The move by the Biden administration is perceived to only protect “the wealthy Democrat”. This has been a popular opinion amongst the news these past few days. However, even the Democrats are besides themselves on this one.
Harry and Meghan will reportedly lose millions in the collapse of Silicon Valley Bank.
Oprah stands to lose $590 million.
Hollywood elites, climate change companies, and billionaires will be ruined by the woke bank’s demise.
No wonder Democrat politicians want to bail out SVB.
— Paul A. Szypula ?? (@Bubblebathgirl) March 11, 2023
There are Democratic investors who have spent millions of dollars trying to gain favor with the Biden administration and these people also have a lot to lose with how this has been handled. The resting sentiment seems to be that they also wanted this to be handled with the absence of a political agenda.
Good morning! Today, taxpayers are gonna bailout Biden’s wealthiest friends. Then he’ll tweet about how it’s not fair that they’re rich and you’re not. Welcome to Manic Monday!
— Storm Nicole ? (@boxersforlife) March 13, 2023
Growing concerns are that The White House is more interested in using this as a Political tool than actually helping the depositors of the bank. This is where the issue hurts us all as American citizens.
While we know major venture capital forms were bailed out, such as Andreesen Horowitz, this also included the equity and bondholders of SVB that were wiped out at the expense of the regulators and the FDIC.
SVB had no idea what to do with the cash, so they invested in bonds — trusting the government, of course, and knowing that if things went belly-up, there was a good shot at a bailout. Perverse incentives never fail!
— Ben Shapiro (@benshapiro) March 13, 2023
Included in this bailout were big mutual funds that represent some of the largest retirement funds for working Americans. Vanguard Group possessed nearly 11% of Silicon Valley Bank shares spread across these mutual funds.
Ninety Eight Percent of all political contributions from people who worked at internet companies was sourced directly to the democratic party in 2020. With this being said, they also would like to make sure the money they are contributing goes to the right places.
One Democrat said “That unlike the the financial crisis of 2008, when bankers and government officials were in constant dialogue, there doesn’t even appear to have been much communication between the Government and Silicon Valley Bank and as to how the government should respond.”
Treasury Sec Yellen on Sunday AM: Gov won’t bail out #SVB. Monday AM: Gov bails out depositors in SVB. I remember the good old days when it used to take about a year for gov mistruths to be exposed. Now it takes hours. Which is why gov cred is at all-time low. #bailout…
— Nick DeIuliis (@NickDeIuliis) March 13, 2023
A silver lining here is that by the government stepping in, It allowed all these startups and venture capital firms who were reliant on this money to keep there workers employed and avoid unemployment across the country by the thousands.
Since Friday there have been more than 300 venture capital firms that have signed a “statement of support” for SVB that says they would continue working with them if Silicon Valley Bank is in fact bailed out.
Hundreds of venture capital firms vow to work with Silicon Valley Bank again if new owner is found-More than 300 venture capital firms have signed a letter saying they would be willing to work with Silicon Valley Bank under new ownership provided it is appropriately capitalized. pic.twitter.com/JbrkDuvTZP
— EYES ON NEWS (@EYESON_NEWS) March 13, 2023
The letter reads – “The events that unfolded over the past 48 hours have been deeply disappointing and concerning. In the event that SVB were to be purchased and appropriately capitalized, we would be strongly supportive and encourage our portfolio companies to resume their banking relationship with them,”
For all intents and purposes there is no longer a limit on FDIC “insurance” of deposits. No depositor will ever bear a loss again (that was NOT the case after the financial crisis). But apparently if you are a Venture Capitalist from California you deserve a bailout. https://t.co/fF45NAzJTy
— CatrionaCGX (@CatrionaCgx) March 13, 2023
If First Bank of Midland Texas Oil and Gas failed, you can be sure Biden would not be helping bail them out. This bailout is 100% about protecting the donor base of the Democrats and ensuring if you invest in DEI and ESG you’ll be just fine! – Lauren Boebert
If First Bank of Midland Texas Oil and Gas failed, you can be sure Biden would not be helping bail them out.
This bailout is 100% about protecting the donor base of the Democrats and ensuring if you invest in DEI and ESG you’ll be just fine!
— Lauren Boebert (@laurenboebert) March 13, 2023
They aren't stupid. It is obviously a bailout, administered by the federal government, regardless of where one ultimately traces the funds. The political consequences for the Democrats will be serious. https://t.co/PaZ8gEW7dQ
— Richard Estes (@oshima9) March 13, 2023
Off to California to bailout some •more• Democrats
"Can you assure Americans that there won't be a ripple effect? Do you expect other banks to fail?"
BIDEN: *shuts door* pic.twitter.com/8NzyRT3uTy
— SanctimoniousMonk (@AmeliaAiredale) March 13, 2023
Dem tech investors who have spent millions of dollars currying favor with the Biden administration demanded bailout
Ninety-eight percent of all political contributions from people who worked at tech companies went to Democrats in 2020https://t.co/CVWNmmSFqr
— No Bailouts Poso ?? (@JackPosobiec) March 13, 2023