Photo: Getty Images North America
The fallout has begun following the collapse of Silicon Valley Bank and two other regional banks. According to ABC correspondent Sarah Isgur, the finger-pointing is also starting on both sides of the political aisle.
Speaking on WOR 710’s Len Berman and Michael Riedel in the Morning program, Isgur says the decision to bail out the banks “doesn’t fit easily into either side’s ready-made talking points. Elizabeth Warren wants to say this was not enough regulation on regional banks, and that was caused by Donald Trump, but a whole bunch of Democrats voted for that bill, as well. On the other hand, Republicans are saying this was caused by woke banking, but the reason Silicon Valley Bank failed was, for the most part, because it had too many treasury bonds.”
The bailout plan appears to sidestep the rule of law to prop up bank deposits, but Isgur contends that “It’s not that they saved the bank… the banks are not getting propped up; it’s just that if you had or were unlucky enough to have your money in this bank, you’re not going to lose your business.”
Photo Credit: Getty Images