GOP Rep. Steube: Yellen Getting Speaking Fees from Banks She’ll Decide on Bailouts for Is ‘Corruption’ ‘Beyond the Pale’
On Tuesday’s broadcast of the Fox Business Network’s “Evening Edit,” Rep. Greg Steube (R-FL) stated that there is a “level of corruption in Washington” that “is beyond the pale” and cited Treasury Secretary Janet Yellen received $7 million in speaking fees before she took the office, including from major financial institutions “that she’s going to decide to bail out.”
Host Elizabeth MacDonald asked, [relevant exchange begins around 2:15] “I’ve been covering bank crises since the ’80s, S&L crisis, then Long-Term Capital Management, then the 2007 — the dotcom bust, they did corporate accounting scandals, then in 2007-2008, Congressman, nobody ever said back up uninsured deposits ever. This is because of a few banks that made bad bets, and all of a sudden, the Biden White House gets to change the rules that have been the gold standard forever, when even FDR said do not insure bank deposits, bankers will roll the dice and ruin things. So, where do you go from here, Congressman, will you guys try to stop this push that’s now — it’s moving, that could happen? What do you think?”
Steube responded, “Well, we will absolutely, in the House and Chair McHenry (R-NC), we were all together, the caucus was together in Orlando today. And he said he doesn’t support bank bailouts. He didn’t support it before. He doesn’t support it now. That’s the Chairman of the Financial Services Committee. You’re not going to not see the Republicans support that at all. And what I find very interesting is Yellen herself got millions of dollars, $7 million in speaking fees before where she’s at now from some of the banks that she’s going to decide to bail out. The level of corruption in Washington is beyond the pale.”
Follow Ian Hanchett on Twitter @IanHanchett
First Republic stock surges as Yellen pledges support for US banks
Regional lenders bounced back Tuesday following remarks from the Treasury Secretary: 'it's our intention to remain vigilant in the days and weeks to come'
Regional bank stocks rebounded Tuesday as Treasury Secretary Janet Yellen pledged further assistance to depositors if needed and a second attempted rescue of troubled San Francisco lender First Republic (FRC) took shape.
First Republic was up 39% this morning as of 11:35 am ET, just one day after plummeting 47% to its lowest-ever closing price. The March 10 failure of Silicon Valley Bank put First Republic under tremendous investor pressure, and an infusion last week of $30 billion in deposits from 11 other banks didn’t stop the slide.
One of those 11 banks, JPMorgan Chase (JPM), is now providing advice to First Republic as the bank seeks other options, said people familiar with the situation. Raising capital from outside investors is among the possibilities, these people said. Another is turning some deposits provided by bigger banks into equity, these people said.
Shares of other regional banks that received similar scrutiny in the wake of Silicon Valley Bank’s seizure also rose Tuesday. PacWest (PACW), Western Alliance (WAL) and Zions (ZION) were all up.
The regional bank bounce on Tuesday followed a pledge Yellen made before an American Bankers Association conference to take more actions to stabilize the banking system if needed. She and other government officials decided earlier this month to protect uninsured depositors at both Silicon Valley Bank and the failed Signature Bank, while also freeing up more liquidity in the banking system.
"The steps we took were not focused on aiding specific banks or classes of banks. Our intervention was necessary to protect the broader U.S. banking system," Yellen said in prepared remarks released by the Treasury. "And similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion."
During a question-and-answer session at the ABA conference Tuesday, she said the current banking crisis "is different" than the 2008 financial debacle. "Rather, what we're seeing are contagious bank runs." The public, she added, "should have confidence in our banking system and it's our intention to remain vigilant in the days and weeks to come...that means potentially intervening if a smaller bank experiences the kinds of difficulties we've seen that pose the risk of contagion."
Treasury officials are studying whether they can expand a backstop provided by the Federal Deposit Insurance Corporation to all deposits without the approval of Congress, Bloomberg has reported. A bank advocacy group has asked federal officials to lift that $250,000-per deposit cap, according to Bloomberg.
