The former deputy treasury secretary under Bill Clinton said that Joe Biden has essentially nationalized the U.S. banking system in its response to the collapse of Silicon Valley Bank (SVB).
Roger Altman told CNN that the Biden regime is avoiding directly bailing out SVB because bailouts are “ferociously unpopular,” which is why the FDIC is looking to reimburse depositors rather than rescue the bank itself.
“The main point is, the rescues of 2008-2009…became ferociously unpopular. I mean one of the most unpopular things the federal government has done in 50 or 100 years,” Altman said Tuesday.
Former deputy Treasury secretary, Roger Altman, admits: With SVB, Biden Admin "effectively nationalize[d] … the deposit base of the U.S. financial system … Technically speaking, they haven’t [nationalized the banking system], but in a broad sense, they are verging on that." pic.twitter.com/SBn9SfY3Xm
— Tom Elliott (@tomselliott) March 14, 2023
“Therefore, the administration today doesn’t want to get within 100 miles of that term ‘bailout.’”
Altman clarified that Biden hasn’t technically nationalized the banks, but is “verging” on doing so by choosing to rescue the deposits of SVB and not those of First Republic bank, which was also in danger of imploding.
“What the authorities did over the weekend was absolutely profound. They guaranteed the depositors – all of them – at Silicon Valley Bank,” he said. “And what that really means – and they won’t say this – is that they have guaranteed the entire deposit base of the U.S. financial system.”
“Why? Because you can’t guarantee all the deposits at SVB and then the next day say to depositors at First Republic [Bank] ‘sorry, yours aren’t guaranteed.’ Of course they are!”
“So, this is a breathtaking step which effectively nationalizes, or federalizes, the deposit base of the U.S. financial system,” he said.
“You can call it a bailout, you can call it something else, but it’s really absolutely profound. Now, the authorities, including the White House are not going to say that, because what I just said implies that they’ve just nationalized the banking system. And technically speaking they haven’t, but in a broad sense they’re verging on that,” he added.
The Federal Deposit Insurance Corporation (FDIC) guaranteed the deposits of not just accounts with $250,000 or less, but all deposits of SVB, leading to criticism that the Biden administration bailed out its Democrat allies in Silicon Valley, who had extensive ties to the defunct bank.
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