Haley tweeted on Saturday that 'the era of big government and corporate bailouts must end' 'It's not the US taxpayer's job to now coddle them.' 'So did the many startups wo blithely did business with them. 'But SVB screwed up by utterly failing to take interest rate risk into account in two ways - both in terms of client concentration risk amongst startups and investing in interest rate-sensitive securities,' Ramaswamy noted. Under current law, the FDIC only insures deposits of up to $250,000. 'If you want to prevent a run on other banks, increase the FDIC guarantee,' he tweeted Saturday. Ramaswamy, who founded Roivant Sciences and Strive Asset Managment, also said SVB should be allowed to 'fully fail' and argued that the FDIC should increase its guarantee level to prevent other frenzied Americans from withdrawing their funds. 'The era of big government and corporate bailouts must end.' 'It is not the responsibility of the American taxpayer to step in,' she continued. Private investors can purchase the bank and its assets. In a tweet Saturday, Haley wrote: 'Taxpayers should absolutely not bail out Silicon Valley Bank. The two other Republican presidential hopefuls, Nikki Haley and Vivek Ramaswamy, meanwhile, campaigned against the idea of bailing out the regional bank on Saturday - hours before Yellen announced that a bail out is not on the table. 'The fact is that Biden has presided over a catastrophic economy that has devastated everyday Americans and has caused misery across the country due to his anti-America policies.' ![]() 'This is nothing more than a sad attempt to gaslight the public to evade responsibility,' Cheung said. Many liberals had blamed the collapse of SVB on his administration's rollbacks of some regulations set up in the aftermath of the 2008 financial crisis.īut Trump campaign spokesman Steven Cheung shifted the blame to 'out-of-control Democrats and the Biden administration,' which he said have 'pathetically continued to blame President Trump for their failures with desperate lies, such as the CCP balloons, the train derailment in East Palestine and now the collapse of SVB. The bank, the 16th largest in the US, fell on Friday after a 60 percent drop in shares, which sparked a run on the bank as panicked customers withdrew their cashĪs federal regulators scramble to prevent a potential collapse of other regional banks before they open Monday morning, Trump's campaign used the opportunity to slam his successor. And if that fails, they are considering covering even the uninsured deposits at the bank. Instead, federal regulators are looking for a prospective buyer of the institution. Those are now in the control of the Federal Deposit Insurance Corporation (FDIC).īut despite this, Treasury Secretary Janet Yellen has said the federal government will not bail out the bank. ![]() ![]() It was the worst US financial institution failure since 2008, with SVB controlling $209 billion in total assets at the end of 2022. The bank, the 16th largest in the US, fell on Friday after a 60 percent drop in shares, which sparked a run on the bank as panicked customers rushed to withdraw cash. Former President Donald Trump is blaming the failure of the Silicon Valley Bank on his successor's 'anti-American policies.'Ī spokesperson for the former president, who is once again running for the highest office, told FOX News Digital on Sunday that he sees the regional bank's collapse as representative of President Joe Biden's stumbling economy.
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