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BIDEN WILL BAIL OUT WOKE BANKS THAT FAIL! · The Ben Ferguson Podcast

0:00
Speaker 1: So you had a major US bank collapse and the
0:04
Speaker 1: Biden administration was asleep at the will. This was the
0:10
Speaker 1: biggest bank failure since two thousand and eight. Again, and
0:16
Speaker 1: the Biden administration asleep at the wheel. Several bank stocks
0:23
Speaker 1: were also halted trading on Friday, including First Republic, pack West,
0:30
Speaker 1: and a crypto focused signature bank. First Republic dropped fourteen
0:35
Speaker 1: point eight percent and pac West shed thirty seven point
0:38
Speaker 1: nine percent. Some Bellweather bank stocks even suffered smaller losses
0:44
Speaker 1: as the Silicon Valley bank fallout retreat havoc on regional names. Goldman,
0:51
Speaker 1: Sack and Bank of America fell four point two and
0:54
Speaker 1: zero point nine percent. What does this mean, Well, the
0:59
Speaker 1: US government now having to wake up because they don't
1:01
Speaker 1: have actual human beings in charge our government that no
1:04
Speaker 1: policy and said they found a bunch of woke people
1:07
Speaker 1: they could put in positions based on being woke. Right,
1:10
Speaker 1: They've got dudes dressed like chicks advising us. They have
1:13
Speaker 1: a mayor running transportation that knows nothing about being a mayor.
1:17
Speaker 1: The list goes on and on of the woke individuals
1:20
Speaker 1: that we have running this country right now. Because everything
1:24
Speaker 1: was about filling quotas with this administration, and when you
1:26
Speaker 1: do that, this is what you get. So now the
1:30
Speaker 1: US is scrambling to prepare for a financial backstop so
1:36
Speaker 1: stave off a banking panic. They're worried about Monday and Tuesday.
1:42
Speaker 1: US government. As of Sunday night, they were scrambling, quote,
1:46
Speaker 1: to prepare emergency measures to shore up banks and the
1:50
Speaker 1: US economy as the nation braces for a potential bank run,
1:56
Speaker 1: all because of Silicon Valley bank collect apps. The US
2:01
Speaker 1: Treasury and the Federal Reserve are jointly preparing to launch
2:05
Speaker 1: a program to backstop deposits and excess of the Federal
2:11
Speaker 1: Deposit Insurance Court two hundred and fifty thousand, according to
2:16
Speaker 1: people familiar with the matter. The Federal Reserve is also
2:19
Speaker 1: preparing to ease the terms of banks access to its
2:23
Speaker 1: discount Window, an emergency learning facility for banks to raise cash.
2:28
Speaker 1: The emergency preparations, even as I am doing this, they saying,
2:33
Speaker 1: are not yet official. That's how chaotic it is. Because
2:36
Speaker 1: you have a quota administration, it fills quotas instead of
2:43
Speaker 1: has serious people in charge of serious issues. Where were
2:48
Speaker 1: the regulators and how did this even happen? Those are
2:52
Speaker 1: questions that the media should be asking right now, but
2:54
Speaker 1: they're not because they're protecting the Biden administration. Now, the
2:58
Speaker 1: O eight collapse actually made sense. Subprime lending and multiple
3:04
Speaker 1: other parts of the government not regulating certain things allowed
3:09
Speaker 1: for that collapse to happen in O eight, and we
3:11
Speaker 1: saw it coming, and they knew there could be a problem,
3:15
Speaker 1: But the banks were allowed to do things and package
3:18
Speaker 1: loans and subprime loans and basically categorize them as being
3:22
Speaker 1: safer investments than they really were allowed for a massive collapse.
3:26
Speaker 1: We know that we were supposed to fix it. We
3:29
Speaker 1: now have a government that basically, if you're on their team,
3:32
Speaker 1: they look the other way. How do we know this?
