Sen. John Kennedy (R-LA) slams President Biden for “bailing out” three banks, including Silicon Valley Bank, on the Senate floor.
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In a recent speech, Senator John Kennedy of Louisiana delivered an epic takedown of President Joe Biden for his government’s ‘bailout’ of a Silicon Valley bank.
Senator Kennedy highlighted the fact that the bank in question, First Republic Bank, had provided loans and other financial assistance to wealthy individuals and big corporations. He argued that these entities did not require any type of government aid or bailout.
Moreover, Senator Kennedy questioned the economic rationale behind rescuing a bank that was already profitable and did not pose any systemic risk to the financial system. He criticized the Biden administration’s “socialist” tendencies and suggested that the government’s role should be limited to protecting the American citizens from fraud and abuse.
In his speech, Senator Kennedy also contrasted the government’s preferential treatment of wealthy individuals and corporations with its neglect of small businesses that have been struggling to survive during the pandemic. He emphasized that the government should be focusing on helping those who need it the most, rather than providing financial handouts to those who are already well-off.
The senator’s speech has garnered widespread praise from conservatives and libertarians, who lauded his willingness to speak out against what they see as government overreach and crony capitalism. The speech has also generated significant media attention, with many outlets reporting on it as an example of the growing opposition to President Biden’s economic policies.
Overall, Senator Kennedy’s epic takedown of President Biden for the ‘bailout’ of Silicon Valley Bank highlights the deep ideological divide that exists between the two major political parties in the United States. It remains to be seen whether the government will continue to support banks and corporations at the expense of small businesses and ordinary Americans, or whether it will shift its focus towards more equitable and just economic policies.
Can we have him for president? Please!
it is to bad the doj & fbi are so corrupt, turning a blind eye to this crime
the only reason the bailout took place is because i have heard there were prominent families that had there ill gotten gains deposited there using fictitious names to hide from the irs, now this could not be achieved without the help of ceo's & upper management which they would have received kickbacks or compensation somewhere down the line, which ever way it happened there is a whole lot of corruption going on here, the bigs looking out for themselves from the top down. just saying
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According to Richard Squire a professor at Fordham University school of Law. Expert on bank bailout said it was not a bailout like Kennedy is trying to imply.
JAN 6, DA 2020 MISELECTION, AND THIS INDICTMENT? ALL BOLSHEVIKS SCAMS!
Not the people's money? Doesn't the money in the banks belong to people???
Yes yes John Kennedy thankyou I appreciate your voice
Don't regulators get funds from the companies they regulate?…and…Don't the companies edit the data they give to the regulators? Doesn't that mean the regulators are just data gatherers? They only issue guidance. Companies know risks are worth taking. Win win. But not for us.
But it was fine when both George Bush's bailed out many banks! Lmao!
bottom getting handouts? you take their money and use it to pay war corporations. it's the people's money! that money is to invest in US citizens for progress not for you politicians to get rich over insider trading and deals, lobbying, promises by your masters.
bail out? More like killing small banks and transferring to big banks who are the biggest crooks.
My two cents worth . This is NOT , good government . What can I do ?
A friend of mine says
"You can put lipstick on a pig, but it's still a pig"
Truer words have never been spoken
Kennedy is a very intelligent common man's man!
Senator Kennedy, you are a wealth of knowledge. Thank you, and God bless you.
America will be better without jb
With jb China will be better
Let go brandon# Fjb
Jevvs steal your money then the government give them even more of our money….
Excellent in-depth explanation of banking-regulatory-political screwups. Politics and "optics" lead in everything today, and the real knee-jerk political excuse is: "TRUMP deregulated–it's his fault" I am SURE that Kudlow or anybody in the Trump Administration treasury team would've recognized the deep consequences of high risk banking errors, if they'd been asked.
It is silicon not silicone Mr. Kennedy. Silicon is a mineral used to produce microchips. Silicone is a rubbery substance that is heat resistant. It is a sealant with many uses.
Apes buy and keep holding. Biden bought Hedgefunds more time with taxpayers money
Why do i think he is explaining SVB got fucked by Memestock trades ?
What a smart respectable man
Senator John Kennedy Apex speaker of Truth which exposes handouts bailout on the behalf of the poor
Thank you.
I'm so ashamed of what our government has done to our country. If I was able to come and cut financial waste I would make a lot of people mad. The waisted remodeling, and government bonus, raises and many more take backs of money undeserved.
Thank you credit viral
The world's problem is from all the stolen money in offshore accounts that's not accounted for until after 7 years. That's how much STOLEN MONEY IS MISSING IM TALKING OVER 77 TRILLION
Great explanation of what should have happened to save the US tax payers millions of dollars!
Yep, interesting Romanistic design, just to the Honorable Senators left side. It speaks volumes.
I'm sure Senator Kennedy means well, but from SVB's annual report that was released only a few weeks before regulators shuttered the bank, it did not effectively have a liquidity problem, nor did the bank maintain an unusually low reserve ratio, which from the financial statements, actually appeared quite robust.
The bonds held by SVB that Sen. Kennedy is talking about were reported to be U.S. Treasury bonds, and a case can be made that so long as U.S. Treasury bonds are held to maturity, the product does not have to be marked-to-market when using them as collateral because the risk of the U.S. gov't defaulting on its bonds is virtually zero.
From its annual report, SVB also was not experiencing unusual loan losses and had a performing loan book. The bank also maintained around twice (2X) the required capital position as required by bank stress tests conducted by the Federal Reserve (see pg 13 of the SVB 2022 10-K report).
If all that wasn't enough, the bank still had the opportunity to sell part of its loan book if it needed additional liquidity and absolutely had the balance sheet fortitude to borrow in the interim, if needed. The bank could have sold part of its loan book to another bank, or it could have packaged the loans into an investment security and sold it as a debt obligation. SVB certainly knew that selling/purchasing part of a loan book was an available option because in its 2022 10-K filing the bank reported that it itself had purchased a loan book from another financial institution.
The problem is with the regulators – it's a regulator problem – investigate the regulators.
Different cool i like the reviews but this is a change !looks like you had fun !awesome green forest on the awesome meter 100
If you put lipstick on a pig it is still a pig!
UNBAILOUT
Demon rats bailed out SVB because their supporters are from SV. It’s not complicated.
Biden should of NEVER HAD THE ABILITY TO HELP A BANKING COMPANY!! This is OUR MONEY, NOT HIS!!
How about Congress has no right to spend a single dollar of the taxpayer?
How about Congressman flip the bill? You know if Congress wants to spend a lot of money they should pay it out of their own pockets.
A lot of evaluative statements but questionable conclusions.
WHY DO WE NOT DO THIS IN WASHINGTON MR KENNEDY.
This is being done on purpose. They want to start a new digital programmable money system but in order to do so they have to collapse the old system to bring in the new. They create the problem we react and they already have the solution ready to go.
Tell