America Faces No Greater Threat Than Joe Biden and the Democrat Party. Their Assault to Our Borders Is As Great As Their Assault to Free Speech and Free Elections
Saturday, March 18, 2023
BIG TECH, BIG MEDIA AND BIG 'CREDIT CARD' JOE BIDEN OF THE BANKSTER REGIME OF BARACK OBAMA, ERIC HOLDER and 'CREDIT CARD' JOE - Here Are the Tech Companies, Liberal Media Outlets, and Prominent Democrats Saved by Biden's Bank Bailout
4th US Bank Is On The Brink Of Collapse: We Are In Far More Trouble Than Most People Realize
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.”
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 Interceptreported, 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," Insiderreported.
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 Journalreported.
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 toldPolitico.
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
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.
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.
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