3:35
Speaker 1: We know this from the cryptocurrency exchange collapse and the
3:38
Speaker 1: number two donor during the midterm elections. The Democratic Party
3:42
Speaker 1: who was in charge of that cryptocurrency collapse. You would
3:46
Speaker 1: have thought at that moment that maybe they should have
3:48
Speaker 1: been really focused on banks that dealt with a lot
3:51
Speaker 1: of crypto, just like the Silicon Valley Bank. Did they know,
3:55
Speaker 1: of course not, Why would they? So now we have
3:58
Speaker 1: the FED in the US Treasury who have not publicly
4:01
Speaker 1: commented on measures they are considering to save off a
4:05
Speaker 1: rush of demand for bank account deposits to be withdrawn. Now,
4:10
Speaker 1: just to put it in perspective, what happened on Friday.
4:14
Speaker 1: Silicon Valley Bank, the sixteenth largest bank by assets in
4:17
Speaker 1: the US, failed by mid morning Friday after depositors rushed
4:23
Speaker 1: to withdraw deposits. This was the largest bank failure since
4:27
Speaker 1: the financial crisis in oh eight and the second largest
4:31
Speaker 1: failure in the history of the United States. I want
4:35
Speaker 1: to say that again, the second largest failure in the
4:38
Speaker 1: history of the United States of America. And it just
4:39
Speaker 1: happened like mid morning Friday, and the media was like, Oh, wow,
4:43
Speaker 1: this happened like it's not a big deal. In fact,
4:44
Speaker 1: it is a big deal, to the point where now
4:46
Speaker 1: we're trying to figure out what the hell is going
4:47
Speaker 1: to happen Monday Tuesday. The government doesn't know what their
4:51
Speaker 1: plan is. But what we do know is the government
4:54
Speaker 1: now is worried that customers may try to withdraw funds
4:57
Speaker 1: from other banks, having other runs on the bank actually happen. Now.
5:03
Speaker 1: Janet Yellen, who's the woman supposed to be in charge,
5:06
Speaker 1: another woman who again has apparently no idea what she's
5:10
Speaker 1: doing at the Department of Treasury is now leaving the
5:13
Speaker 1: door open for your tax dollars to be used a
5:16
Speaker 1: bailout of the uninsured deposits above the two fifty minute
5:20
Speaker 1: maximum at Silicon Valley Bank. Because she and her team
5:25
Speaker 1: were asleep at the wheel, the Treasury Secretary appeared to
5:29
Speaker 1: at least hint on Sunday morning that the government might
5:34
Speaker 1: step in to fund uninsured deposits at Silicon Valley Bank.
5:41
Speaker 1: It's a tech sector focused bank that collapsed when panic
5:44
Speaker 1: customers withdrew tens of billions of dollars. All right, I'm
5:48
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5:50
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7:25
Speaker 1: how does the FDIC work? And if you've ever opened
7:28
Speaker 1: a bank account, they'll tell you and sell you on.
7:30
Speaker 1: Your money is secure because we are an FDIC bank,
7:33
Speaker 1: right the Federal Deposit Insurance Corporation, the FDIC took the
7:38
Speaker 1: bank into receivership on Friday, and they do insured deposits
7:43
Speaker 1: up to a quarter million dollars. On Friday, the FDIC
7:47
Speaker 1: said all insured deposits would be available on Monday morning.
7:52
Speaker 1: Let me say that again. On Friday, the FDIC said
7:55
Speaker 1: all insured deposits would be available on Monday morning, meaning
7:58
Speaker 1: up to two hundred fifty thousand hours. If you had
8:02
Speaker 1: more than that, you're screwed. At least at this moment.
8:07
Speaker 1: Most Silicon Valley Bank deposits, however, are above the insured limit.