Deposit outflows are a concern for followers of First Republic, which serves wealthy clients who are mostly clustered along the coasts.
S&P Global on Sunday downgraded the bank’s credit rating three notches deeper into junk status and warned it could go lower if the bank was unable to stabilize deposits, among other measures. The Wall Street Journal has reported that customers withdrew $70 billion in deposits from First Republic but that the outflow stabilized Friday following the announcement of $30 billion in new deposits from 11 banks.
First Republic is now looking to raise more capital, and JPMorgan is providing advice. One possibility, said people familiar with the situation, is that some of the deposits provided by the 11 banks could be turned into equity. The Wall Street Journal earlier reported JPMorgan’s assistance and the options under consideration. A spokesman for First Republic declined comment.
Yellen on Tuesday said deposit outflows among banks, without mentioning any in particular, have "stabilized." When asked about next steps Yellen said: “there's time to evaluate whether some adjustments are necessary in supervision and regulation to address the root causes of the crisis. I don't want to speculate at this point on what those adjustments might be. What I'm focused on is stabilizing our system and restoring the confidence of depositors.”
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SVB Went Woke, Then Broke, Then Got a Bailout
Americans can’t afford food, but leftist and Chinese companies get bailed out.
Daniel Greenfield
Summers: First Republic Bank Rescue Package Seems ‘Corporatist and Deal-Based Between the Government and Big Banks’
1:32 During an interview aired on Friday’s broadcast of Bloomberg’s “Wall Street Week,” Harvard Professor, economist, Director of the National Economic Council under President Barack Obama, and Treasury Secretary under President Bill Clinton Larry Summers stated that the rescue package for First Republic Bank “was not an objective private sector assessment to have confidence in First Republic.” And “seemed a little corporatist and deal-based between the government and big banks to me.”
Summers said, “It was JPMorgan and a number of other banks who were apparently corralled by the secretary and by JPMorgan. I don’t know what to make of it. The government has committed to put money in there at par above the market value of securities for a year. The fact that the banks made a commitment for 120 days so they can get out well ahead of the government at an interest rate that we don’t yet know what it is, with what the understandings in the agreement with the Treasury are. I suppose the fact that everybody’s acting will make people a little more confident. But it made me nervous. This was not an objective private sector assessment to have confidence in First Republic. So, I’m not sure what to make of it. It seemed a little corporatist and deal-based between the government and big banks to me. But we’ll have to see how it unfolds. And I hope there will be total transparency on all the understandings.”
Follow Ian Hanchett on Twitter @IanHanchett
During an interview aired on Friday’s broadcast of Bloomberg’s “Wall Street Week,” Harvard Professor, economist, Director of the National Economic Council under President Barack Obama, and Treasury Secretary under President Bill Clinton Larry Summers stated that the rescue package for First Republic Bank “was not an objective private sector assessment to have confidence in First Republic.” And “seemed a little corporatist and deal-based between the government and big banks to me.”
Summers said, “It was JPMorgan and a number of other banks who were apparently corralled by the secretary and by JPMorgan. I don’t know what to make of it. The government has committed to put money in there at par above the market value of securities for a year. The fact that the banks made a commitment for 120 days so they can get out well ahead of the government at an interest rate that we don’t yet know what it is, with what the understandings in the agreement with the Treasury are. I suppose the fact that everybody’s acting will make people a little more confident. But it made me nervous. This was not an objective private sector assessment to have confidence in First Republic. So, I’m not sure what to make of it. It seemed a little corporatist and deal-based between the government and big banks to me. But we’ll have to see how it unfolds. And I hope there will be total transparency on all the understandings.”
Follow Ian Hanchett on Twitter @IanHanchett
Here Are the Tech Companies, Liberal Media Outlets, and Prominent Democrats Saved by Biden's Bank Bailout
March 18, 2023Prominent tech companies, liberal news outlets, and a Democratic politician’s vineyards are among the thousands of businesses that breathed a sigh of relief on Sunday when the Biden administration moved to bail out Silicon Valley Bank.
