Hello Americans, I’m Todd Starnes. Stand by for news and commentary next.
The nation is in the throes of a banking crisis and the Biden Administration is downplaying the scandal.
The first bank to collapse was Silicon Valley Bank. Then, over the weekend, Signature Bank in New York was closed by regulators and across California hundreds of customers waited in long lines to pull their money from First Republic Bank branches.
We are literally watching a run on the banks.
“With what is happening to our economy, and with the proposals being made on the LARGEST AND DUMBEST TAX INCREASE IN THE HISTORY OF THE USA, TIMES FIVE, JOE BIDEN WILL GO DOWN AS THE HERBERT HOOVER OF THE MODRRN [sic] AGE,” former President Donald Trump declared on Truth Social. “WE WILL HAVE A GREAT DEPRESSION FAR BIGGER AND MORE POWERFUL THAN THAT OF 1929. AS PROOF, THE BANKS ARE ALREADY STARTING TO COLLAPSE!!!”
Billionaire investor Bill Ackman says the U.S. government has about 48 hours to fix what could be an irreversible mistake. He wants the FDIC to protect all investors.
But many conservatives disagree and say there should not be a bailout for anyone other than those with deposits insured up to $250,000.
Home Depot co-founder Bernie Marcus put the blame squarely on the banks. SVB was engaged in risky business – funding tech start-ups and investing heavily in a woke cultural agenda — from funding global warming initiatives to promoting the sex and gender revolution.
“I feel bad for all of these people that lost all their money in this woke bank,” Home Depot co-founder Bernie Marcus said, according to the Post. “You know, it was more distressing to hear that the bank officials sold off their stock before this happened. It’s depressing to me.”
SVB outlines its commitment to Diversity Equity and Inclusion initiatives on its website: “We are intentionally and strategically working for a world where every client and employee has the opportunity to bring their bold ideas to life. We also know that diverse perspectives and inclusive environments ignite new ideas to power innovation. That is why we’re building a culture of belonging with a global workforce that celebrates greater dimensions of diversity and reflects the markets we strive to serve.”
SVB also owned a ski chalet.
“These banks are badly run because everybody is focused on diversity and all of the woke issues and not concentrating on the one thing they should, which is, shareholder returns,” Marcus said.
“Instead of protecting the shareholders and their employees, they are more concerned about the social policies. And I think it’s probably a badly run bank.
“They’ve been there for a lot of years. It’s pathetic that so many people lost money that won’t get it back.”
Instead of hiring qualified bankers, the company placed more of an emphasis on diversity and inclusion.
A head of risk management at Silicon Valley Bank spent considerable time spearheading multiple “woke” LGBTQ+ programs, including a “safe space” for coming out stories, as the firm catapulted toward collapse.
Jay Ersapah, the boss of Financial Risk Management at SVB’s UK branch, launched initiatives such as the company’s first month-long Pride campaign and a new blog emphasizing mental health awareness for LGBTQ+ youth.
“The phrase ‘you can’t be what you can’t see’ resonates with me,’” Ersapah was quoted as saying on the company website.
“As a queer person of color and a first-generation immigrant from a working-class background, there were not many role models for me to ‘see’ growing up.”New York Post
Marcus predicted the Biden Justice Department is not going to hold the executives accountable because of their like-minded ideology.
“Who knows whether the Justice Department would go after them?” Marcus said. “They’re a woke company, so I guess not. And they’ll probably get away with it.”
His words turned out to be prophetic. Early Sunday Treasury Secretary Janet Yellen said there would be no bailout. But late last night the Biden administration changed course.
It’s unclear whether or not that will stop a cascade of other bank failures.
I’ve often said that once a business goes woke, it goes broke. But unfortunately, so do a lot of innocent folks who are wide awake.