8:12
Speaker 1: The FDIC said on Friday that it had not determined
8:14
Speaker 1: the amount of uninsured deposits, but said depositors with amountain
8:18
Speaker 1: excess of a quarter million would get an advanced dividend
8:21
Speaker 1: next week. The amount of such a dividend has yet
8:24
Speaker 1: to be determined. Quote unquote. Some customers are worried they
8:28
Speaker 1: will not have access to fund zeded to even make
8:30
Speaker 1: payrolls and pay vendors this week. Bank regulators are concerned
8:35
Speaker 1: that panic customers at other banks might also seek to
8:38
Speaker 1: withdraw their deposits on Monday and Tuesday, possibly putting more
8:44
Speaker 1: banks in jeopardy, saying, quote, we want to make sure
8:48
Speaker 1: that the troubles that exist at one bank don't create
8:52
Speaker 1: other problems at other banks that are sound. That's what
8:56
Speaker 1: Yellen said in an interview and Face the Nation Sunday morning,
9:00
Speaker 1: saying quote, we are concerned about the deposits and are
9:03
Speaker 1: focused on trying to meet their needs. Yelling said that
9:07
Speaker 1: regulators were not looking to bail out banks with capital
9:10
Speaker 1: injections like we did a O eight or measures similar
9:14
Speaker 1: to what we did in O eight, saying quote, we're
9:17
Speaker 1: not going to do that again because many people believe
9:18
Speaker 1: that it was a disaster. In that situation, many people
9:22
Speaker 1: that were irresponsible actually got paid, and that's a problem.
9:26
Speaker 1: Her comments, however, appeared to leave open the possibility of
9:31
Speaker 1: the United States government with your tax dollars, and we'd
9:33
Speaker 1: have to borrow the money to do this because we
9:35
Speaker 1: don't have the money to do this. Would provide funds
9:37
Speaker 1: to make sure even uninsured deposits at Silicon Valley Bank
9:41
Speaker 1: were accessible to customers. Also, they're saying the government could
9:46
Speaker 1: find a willing buyer for the deposits, most likely one
9:49
Speaker 1: of the largest US banks, and save the bank that way.
9:53
Speaker 1: Bloomberg News is reporting right now the Federal Deposit Insurance
9:57
Speaker 1: Corporation FDIC wants an auction process late Saturday for the
10:02
Speaker 1: Silicon Valley Bank, with final bids due by Sunday afternoon.
10:07
Speaker 1: The winner of the auction may not be known until
10:09
Speaker 1: late Sunday. Bloomberg is now reporting either would likely wipe
10:15
Speaker 1: out equity holders and holders of debt issued by the bank,
10:17
Speaker 1: but ensure depositors would have access to funds. Quote unquote,
10:23
Speaker 1: Janet Yellman, of course knew what her job was. That
10:26
Speaker 1: was go on TV and tell everybody after a historic
10:31
Speaker 1: failure of a bank that actually everything is okay, that
10:35
Speaker 1: the American banking system is totally fine, that this was
10:38
Speaker 1: just some sort of anomaly. Now, to put in perspective
10:42
Speaker 1: before I play her for you, as she went on TV,
10:46
Speaker 1: let me just remind you about actually how big of
10:49
Speaker 1: a deal this was. The CEO of an incubator in
10:56
Speaker 1: Silicon Valley came out to put in perspective and said
11:01
Speaker 1: that the bank failure is an extinction level event. Gary
11:08
Speaker 1: Tan who's the president CEO of Y Combinator, recently say
11:13
Speaker 1: that the collapse of Silicon Valley Bank is an extinction
11:16
Speaker 1: level event for tech startups. Now this guy knows what
11:20
Speaker 1: he's talking about all right, Gary Tan, is it basically
11:23
Speaker 1: an incubator has helped launch more than four thousand tech companies,
11:27
Speaker 1: including Airbnb, which is massive, door Dash which is massive,
11:33
Speaker 1: and Stripe. Market Watch. Reports of the failure of Silicon
11:38
Speaker 1: Valley Bank has sent shockwaves throughout the tech startup community,
11:41
Speaker 1: with fears that it could set innovation back by a decade.