Silicon Valley Bank maintained $209 billion in assets and $175.4 billion in total deposits, making it the 16th-largest bank in the country. It was the second-largest bank to fail in American history when the Federal Deposit Insurance Corporation took control of the institution on Friday.
President Joe Biden has insisted that the FDIC's move was not a bailout, and claimed his administration is working to protect "American workers and small businesses." But average Americans won't benefit the most from the bailout. Ninety-three percent of the bank’s depositors kept more than $250,000 in the bank.
While the California bank was famous for its rolodex of tech clients, it happily accepted deposits from all manner of people, including some of the individuals and institutions involved in pushing the Biden administration’s bailout.
Here are just a few.
Gavin Newson
California Gov. Gavin Newsom’s (D.) trio of wineries are clients of the failed financial institution, as is the governor himself. He has maintained personal accounts at the failed bank for years, the Intercept reported, citing a former Newsom aide. Newsom’s efforts to rescue Silicon Valley Bank’s clients could also put him on the wrong side of the law. California law prohibits elected officials from influencing official matters in which "the official has a financial interest," Insider reported.
Newsom was instrumental in convincing Biden over the weekend that a bailout of the failing bank was necessary. He was also one of the first politicians nationwide to hail the president’s swift move on Sunday to make all of Silicon Valley Bank’s clients whole. Newsom was one of many high-profile Democrats who received money from Silicon Valley Bank, whose employees have also given tens of thousands of dollars to Democratic candidates and causes.
The emotional toll Newsom may have faced had his wineries failed amid Silicon Valley Bank’s implosion would have likely been equally as devastating as the impact on his bottom line. He refused to sell his businesses when he first ran for governor in 2018, saying: "These are my babies, my life, my family. I can’t do that. I can’t sell them."
BuzzFeed
Liberal online media company BuzzFeed revealed to investors Monday that it held $56 million in cash and cash equivalents as of the end of 2022, the majority of which was held at Silicon Valley Bank. The news capped off a not-so-banner 2022 fiscal year for BuzzFeed, in which the company weathered a net loss of $201.3 million, laid off 40 percent of its newsroom, and saw its stock price plummet by 90 percent.
BuzzFeed has placed little focus on the bank’s collapse, having mentioned the story in its morning newsletter, a quiz published Wednesday, as well as a passing reference in a Tuesday story about a "viral alpha male finance podcast parody sketch." None of the stories mentioned BuzzFeed’s financial connection to the bank.
As part of its efforts to right its ship, BuzzFeed announced it would leverage artificial intelligence to spin up viral listicles and quizzes. BuzzFeed News editor in chief Karolina Waclawiak also told the company’s remaining editorial staffers at a recent meeting to shift away from long-form news reporting and prioritize click-bait celebrity news, the Wall Street Journal reported.
Vox Media
Vox Media, the parent company of dozens of liberal news companies including Vox, New York magazine, the Verge, and Polygon, disclosed in news stories that it banked with Silicon Valley Bank before its collapse.
Unlike BuzzFeed, Vox has disclosed its financial connection to the failed bank in news stories this week. That hasn’t stopped the outlet, however, from carrying water for the Biden administration. On Tuesday, for example, it published a story mocking concerns that Silicon Valley Bank’s fixation on woke initiatives may have contributed to its demise.
Vox spokeswoman Lauren Starke told the Washington Post that the company doesn’t anticipate "any significant impact" due to the bank’s failure but added that it has suffered "logistical issues such as the temporary suspension of accounts and company credit cards."
In a Monday piece on Silicon Valley Bank’s collapse, Vox competitor the Dispatch parenthetically disclosed it had been a Silicon Valley Bank customer.
Black Lives Matter
While Black Lives Matter isn’t a known client of Silicon Valley Bank, the bank’s untimely failure marks the end of a significant gravy train for the movement.
