Conservatives point to “bidenflation” as the reason for the closure of Silicon Valley banks; Gaetz vows to oppose bailout
Prominent conservatives in politics and the media reacted to the sudden closure of the Silicon Valley Bank (SVB) on Friday. Rep. Matt Goetz (R-FL) is already firmly opposed to a bank bailout, with many pointing to “bidenflation” as the driving force behind the explosion.
Gaetz appeared on Steve Bannon’s channel. military room where Bannon claimed the closure was “100 percent due to Biden’s policies”.
I will NOT support Silicon Valley Bank taxpayer assistance.
— Matt Gaetz (@mattgaetz) March 10, 2023
He predicted that the federal government would be forced to bail out next week and asked Goetz how he would react.
If an attempt is made to use taxpayer money to save the Silicon Valley bank, the American people can count on me to be there and lead the fight against it. pic.twitter.com/pttSd7iPRQ
— Rep Matt Gaetz (@RepMattGaetz) March 10, 2023
“If attempts are made to use taxpayer money to bail out the Silicon Valley bank, the American people can count on me to be there and lead the fight against such a bailout,” he said. “The financial arm of Silicon Valley has just been ripped apart before our very eyes.”
SVB has played a pivotal role in the startup economy in San Francisco, said Breitbart News Economics editor John Carney.
Journalist Jack Pososbiec also urges the federal government not to help the SVB.
“Hold them accountable – NO HELP FOR SILICONE VALLEY,” he tweeted. “Go broke, stay broke.”
Hold Them Accountable – NO RELIEF AID FOR SILICONE VALLEY
DESTROY STAY DESTROYED
— Jack Posobec (@JackPosobec) March 10, 2023
Democrats line up to bail out their donors
— Jack Posobec (@JackPosobec) March 10, 2023
Greg Price, director of communications for the State Freedom Coucus Network, put the blame squarely on “bidenflation”, tweeting:
The main reason for the collapse of Silicon Valley Bank is that they invested their clients’ deposits in treasury bonds, which are very sensitive to interest rates, which have risen strongly over the past year due to inflation. Bideninflation = biggest banking crash since 2008.
And since a huge part $SIVB clients are technology startups with deposits of more than $250,000 (the FDIC only insures less), they may not see their money for a very long time if the bank does not buy it back.
— Greg Price (@greg_price11) March 11, 2023
Steve Cortez tweeted that “very few in the corporate media will name the key factor in the collapse of Silicon Valley Bank: huge losses in the bond market due to Biden’s inflation.”
Bond market riot against Biden
Apart from this Bloomberg report, very few in the corporate media will name the key factor in the collapse of Silicon Valley Bank: the huge losses in the bond market due to Biden’s inflation.
And what similar risks “lurk in other institutions”??? pic.twitter.com/yiZVSy6YTU
— Steve Cortes (@CortesSteve) March 10, 2023
Vivek Ramaswami, an anti-revivalist Republican entrepreneur running for president, shared his view that SVB used progressive environmental, social and governance (ESG) factors in its credit rating.
It should be easy for US Senators and Congressmen to get to the bottom of things.@Sen_JoeManchin @tedcruz @SpeakerMcCarthy @SenJohnBarrasso @SenatorBrown @PatrickMcHenry @RepFrenchHill @SenDanSullivan @billhuizenga
— Vivek Ramaswamy (@VivekGRAmaswamy) March 10, 2023
“Since another person hasn’t done this yet, I’m going to ask the obvious: were ‘ESG factors’ part of Silicon Valley Bank’s credit rating calculations? I have a strange feeling that the answer is yes,” he tweeted on Friday evening. “I suggest to Republicans in the Senate and the House of Representatives that they think seriously.”
He then noted a number of legislators, urging them to “get to the bottom of it.” Rep. Jim Banks (R-IN) retweeted presidential candidate.
An interesting statement from Silicon Valley Bank just over 1 year ago. @SVB_Financial pic.twitter.com/UmVCVoPKNo
— Vivek Ramaswamy (@VivekGRAmaswamy) March 10, 2023
Turning Point USA founder and president Charlie Kirk and conservative writer and filmmaker Dines D’Souza shared similar sentiments. They both tweeted an image that purportedly showcases the SVB’s Diversity, Equity and Inclusion policies.
It remains a mystery why the Silicon Valley bank collapsed. pic.twitter.com/7nvUi7IJT2
— Charlie Kirk (@charliekirk11) March 10, 2023
The Silicon Valley Bank is failing and many people are wondering why. This is at least part of the reason. Wake up, break up! pic.twitter.com/jAKmR7gAhb
— Dinesh D’Souza (@DineshDSouza) March 10, 2023
“Why the Silicon Valley bank collapsed remains a mystery,” Kirk joked.
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