11:45
Speaker 1: That's where Gary Tan, the CEO of the Startup Accelerator,
11:48
Speaker 1: came in, saying this is an extinction level event for startups,
11:51
Speaker 1: warning that the loss of these small businesses could significantly
11:54
Speaker 1: impact the economy. Tan say, this is an extinction level
11:58
Speaker 1: event for startups and wells set startups and innovation back
12:01
Speaker 1: more than ten years. He also said, quote big tech
12:05
Speaker 1: will not care about this. They have cash elsewhere. All
12:08
Speaker 1: the little startups tomorrow's Googles and Facebooks will be extinguished
12:12
Speaker 1: if we don't find a fix now. The fall of
12:17
Speaker 1: this bank is the largest bank failure. Again, put this
12:20
Speaker 1: in your head since the collapse of washing a mutual
12:23
Speaker 1: in two thousand and eight, and it's closure that left
12:27
Speaker 1: thousands of startups in a precarious position by the end
12:30
Speaker 1: of twenty twenty two. By the way, the bank had
12:32
Speaker 1: thirteen locations operating in California, Massachusetts two hundred nine billion
12:37
Speaker 1: in total assets. Again, this is Silicon Valley Bank two
12:40
Speaker 1: hundred and nine billion in total assets and one hundred
12:42
Speaker 1: and seventy four billion in deposits. Many startups, by the way,
12:48
Speaker 1: had made Silicon Valley Bank their only bank. The two
12:52
Speaker 1: hundred and fifty thousand of FDIC deposit insurance would not
12:55
Speaker 1: be enough to cover what most people had in their
12:57
Speaker 1: bank accounts. Now, the collapse of the Silicon Valley Bank
13:02
Speaker 1: was caused by this massive run the bank, with customers
13:05
Speaker 1: initiating with draws of forty two billion this week, forty
13:09
Speaker 1: two billion. So let's go to the Treasury secretary that
13:13
Speaker 1: was asleep at the wheel. What does she say about
13:16
Speaker 1: this on face the nation? Here it is, I want
13:19
Speaker 1: to get straight to it because the markets will soon
13:21
Speaker 1: reopen for trading. Does the government need to intervene and
13:25
Speaker 1: take emergency measures because of svb's failure, Well, let me say,
13:32
Speaker 1: America's economy relies on a safe and sound banking system
13:38
Speaker 1: that can provide for the credit needs of our households
13:42
Speaker 1: and businesses. So whenever a bank, especially one like Silicon
13:48
Speaker 1: Valley bank with billions of dollars in deposits fails. It's
13:54
Speaker 1: clearly a concern from the standpoint of depositors, many of
14:00
Speaker 1: which may be small businesses. They rely on access to
14:04
Speaker 1: their funds to be able to pay the bills that
14:09
Speaker 1: they have, and they employ tens of thousands of people
14:13
Speaker 1: across the country. We've been hearing from those depositors and
14:17
Speaker 1: other concerned people this weekend. So let me say that
14:22
Speaker 1: I've been working all weekend with our banking regulators to
14:27
Speaker 1: design appropriate policies to address this situation. I can't really
14:35
Speaker 1: provide further details at this time, but what I do
14:39
Speaker 1: want to do is emphasize that the American banking system
14:44
Speaker 1: is really safe and well capitalized. It's resilient. Can you
14:49
Speaker 1: say whether these problems were unique to Silicon Valley Bank
14:54
Speaker 1: or can you say whether there will be other regional
14:57
Speaker 1: bank failures. Look, let me just say that we want
15:03
Speaker 1: to make sure that the troubles that exist at one
15:07
Speaker 1: bank don't create contagion to others that are sound, and
15:14
Speaker 1: a goal always of supervision and regulation is to make
15:19
Speaker 1: sure that contagion can't can't occur. Your counterpart in the
15:25
Speaker 1: United Kingdom has said that the government there has ruled
15:29
Speaker 1: out a bailout of the UK arm of Silicon Valley Bank.
15:34
Speaker 1: Have you also ruled out that kind of government intervention? Well,
15:39
Speaker 1: let me be clear that during the financial crisis there
15:45
Speaker 1: were investors and owners of systemic large banks that were
15:53
Speaker 1: built out and we're certainly not looking and the reforms
15:58
Speaker 1: that have been put in place means that we're not
16:01
Speaker 1: going to do that again. But we are concerned to
16:05
Speaker 1: bet depositors and are focused on trying to meet their needs.
16:09
Speaker 1: Where were the regulators? Can we all just go back
16:12
Speaker 1: to that for a second. I mean, when she says
16:15
Speaker 1: the American banking system is really safe, I'm not saying
16:19
Speaker 1: I disagree with that, but you just had a historic
16:22
Speaker 1: bank collapse with a run on the bank. So when
16:25
Speaker 1: you know, do I really trust you? And this is
16:28
Speaker 1: the government right now, Let's be honest about our government.