Silicon Valley Bank and its employees contributed more than $73 million to the Black Lives Matter movement and related causes since 2020, according to a database maintained by the Claremont Institute.
The Green Energy Racket
Silicon Valley Bank’s failure could have delivered a seismic blow to the climate change industry and the more than 1,550 technology companies that specialize in solar, hydrogen, and battery storage solutions that held funds at the bank, had Biden not bailed the institution out.
Still, the bank’s failure will have lingering effects for the industry, with insiders warning that Silicon Valley Bank was often the only institution willing to lend funds for their projects.
"Silicon Valley Bank was in many ways a climate bank," Kiran Bhatraju, the chief executive of the nation’s largest community solar manager, Arcadia, told the New York Times. "When you have the majority of the market banking through one institution, there’s going to be a lot of collateral damage."
Wedbush Securities technology sector analyst David Ives added that the bank’s failure is a "major blow to early-stage and even late-stage tech startups."
Silicon Valley Bank "was the bank that would always pick up the phone when other large money center banks wouldn’t," Ives told Politico.
Silicon Valley Bank Board Included Barack Obama, Hillary Clinton Donors
Prominent tech companies, liberal news outlets, and a Democratic politician’s vineyards are among the thousands of businesses that breathed a sigh of relief on Sunday when the Biden administration moved to bail out Silicon Valley Bank.
Silicon Valley Bank maintained $209 billion in assets and $175.4 billion in total deposits, making it the 16th-largest bank in the country. It was the second-largest bank to fail in American history when the Federal Deposit Insurance Corporation took control of the institution on Friday.
President Joe Biden has insisted that the FDIC's move was not a bailout, and claimed his administration is working to protect "American workers and small businesses." But average Americans won't benefit the most from the bailout. Ninety-three percent of the bank’s depositors kept more than $250,000 in the bank.
While the California bank was famous for its rolodex of tech clients, it happily accepted deposits from all manner of people, including some of the individuals and institutions involved in pushing the Biden administration’s bailout.
Here are just a few.
Gavin Newson
California Gov. Gavin Newsom’s (D.) trio of wineries are clients of the failed financial institution, as is the governor himself. He has maintained personal accounts at the failed bank for years, the Intercept reported, citing a former Newsom aide. Newsom’s efforts to rescue Silicon Valley Bank’s clients could also put him on the wrong side of the law. California law prohibits elected officials from influencing official matters in which "the official has a financial interest," Insider reported.
Newsom was instrumental in convincing Biden over the weekend that a bailout of the failing bank was necessary. He was also one of the first politicians nationwide to hail the president’s swift move on Sunday to make all of Silicon Valley Bank’s clients whole. Newsom was one of many high-profile Democrats who received money from Silicon Valley Bank, whose employees have also given tens of thousands of dollars to Democratic candidates and causes.
The emotional toll Newsom may have faced had his wineries failed amid Silicon Valley Bank’s implosion would have likely been equally as devastating as the impact on his bottom line. He refused to sell his businesses when he first ran for governor in 2018, saying: "These are my babies, my life, my family. I can’t do that. I can’t sell them."
BuzzFeed
Liberal online media company BuzzFeed revealed to investors Monday that it held $56 million in cash and cash equivalents as of the end of 2022, the majority of which was held at Silicon Valley Bank. The news capped off a not-so-banner 2022 fiscal year for BuzzFeed, in which the company weathered a net loss of $201.3 million, laid off 40 percent of its newsroom, and saw its stock price plummet by 90 percent.
BuzzFeed has placed little focus on the bank’s collapse, having mentioned the story in its morning newsletter, a quiz published Wednesday, as well as a passing reference in a Tuesday story about a "viral alpha male finance podcast parody sketch." None of the stories mentioned BuzzFeed’s financial connection to the bank.
