It was only a matter of time before the left-wing propagandists at ABC's This Week blamed former President Donald Trump for the collapse of Silicon Valley Bank which occurred over two years after he left office. During an interview with Virginia Democrat Senator Mark Warner, Raddatz blamed Trump’s regulatory policies for the bank’s collapse and asked Warner if regretted voting for a banking deregulatory bill.
Raddatz started off the discussion by falsely placing blame: “after the financial crisis in 2008, regulations were put into place to make sure banks could weather large losses. Under President Trump, some of those were rolled back.”
“You were 1 of only 17 Democrats who voted for the bill that rolled back some banking rules including for institutions the size of Silicon Valley Bank,” Raddatz asked.
Even Warner disagreed with her and correctly noted that “these mid-sized banks needed some regulatory relief.”
Explaining to the partisan and economically illiterate Raddatz, Warner said “no matter what the capital had been in this bank if you don't get banking 101 straight if you don’t manage your interest rate risks if you've then got a run at $42 billion in a single day,” it’s unprecedented.
Unhappy that a Democrat Senator was debunking her anti-Trump narrative, Raddatz nastily interjected by asking Warner “you don't regret that vote?”
Warner then correctly replied that the Trump financial reform bill titled Economic Growth, Regulatory Relief, and Consumer Protection Act “put in place a appropriate level of regulation on mid-sized banks.”
Needless to say that Raddatz’s blame is misplaced. Even according to the liberal CNBC, the SVB collapse “is the latest fallout from the Federal Reserve’s actions to stem inflation with its most aggressive rate hiking campaign in four decades.”
Because of Joe Biden’s reckless spending that drove inflation to four-decade highs, the Federal Reserve has been forced to raise interest rates to control Biden’s inflation.
Since the Silicon Valley Bank was more interested in leftwing gender ideology and other woke priorities, they failed to manage their interest rate risk and as a result, collapsed.
This biased segment blaming Trump for Biden & the woke left’s failures was made possible by Fisher Investments. Their information is linked.
To read the transcript click “expand”:
ABC’s This Week
MARTHA RADDATZ: Senator, after the financial crisis in 2008, regulations were put into place to make sure banks could weather large losses. Under President Trump, some of those were rolled back, and in 2018, you were 1 of only 17 Democrats who voted for the bill that rolled back some banking rules including for institutions the size of Silicon Valley Bank. Silicon Valley Bank was under closer watch, closer scrutiny before that bill was signed into law by President Trump. Do you regret that vote?
SEN. MARK WARNER: Martha, I still think we put in place Dodd-Frank. I was proud to be one of the key authors of that bill. It strengthened the banking system. I do think these mid-sized banks needed some regulatory relief. End of the day, Martha, no matter what the capital had been in this bank, if you don't get banking 101 straight. If you don’t manage your interest rate risks, if you've then got a run at $42 billion in a single day, unprecedented. We’ll have time to look back on what the regulators did and didn’t do and why the bank management didn't get this right.
Banking 101 managing interest rates risks and what we've got to focus on right now is how do we make sure there's not contagion, and at the same time, you know, believe that the SVB can be acquired. Remember this has got a good book of business. This has got startup companies all over the country, and that—
RADDATZ: So Senator, you don't regret that vote?
WARNER: Listen. I think that was called the 2155 bill. I think it put in place a appropriate level of regulation on mid-sized banks.