16:31
Speaker 1: Do we really trust the government right now? Knowing what
16:34
Speaker 1: we know? And when they tell you that everything is
16:38
Speaker 1: going to be fine and that the banking system is
16:40
Speaker 1: strong and it's amazing right and everything else, There's another
16:44
Speaker 1: part of this that just has to be brought up,
16:48
Speaker 1: and that is where the hell was the government overseeing
16:51
Speaker 1: this bank, the regulators overseeing this bank. What's the point
16:54
Speaker 1: of having regulators if banks can fall apart this quickly?
16:58
Speaker 1: Can anyone explain that to me? Seriously? Can anyone explain
17:03
Speaker 1: that to me? Where are the regulators right? Because shouldn't
17:08
Speaker 1: they have been able to see this coming and get
17:11
Speaker 1: involved quicker? Because when and I understand this whole idea
17:15
Speaker 1: of like, hey, we shouldn't bail out people and they
17:17
Speaker 1: do stupid things. But there are some really good people
17:19
Speaker 1: that had deposits here. Okay, there were really good people
17:24
Speaker 1: that worked really hard and did everything they could to
17:28
Speaker 1: work really hard to provide for themselves and their families.
17:34
Speaker 1: And they had more than two undred fifty thousand dollars
17:36
Speaker 1: in this bank that had billions of dollars in deposits
17:38
Speaker 1: and had to run on the bank worth billions and
17:40
Speaker 1: billions and billions of dollars? Do they deserve to be hurt?
17:46
Speaker 1: If you were in that bank and you had more
17:47
Speaker 1: than twoundyfty thousand dollars in your bank account, I'm sure
17:51
Speaker 1: you'd be saying, dear government, One you guys didn't do
17:54
Speaker 1: your job, and two I need you to help me
17:56
Speaker 1: because this is unfair and that if you do that,
18:00
Speaker 1: the problem is in the future, can banks be more
18:04
Speaker 1: irresponsible right and profit from extreme risk just like they
18:09
Speaker 1: didn't know eight, Just like they didn't know eight, and
18:14
Speaker 1: know that there's always going to be a bailout. Now,
18:19
Speaker 1: the US government has already come out and said, and
18:21
Speaker 1: this is the headline coming from the Washington Post. The
18:24
Speaker 1: US government says all depositors that failed Silicon Valley Bank
18:27
Speaker 1: will have access to all their money on Monday. The
18:31
Speaker 1: move to safeguard bank depositors will not come at taxpayer's expense,
18:34
Speaker 1: is what the Treasury Secretary Janet Yellen said. The decisions
18:36
Speaker 1: aim at heading off a panic in the financial markets.
18:41
Speaker 1: As one man put it, this is incredible. They're going
18:42
Speaker 1: to print money to bail out at bankrupt bank to
18:46
Speaker 1: basically prop up a weak, nervous market. As one said,
18:50
Speaker 1: soon we'll be taking a will barrel full of money
18:52
Speaker 1: to buy eggs because they keep devaluing the dollar over
18:57
Speaker 1: and over and over and over and over and over
19:00
Speaker 1: and over again. And the government that's supposed to have
19:04
Speaker 1: their hands on this, and the regulators that are supposed
19:07
Speaker 1: to have their hands on this, clearly we're not paying
19:10
Speaker 1: attention because we have an administration filled with unserious people.
19:15
Speaker 1: We have an administration. Now that's a joke. Okay, we
19:20
Speaker 1: have an administration. Now that is a joke. We also
19:25
Speaker 1: have to talk about how woke the bank was. That
19:28
Speaker 1: went under a lot of people to understand how woke
19:31
Speaker 1: the bank actually was. Silicon Valley Bank was all about
19:39
Speaker 1: the wokeness. They loved working with woke companies. They love
19:44
Speaker 1: working with liberal companies. They love working with tech companies.
