensated for their investment, but that depositors would be protected. See that moment below…
#BREAKING: Pres. Biden speaks about protecting depositors—but not investors—in Silicon Valley Bank & Signature Bank: “Investors in the banks will not be protected. They knowingly took a risk & when the risk didn’t pay off, investors lose their money. That’s how capitalism works.” pic.twitter.com/vqYDGKpfQd
— Forbes (@Forbes) March 13, 2023
Upon the media beginning to ask questions, Biden literally bolted away from the stage. He claimed to be ‘on the way to California’ at the beginning of the speech. See him run below..
JUST IN – Biden walks away without taking questions on banks failure pic.twitter.com/ZHAfJiVzwq
— Insider Paper (@TheInsiderPaper) March 13, 2023
That pretty much sums up the Biden Administration, doesn’t it? When things get tough, just run away.
We are in for one hell of a financial crisis with somebody like this at the helm of our Nation.