As part of its efforts to right its ship, BuzzFeed announced it would leverage artificial intelligence to spin up viral listicles and quizzes. BuzzFeed News editor in chief Karolina Waclawiak also told the company’s remaining editorial staffers at a recent meeting to shift away from long-form news reporting and prioritize click-bait celebrity news, the Wall Street Journal reported.
Vox Media
Vox Media, the parent company of dozens of liberal news companies including Vox, New York magazine, the Verge, and Polygon, disclosed in news stories that it banked with Silicon Valley Bank before its collapse.
Unlike BuzzFeed, Vox has disclosed its financial connection to the failed bank in news stories this week. That hasn’t stopped the outlet, however, from carrying water for the Biden administration. On Tuesday, for example, it published a story mocking concerns that Silicon Valley Bank’s fixation on woke initiatives may have contributed to its demise.
Vox spokeswoman Lauren Starke told the Washington Post that the company doesn’t anticipate "any significant impact" due to the bank’s failure but added that it has suffered "logistical issues such as the temporary suspension of accounts and company credit cards."
In a Monday piece on Silicon Valley Bank’s collapse, Vox competitor the Dispatch parenthetically disclosed it had been a Silicon Valley Bank customer.
Black Lives Matter
While Black Lives Matter isn’t a known client of Silicon Valley Bank, the bank’s untimely failure marks the end of a significant gravy train for the movement.
Silicon Valley Bank and its employees contributed more than $73 million to the Black Lives Matter movement and related causes since 2020, according to a database maintained by the Claremont Institute.
The Green Energy Racket
Silicon Valley Bank’s failure could have delivered a seismic blow to the climate change industry and the more than 1,550 technology companies that specialize in solar, hydrogen, and battery storage solutions that held funds at the bank, had Biden not bailed the institution out.
Still, the bank’s failure will have lingering effects for the industry, with insiders warning that Silicon Valley Bank was often the only institution willing to lend funds for their projects.
"Silicon Valley Bank was in many ways a climate bank," Kiran Bhatraju, the chief executive of the nation’s largest community solar manager, Arcadia, told the New York Times. "When you have the majority of the market banking through one institution, there’s going to be a lot of collateral damage."
Wedbush Securities technology sector analyst David Ives added that the bank’s failure is a "major blow to early-stage and even late-stage tech startups."
Silicon Valley Bank "was the bank that would always pick up the phone when other large money center banks wouldn’t," Ives told Politico.
2:43
Several Silicon Valley Bank (SVB) board of directors have donated thousands of dollars or have direct ties to prominent Democrat politicians like Hillary Clinton, former President Barack Obama, and Rep. Nancy Pelosi (D-CA).
'CREDIT CARD JOE HAS NEVER RETURNED A BRIBE IN HIS SQUALID POLITICAL LIFE!
Several Silicon Valley Bank (SVB) board of directors have donated thousands of dollars or have direct ties to prominent Democrat politicians like Hillary Clinton, former President Barack Obama, and Rep. Nancy Pelosi (D-CA).
'CREDIT CARD JOE HAS NEVER RETURNED A BRIBE IN HIS SQUALID POLITICAL LIFE!
DNC, Joe Biden Will Return Campaign Donations Tied to SVB
2:50 The Democratic National Committee (DNC) and President Joe Biden’s presidential campaign stated they would return political donations tied to the collapsed Silicon Valley Bank on Friday, according to USA Today.
The DNC told the publication that the money would be returned following last week’s bank collapse. The announcement was made the same day the bank’s parent company, SVB Financial Group, filed for Chapter 11 protection in New York bankruptcy court.
A spokesperson from the DNC told USA Today that Biden’s 2020 presidential campaign and the DNC would donate the contributions from 2020 or later from SVB CEO Greg Becker and the bank’s managing director, Gerald Brady.
USA Today reported that Biden’s presidential campaign and aligned PACs received at least $11,900 from SVB executives, including Brady, and the former brand ambassador and head of startup banking, who took over one of Brady’s roles running a division of the bank, Claire Lee. Additionally, the DNC took at least $32,250 over the years from Brady, Lee, and other former SVB executives.