19:47
Speaker 1: They love working with For example, the streaming giant Roku,
19:50
Speaker 1: we're being told, had four hundred and eighty seven million
19:53
Speaker 1: in cash on hand held by Silicon Valley Bank. That
19:58
Speaker 1: streaming giant Roku had about one fourth of its cash
20:02
Speaker 1: and equivalence, amounting to nearly a half a billion dollars
20:05
Speaker 1: held in that bank. The entertainment company remains unsure how
20:11
Speaker 1: much of that cash it will recover. According to Variety,
20:15
Speaker 1: the collapse of Silicon Valley Bank was caused by the
20:18
Speaker 1: massive run the bank, with customers driving withdrawals of forty
20:21
Speaker 1: two billion this last week alone, the majority of it
20:23
Speaker 1: Thursday Friday, the sixteenth largest bank by assets, with the
20:29
Speaker 1: US Federal Reserve data showing the bank had two or
20:32
Speaker 1: nine billion assets as of December the thirty first. But
20:37
Speaker 1: this had to do a lot with the fact that
20:39
Speaker 1: this bank was just a woke bank. It was a
20:43
Speaker 1: woke Silicon Valley bank. It was more concerned about global
20:49
Speaker 1: warming then they were about shareholder returns. Yeah. Home Depot
20:58
Speaker 1: founder Bernie Marcus said on Friday that Americans there was
21:03
Speaker 1: time for Americans to wake up after the woke Silicon
21:06
Speaker 1: Valley bank collapsed because they were more concerned about global
21:09
Speaker 1: warming than they do about shareholder returns and fiscal responsibility.
21:15
Speaker 1: Listen to part of this conversation that he had on
21:18
Speaker 1: Fox with No Cavudo. But he's watching it just the same.
21:21
Speaker 1: The Home Depot co founder kind enough to join us now, Bernie,
21:25
Speaker 1: always good seeing you. Do you think history is repeating itself?
21:29
Speaker 1: Should people stay calm? What are you telling him? Well?
21:34
Speaker 1: All I know is that I can't wait for Biden
21:37
Speaker 1: token again on the speech again and talk about how
21:41
Speaker 1: great the economy is and how it's moving forward and
21:45
Speaker 1: getting stronger by the day. And this is an indication
21:49
Speaker 1: that whatever he says is not true, and maybe the
21:53
Speaker 1: America people will finally wake up and understand they were
21:57
Speaker 1: living in very tough times that the recession may have
22:02
Speaker 1: already started. Who knows, but it doesn't look good. And
22:06
Speaker 1: I feel bad for all these people that lost all
22:10
Speaker 1: their money in this woke bank. You know, it was
22:13
Speaker 1: more distressing to hear that the bank officials sold off
22:18
Speaker 1: their stock before this happened. It's depressing to me. Who
22:23
Speaker 1: knows whether there's justice the Partment will go after them.
22:26
Speaker 1: They are woke companies, so I guess not, and they'll
22:31
Speaker 1: probably get away. When you say, well, when you say
22:33
Speaker 1: woke company that's in technology, venture capital funded startups and
22:37
Speaker 1: all of that, they might have been disproportionately exposed to this.
