Matt Stoller, the research director at the American Economic Liberties Project, weighs in on the collapse of the Silicon Valley Bank, and President Biden’s attempt to assure the public that banking system is safe. Originally aired March, 13, 2023; #SVB #siliconvalley #banking
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In recent news, the current President of the United States of America, Joe Biden, has come under scrutiny about his potential involvement in bailing out Silicon Valley Bank. However, he has flatly denied the notion that he has any intention of doing so.
Despite Biden’s statement, prominent writer Matt Stoller has stated otherwise. Stoller, who is a Fellow at the Open Markets Institute, has written an article that outlines how Biden’s administration is quietly bailing out Silicon Valley Bank through a series of channels.
Stoller begins his article by acknowledging that most Americans have probably never heard of Silicon Valley Bank, and yet it is one of the largest banks in the United States. The bank focuses on offering banking services to startups, venture capitalists, and tech companies.
Stoller goes on to explain that Silicon Valley Bank has a lot of problematic assets on its books, including significant investments in WeWork, Uber, and other startups that have not performed as expected. According to Stoller, these investments have led to significant losses for the bank.
However, he argues that rather than allow Silicon Valley Bank to fail or bail it out in a straightforward manner, the Biden administration is opting for a less transparent approach. Stoller contends that the Treasury Department is instead using a covert tactic that involves facilitating a series of mergers that will allow the bank to offload its problematic assets.
According to Stoller, this approach is problematic because it not only provides a bailout to one of the largest banks in the country but also sets a dangerous precedent for future financial crises. Stoller believes that this tactic will set a precedent that the government can bail out banks without facing scrutiny from the public or Congress.
Despite Stoller’s objections, the Biden administration has maintained that it is not involved in bailing out Silicon Valley Bank. Furthermore, the Treasury Department has stated that the bank is solvent and that it is not facing any financial difficulties.
In conclusion, the issue of whether Biden is bailing out Silicon Valley Bank or not remains a matter of debate. While the Biden administration denies any involvement, Matt Stoller’s article suggests otherwise. Regardless of the truth, the controversy highlights the ongoing battle between Silicon Valley and Washington, DC, about how tech startups are financing their growth and which institutions are backing them.
That was a good discussion. Everyone in the middle class should store their value in Bitcoin. I've stopped contributing to my 401K and is putting that money into primary cryptos and keeping them in cold storage. Eff the banks.
Depositors should be protected and banks should be regulated to make sure it happens. If government cuts regulations then it is on the hook for the bailout. If you don't like bailouts, don't elect politicians gutting regulations. Keep depositors out of it.
Drugs
it is a bailout Biden. they got a benefit at the expense of the American taxpayers. please check in with your doctor for treatment.
Come on guy!! Real talk. Look, you’re going to pass on anytime soon so why not use the remaining time to do something right, for the people.
Monday’s repeat
"Biden Lies about the Fact that he's Bailing Out SVB."
You hacks. FTFY. You disgust me.
Bailing out his friends
It's time to rotate necklaces
1 minute this guy rails on how corrupt our government is and the agencies which oversee banking, the next minute he's like I got a brilliant idea let's have the government in charge of everything!
Who's going to prison forever?
Someone needs to go to prison forever.
Biden never stood for anything good for American workers, but he can't even read a script right. He's just a puppet, struggling to read what his owners print for him, its embarrassing .
God I hate defending Biden but he's right. The bank is literally going bankrupt. It's not getting bailed out.
This is just more inflation for California. Money is toilet paper in Silicon Valley. The venture investments could only survive in a quantitative easing environment. It can't survive off of profits that don't exist. Bailing them out just keeps prices high instead of pressuring prices to come back down to reality to wear the middle class could afford a normal life.
He bailed out the VC and silicon valley, who are the donors.
Why you would let someone say something like that on your show without challenge is worrisome.
Well "technically" its the FDIC under Treasury that is paying for accounts over the FDIC limit. "Technically" that makes it in an agency that "technically" falls under his leadership.
It's all a ploy to undermine crypto.
Wow, a streak of brilliance. Just do something like bail out the SVB and then deny you did. What a strategy.
What private insurance company pays out uninsured claimants?!
Let's bell out the rich instead of belling out everybody in Ohio for their toxic land.
We shouldn't fret about it. It is not news that Joe Biden has no idea what he's doing. He is a slightly deformed propaganda megaphone. We can get some clues by assuming the opposite.
I am having a little trouble . .
Fred Total Assets is 8,639,300 Millions . . .thats about 8.6 Trillion
Fred Total Liabilities 8,596,799 Millions Thats about 8.5 Trillion
Fred Bank Deposits is 17,610.4951 Billions . . .thats about 17.5 Trillion
What is happening here . .how come your Federal Reserves Deposits are double their liabilities . . .
When Yellen says its a Liquidity problem . . .does she mean a Liquidity problem at the Fed?