(PresidentialWire.com)- A surprising consequence of last week’s bank run, triggered by the abrupt failure of Silicon Valley Bank, has emerged: Joe Biden is being blamed for this.
Critics point fingers at Biden and his administration’s “woke” economic policies. There may be lasting effects on Biden’s popularity before the 2024 election as a result of this.
Regulators shut down Silicon Valley Bank and Signature Bank after they unexpectedly collapsed. Several observers have seen parallels between Joe Biden’s promotion of environmentally friendly, socially responsible, and democratically accountable policies and the two catastrophes.
Rep. Bryan Steil (R-Wis.), who serves on the House Financial Services Committee, issued a statement criticizing Biden’s failing policies.
He said looking at the big picture; we can determine that roaring inflation is to blame for the widespread economic instability. The democratic one-party rule was responsible for reckless spending. The Biden administration’s energy strategy is flawed because it seeks to wage war on the oil industry. So many individuals are left out in the cold because of his labor policies.
Michael Faulkender of the America First Policy Institute similarly connected Biden to the recent failures, saying inflation began to soar in March of 2021, shortly after Biden became president and began spending heavily with the American Rescue Plan. By the end of 2021, inflation had risen to over 9%. For this reason, the Federal Reserve has had to increase interest rates significantly.
It’s been revealed that the Silicon Valley Bank has previously given money to well-placed Washington Democrats. Rep. Maxine Waters said she would repay the organization’s considerable contributions.
Signature Bank was the same bank that shuttered Trump’s accounts in an embarrassing display of attempted cancel culture.
The failure of these banks might be disastrous for Joe Biden’s presidential campaign in 2024 if it is related to his “woke” economic views.
As was memorably foretold by former President Donald Trump, the economy will collapse under President Joe Biden’s watch.
If this turns out to be accurate, Trump will have some new ammunition for the 2024 election.