22:41
Speaker 1: Do you think there are others like like this bank
22:43
Speaker 1: out there? I think they probably are. Yeah. I think
22:48
Speaker 1: that the system. I think that the administration has pushed
22:53
Speaker 1: many of these banks into more concern about global warming
22:58
Speaker 1: than they do about share older return uh. And these
23:02
Speaker 1: banks badly run because everybody is focused on diversity and
23:09
Speaker 1: all of the walk issues and not concentrating on one
23:13
Speaker 1: thing they should, which is shareholder returns. UH. Instead of
23:19
Speaker 1: protecting the shareholders and their and their employees. UH, they're
23:25
Speaker 1: more concerned about the social policies. And I think it's
23:29
Speaker 1: probably a badly run bank. Uh. They've been there for
23:33
Speaker 1: a lot of years. It's pathetic that so many people
23:38
Speaker 1: lost money that will get it back. And you know, Bernie,
23:42
Speaker 1: you might some of them. You might. By the way,
23:45
Speaker 1: I love this guy, right, this is the this is
23:47
Speaker 1: what I love about this home depot founder. You know,
23:51
Speaker 1: Bernie Markets is getting older. He doesn't care to fit anybody,
23:55
Speaker 1: he says. I think the assistant the administration has pushed
23:57
Speaker 1: many of these banks into more in more concerned about
24:00
Speaker 1: global warming than what they do for shareholder returns. And
24:04
Speaker 1: these banks are badly run because everybody is focused on
24:07
Speaker 1: diversity and all of the woke issues and not concentrating
24:11
Speaker 1: on the one thing they should, which is shareholder returns,
24:14
Speaker 1: instead of protecting the shareholders and their employees, the depositors. Right,
24:19
Speaker 1: they're more concerned about social policies. And I think it's
24:22
Speaker 1: probably a badly run bank. They've been there for a
24:27
Speaker 1: lot of years. It's pathetic that some of people lost
24:29
Speaker 1: their money won't get it back all. Right, Before I
24:31
Speaker 1: get into that, I want to talk to you real
24:33
Speaker 1: quick about our friends over at Patriot Mobile. They are
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25:46
Speaker 1: I want to go back to this story, he said.
25:48
Speaker 1: Here's the other thing. Listen carefully. This is I get that.
25:51
Speaker 1: It's a guy that has nothing to lose. To this point,
25:53
Speaker 1: he's like, look, I've I've done my time and building companies.
25:57
Speaker 1: I build home depot. You want to know what's really
26:00
Speaker 1: going on. I don't care if I offend people, and
26:02
Speaker 1: I love This is why you should listen sometimes to
26:05
Speaker 1: your elders, because some of them have things to say
26:08
Speaker 1: that other people won't take the risk of saying. And
26:10
Speaker 1: he's got his money and he doesn't care, and he's
26:12
Speaker 1: telling you the truth. And he said this. The FEDS
26:15
Speaker 1: keep raising rates and inflation keeps going in the wrong direction.
26:20
Speaker 1: It's not staying where it should be. People are struggling.
26:23
Speaker 1: People can't pay their bills, they can't fill their tanks
26:26
Speaker 1: with gas. And if you think that's a good sign,
26:29
Speaker 1: I don't think it is. And we have an administration
26:34
Speaker 1: that's ob twus to this. They keep talking about the
26:37
Speaker 1: great times and how good it is. It's not. Somebody
26:41
Speaker 1: with a saint head has to come and understand that
26:43
Speaker 1: you can't do two things. Number one, you can't keep
26:47
Speaker 1: raising rates referring to interest rates, and two, you can't
26:51
Speaker 1: keep inflation as strong as it is, and you can't
26:54
Speaker 1: tax people more than they are. His proposal, referring to
27:00
Speaker 1: Biden's proposal tax the middle class and the riches about
27:02
Speaker 1: as dumb as I've heard in a long time. In
27:05
Speaker 1: a recession like this, you don't do things like that.
27:07
Speaker 1: And by the way, Joe Biden said in the back
27:10
Speaker 1: of the day on record, you don't raise interests or
27:13
Speaker 1: you don't raise taxes when you're dealing with inflation. It's
27:16
Speaker 1: the dumbest thing you can do. But now he needs
27:18
Speaker 1: more money because he wants more control. That's what this
27:23
Speaker 1: all comes down to, is the issue of control. That's
27:26
Speaker 1: why he's saying it the way he is. But Bernie
27:29
Speaker 1: Marcus just said it the way that it should have
27:30
Speaker 1: been said, woke Silicon Valley Bank was more concerned about
27:34
Speaker 1: global warming than shareholders returns and quotas. And he's right.