The report also noted that Becker donated $2,800 to Biden’s campaign, and Brady donated $5,500. Brady also gave $12,050 to the DNC. Reportedly, Biden’s presidential campaign will return $8,400, and the DNC will return $12,050.
Last week, Silicon Valley Bank collapsed when panicked customers suddenly withdrew tens of billions of dollars after it announced a loss of approximately $1.8 billion from selling its investments in U.S. treasuries and mortgage-backed securities. Ultimately, regulators shut Silicon Valley Bank down, and the Federal Deposit Insurance Corporation (FDIC) took control of the bank and said they would protect insured deposits.
On Sunday, the U.S. Treasury, the Federal Reserve, and the FDIC announced that they would be taking “decisive actions to protect the U.S. economy by strengthening public confidence in [the U.S.] banking system” by effectively making deposits above the FDIC’s $250,000 limit available this past Monday. The bank failed to be auctioned off last weekend after none of the largest U.S. banks bid, but there is supposed to be another attempt at auctioning the bank off on Friday, according to multiple reports.
Jacob Bliss is a reporter for Breitbart News. Write to him at jbliss@breitbart.com or follow him on Twitter @JacobMBliss.
The Democratic National Committee (DNC) and President Joe Biden’s presidential campaign stated they would return political donations tied to the collapsed Silicon Valley Bank on Friday, according to USA Today.
The DNC told the publication that the money would be returned following last week’s bank collapse. The announcement was made the same day the bank’s parent company, SVB Financial Group, filed for Chapter 11 protection in New York bankruptcy court.
A spokesperson from the DNC told USA Today that Biden’s 2020 presidential campaign and the DNC would donate the contributions from 2020 or later from SVB CEO Greg Becker and the bank’s managing director, Gerald Brady.
USA Today reported that Biden’s presidential campaign and aligned PACs received at least $11,900 from SVB executives, including Brady, and the former brand ambassador and head of startup banking, who took over one of Brady’s roles running a division of the bank, Claire Lee. Additionally, the DNC took at least $32,250 over the years from Brady, Lee, and other former SVB executives.
The report also noted that Becker donated $2,800 to Biden’s campaign, and Brady donated $5,500. Brady also gave $12,050 to the DNC. Reportedly, Biden’s presidential campaign will return $8,400, and the DNC will return $12,050.
Last week, Silicon Valley Bank collapsed when panicked customers suddenly withdrew tens of billions of dollars after it announced a loss of approximately $1.8 billion from selling its investments in U.S. treasuries and mortgage-backed securities. Ultimately, regulators shut Silicon Valley Bank down, and the Federal Deposit Insurance Corporation (FDIC) took control of the bank and said they would protect insured deposits.
On Sunday, the U.S. Treasury, the Federal Reserve, and the FDIC announced that they would be taking “decisive actions to protect the U.S. economy by strengthening public confidence in [the U.S.] banking system” by effectively making deposits above the FDIC’s $250,000 limit available this past Monday. The bank failed to be auctioned off last weekend after none of the largest U.S. banks bid, but there is supposed to be another attempt at auctioning the bank off on Friday, according to multiple reports.
Jacob Bliss is a reporter for Breitbart News. Write to him at jbliss@breitbart.com or follow him on Twitter @JacobMBliss.
Nolte: Janet Yellen Admits Government Choosing Bank Bailout Winners and Losers
4:04 Treasure Secretary Janet Yellen admitted to the U.S. Senate Thursday that the government is choosing winners and losers in the rigged bank bailout lottery. And wouldn’t you know it, the losers sure look like the smaller community banks the big banks (and Democrats) would love to see eliminated.
Oklahoma Republican Sen. James Lankford asked Yellen a very simple question:
Will the deposits in every community bank in Oklahoma, regardless of their size, be fully insured now? Are they fully covered, every bank, every community bank in Oklahoma, regardless of the size of the deposit? Will they get the same treatment that SVBP [Silicon Valley Bank] just got or Signature Bank just got?
