Another big bank bailout – and you know who'll pay for it

Joe Biden, or whoever is acting president, continually boasts about this being the strongest economic recovery in modern history.

But, once again, he was forced to announce the second-biggest bank failure in the history of the country – the Silicon Valley Bank, which finances half of all venture-backed health care and technology companies in the U.S.

Remember 2008? The Great Recession? Yes, it seems like yesterday …

Just two days after SVB failed, New York-based Signature Bank was shut down by regulators, becoming the third-largest bank failure in U.S. history. Like SVB, Signature Bank tried to find a buyer or raise funds but was unsuccessful.

On Sunday, the Treasury Department announced protections for depositors at SVB and Signature Bank, assuring depositors they'll have access to their funds on Monday; however, shareholders and unsecured debtholders are not covered by the plan. Is it true?

In a Monday speech, Biden insisted the government is not pursuing a taxpayer-funded bailout, stating "no losses will be borne by the taxpayers," distinguishing his administration's actions from the 2008 financial crisis bailout. Don't believe it! It's a bailout. The taxpayers will pay for it – one way or another. It's just like the biggest bank to fail, Washington Mutual, in 2008.

Those of us who foot the bill for the 2008 bailout, American taxpayers, will pay once again. That's a fact.

Turns out SVB had other things on their mind than fiscal prudence. They're just like Democrats. The bank cared about "the world." They bragged on their website about their big-time plans to "monitor and reduce our own carbon emissions." They cared about diversity and equity and inclusion – whatever that means. Most big banks do. It's more than a mantra for most.

So we can expect a lot more bankruptcies in the coming weeks and months.

But the thing is the Biden administration doesn't seem to care one bit. They're not that interested because numbers, whether you're making money or losing money or doing something efficiently or sloppily, don't really matter. It's all about ESG and climate change and equity.

And Treasury Secretary Janet Yellen doesn't get it either. She's worried more about the funding of pensions of Ukrainian government workers. She flew to Kyiv the other day to tell us that. As always, Yellen is highly focused on her core duties as treasury secretary. That would be equity, climate change and abortion.

She said recently: "The Biden-Harris administration has made racial equity a centerpiece of our economic agenda." Yellen will always tell you what is on her mind.

She also said this: "Roe v. Wade and access to reproductive health care, including abortion, helped lead to increased labor force participation."

And this: "President Biden, and I feel the same way too, believe that climate change is an existential threat that absolutely must be addressed."

And this: "The message I bring you from President Biden is simple. America will stand with Ukraine for as long as it takes."

Where are our leaders – elected and unelected? Where are the adults in the room? Why do they not care about bank failures? Why are they always talking about racial equity and the so-called danger of nationalism?

Here's another one these loons – Rep. Cori Bush of Missouri. "My Republican colleagues have unironically invited a for-profit think tank and oil titans whose expertise is in maximizing profits, especially at the expense of our black or brown and our indigenous neighbors' health, safety and well-being. Last week, I joined ranking member (Jamie) Raskin and all of my Democratic Oversight colleagues in calling on Oversight Republicans to denounce white nationalism and denounce white supremacy in all its forms."

Laugh about it all you want. But Joe Biden just introduced a $7 trillion budget. It mentions "climate change" 148 times. He mentions "equity," never defined, 63 times, "environmental justice" 25 times and cross-dressing, now known as transgenderism, eight times. It would add $20 trillion to the national debt over 10 years, and that means more inflation and more interest rate hikes and more bank failures.

These Democrats just don't get it.

Elections have consequences. And rigged elections have catastrophic consequences. And in 2020, we had a rigged election that resulted in all this.

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