27:41
Speaker 1: And if you think this is only in America, you're wrong,
27:43
Speaker 1: because as you heard Janet Yellen say a moment ago
27:45
Speaker 1: when I was playing that audio, the UK is now
27:48
Speaker 1: mulling over the idea of a bailout for the tech
27:50
Speaker 1: firms after the silicon collapse. Authorities in the UK are
27:57
Speaker 1: considering a possible bailout for all the tech firms after
28:01
Speaker 1: the collapse the British brands of Silicon Valley Bank. Jeremy Hunt,
28:05
Speaker 1: the Chancellor, is reportedly mowing a possible bailout for tech
28:08
Speaker 1: firms and startups that were affected by the collapse of
28:11
Speaker 1: the Silicon Valley Bank UK. The failure of SVP represents
28:17
Speaker 1: the second largest failure of a bank in US history,
28:19
Speaker 1: only beaten out by the collapse of Washington Mutual during
28:22
Speaker 1: the O eight financial crisis. According to the report by
28:25
Speaker 1: the BBC, there is now significant fear about the knock
28:29
Speaker 1: on effect the bank's collapse could have on startups in Britain,
28:33
Speaker 1: with many firms set to lose large sums of money
28:35
Speaker 1: after the Bank of England declared that SVP SVP UK
28:41
Speaker 1: would enter in solvenc As a result, the Treasury is
28:45
Speaker 1: now reportedly aiming to offset the damage done by the
28:47
Speaker 1: bank's collapse, with Hunt telling the public broadcaster BBC that
28:52
Speaker 1: authorities are considering various ways of recusing the tech firms
28:58
Speaker 1: affected so another ball out. One such rescue plan involves
29:02
Speaker 1: providing an emergency cast lifeline for companies hit by SVB
29:06
Speaker 1: going under quote, we want to find a way that
29:09
Speaker 1: ministries can help and avoid all the losses of the
29:14
Speaker 1: incredibly promising firms. The Chancellor wrote, arguing that while the
29:18
Speaker 1: impact of the United Kingdom's overall economy is expected to
29:21
Speaker 1: be minimal, SVPs collapsed would nevertheless risk wiping out many
29:25
Speaker 1: of the countries budding tech enterprises. So, in other words,
29:30
Speaker 1: we're gonna pick winners and losers in different sectors, same
29:33
Speaker 1: thing that they're talking about doing here. We like big tech,
29:36
Speaker 1: we like tech firms, we like quote companies. We don't
29:38
Speaker 1: want them to be hurt, so we'll just say, hey,
29:41
Speaker 1: we're not going to allow them to be hurt, and
29:45
Speaker 1: we like what they're doing, so we'll bail them out.
29:49
Speaker 1: That's how we'll do this. We'll bail them out that way.
29:53
Speaker 1: Does this sound like a very good idea or does
29:55
Speaker 1: it sound like a disaster? To me, it sounds like
29:58
Speaker 1: a disaster. Does it sound like something we should be
30:02
Speaker 1: supporting or advocating for. No, it doesn't. It sounds again
30:05
Speaker 1: like a disaster. Sounds like a terrible, terrible, terrible, terrible
30:11
Speaker 1: terrible idea, something that should not happen. Yet here we
30:16
Speaker 1: are having this conversation because there's a liberal bank with
30:21
Speaker 1: a woke ideology. That's what it is. A liberal bank
30:26
Speaker 1: with a woke ideology. They're gonna probably bail them out.
30:31
Speaker 1: They're gonna prop them up, and they're gonna tell you
30:34
Speaker 1: it's not going to cost you taxpayers dollars. And when
30:37
Speaker 1: they tell you that, you need to understand they are
30:40
Speaker 1: one thousand percent lying to you. This will cost you
30:44
Speaker 1: some taxpayers dollars. Anyone that tells you that it's not
30:48
Speaker 1: they're lying to you. They are lying to you. I'll
30:52
Speaker 1: say it one more time. They are lying to you.
30:58
Speaker 1: This is going to cost us all a hell of
31:00
Speaker 1: a lot of money, all right. Lastly, please make sure
31:03
Speaker 1: you hit that subscribe button or auto download button wherever
31:07
Speaker 1: you were listening to this podcast right now and take
31:10
Speaker 1: a moment to write us a five star review. Many
31:13
Speaker 1: on the left have been attacking our podcast, writing us
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Speaker 1: bad reviews on purpose, So if you would help us
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Speaker 1: fight back by writing us a good review, a five
31:21
Speaker 1: star review, and share this podcast with your family and
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Speaker 1: friends on social media to help us grow. See you
31:26
Speaker 1: back here tomorrow,