Please look very closely at Yellen’s terrifying answer:
A bank only gets that treatment if a majority of the FDIC board, a super majority of the Fed board and I, in consultation with the president, determine that the failure to protect uninsured depositors, would create systemic risk and significant economic and financial consequences.
In other words, if the FDIC likes your bank, the depositors are insured. If not, the depositors are not insured over $250,000, which means what?
It means that people will withdraw their money from community banks and hand those deposits over to a handful of fascist giant banks that not only own almost all the banking but will refuse to do business with you if you hold certain political opinions they find offensive… Oh, and you can bet those political opinions they find offensive will always-always-always be conservative opinions.
Lankford understands what these corrupt crony capitalists are up to and follows up with this:
So what is your plan to keep large depositors from moving their funds out of community banks into the big banks?” Lankford asked. “We have seen the mergers of banks over the past decade, and I’m concerned you’re about to accelerate that by encouraging anyone who has a large deposit in a community bank to say, ‘We’re not gonna make you whole, but if you go to one of our preferred banks, we will make you whole at that point.’
Now that Yellen had been exposed and busted, she chose to answer this important question by playing stupid…
“Look, I mean, that’s certainly not something that we’re encouraging,” she said.
Lankford responded with the obvious: “That is happening right now!”
Yellen’s idiot act continued:
That is happening because depositors are concerned about the bank failures that have happened and whether or not other banks could also fail…
Lankford again tried to get her to answer the only question that mattered…
No, it’s happening because you’re fully insured no matter what the amount is if you’re in a big bank. You’re not fully insured if you’re in a community bank.
Watch the full testimony below. It’s only a few minutes…
I hope everyone understands what’s happening here…
By informing the public that their money is only safe in those big banks the Democrat party favors, everyone will deposit their money in the big banks and effectively bankrupt community banks or force them to give up the ghost to the big banks.
That’s just step one.
Step two is worse.
Once the big banks control all the money, they will also control everything else, including what kind of business you can run, what you can and cannot say on social media, and what opinions you can hold…
How would you like to live in a world where a gun store has no place to bank or run a credit card payment?
How would you like to live in a world where a mall owner cannot rent to a gun store?
How would you like to live in a world where your accounts are closed if you tweet a biological fact like, “Trans women are men?”
You might not want to live in that world, but that is the world the Democrat party seeks, so they are in the process of deliberately undermining faith in community banks.
It is always about control through centralized power.
Never let a crisis go to waste.
Follow John Nolte on Twitter @NolteNC. Follow his Facebook Page here.
Treasure Secretary Janet Yellen admitted to the U.S. Senate Thursday that the government is choosing winners and losers in the rigged bank bailout lottery. And wouldn’t you know it, the losers sure look like the smaller community banks the big banks (and Democrats) would love to see eliminated.
Oklahoma Republican Sen. James Lankford asked Yellen a very simple question:
Will the deposits in every community bank in Oklahoma, regardless of their size, be fully insured now? Are they fully covered, every bank, every community bank in Oklahoma, regardless of the size of the deposit? Will they get the same treatment that SVBP [Silicon Valley Bank] just got or Signature Bank just got?
Please look very closely at Yellen’s terrifying answer:
A bank only gets that treatment if a majority of the FDIC board, a super majority of the Fed board and I, in consultation with the president, determine that the failure to protect uninsured depositors, would create systemic risk and significant economic and financial consequences.
In other words, if the FDIC likes your bank, the depositors are insured. If not, the depositors are not insured over $250,000, which means what?
It means that people will withdraw their money from community banks and hand those deposits over to a handful of fascist giant banks that not only own almost all the banking but will refuse to do business with you if you hold certain political opinions they find offensive… Oh, and you can bet those political opinions they find offensive will always-always-always be conservative opinions.
Lankford understands what these corrupt crony capitalists are up to and follows up with this:
So what is your plan to keep large depositors from moving their funds out of community banks into the big banks?” Lankford asked. “We have seen the mergers of banks over the past decade, and I’m concerned you’re about to accelerate that by encouraging anyone who has a large deposit in a community bank to say, ‘We’re not gonna make you whole, but if you go to one of our preferred banks, we will make you whole at that point.’
Now that Yellen had been exposed and busted, she chose to answer this important question by playing stupid…
“Look, I mean, that’s certainly not something that we’re encouraging,” she said.
Lankford responded with the obvious: “That is happening right now!”
Yellen’s idiot act continued:
That is happening because depositors are concerned about the bank failures that have happened and whether or not other banks could also fail…
Lankford again tried to get her to answer the only question that mattered…
No, it’s happening because you’re fully insured no matter what the amount is if you’re in a big bank. You’re not fully insured if you’re in a community bank.
Watch the full testimony below. It’s only a few minutes…
I hope everyone understands what’s happening here…
By informing the public that their money is only safe in those big banks the Democrat party favors, everyone will deposit their money in the big banks and effectively bankrupt community banks or force them to give up the ghost to the big banks.
That’s just step one.
Step two is worse.
Once the big banks control all the money, they will also control everything else, including what kind of business you can run, what you can and cannot say on social media, and what opinions you can hold…
How would you like to live in a world where a gun store has no place to bank or run a credit card payment?
How would you like to live in a world where a mall owner cannot rent to a gun store?
How would you like to live in a world where your accounts are closed if you tweet a biological fact like, “Trans women are men?”
You might not want to live in that world, but that is the world the Democrat party seeks, so they are in the process of deliberately undermining faith in community banks.
It is always about control through centralized power.
Never let a crisis go to waste.
Follow John Nolte on Twitter @NolteNC. Follow his Facebook Page here.
Giant Retailers Panic Confirming 2023 Recession Coming | Economic Collapse
Speaking from the heart....Our country is doomed but there is a way to have peace in the tURMOIL
The bank who begged for deregulation is the same one who begged for a bailout.
Failed bank's board revealed to be packed with Democrats
AREN'T THEY ALL?
Dangerous moment' for U.S. banking system; once a small bank fails there are systemic consequences
The Banking System Is Collapsing Right Before Our Eyes – These Banks Could Fall Next!
Kevin O'Leary: Janet Yellen is facing a moral crisis
CUT AND PASTE YOUTUBE LINKS
Bidens don't seem to 'cover their tracks' in alleged China money web: Curley
THE BIDEN KLEPTOCRACY
American people deserve to know what China was up to with Joe Biden, especially when Beijing had already shelled out millions of dollars to Biden family members — including millions in set-asides for “the big guy.” What else is on that infamous Hunter Biden laptop? The conflicted Biden Justice Department cannot be trusted to engage in any meaningful oversight on this issue. We need a special counsel now.
TOM FITTON - JUDICIAL WATCH
My colleague Peter Schweizer’s runaway bestseller, Red Handed: How American Elites Get Rich Helping China Win, first revealed that the Biden family received some $31 million from the highest levels of Chinese intelligence at the same time Hunter was paying the vice president’s bills. Schweizer believes that there is a slam dunk case to indict Hunter Biden.
American people deserve to know what China was up to with Joe Biden, especially when Beijing had already shelled out millions of dollars to Biden family members — including millions in set-asides for “the big guy.” What else is on that infamous Hunter Biden laptop? The conflicted Biden Justice Department cannot be trusted to engage in any meaningful oversight on this issue. We need a special counsel now.
TOM FITTON - JUDICIAL WATCH
My colleague Peter Schweizer’s runaway bestseller, Red Handed: How American Elites Get Rich Helping China Win, first revealed that the Biden family received some $31 million from the highest levels of Chinese intelligence at the same time Hunter was paying the vice president’s bills. Schweizer believes that there is a slam dunk case to indict Hunter Biden.
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