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Jason Cohen
Daily Caller News Foundation
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Treasury Secretary Janet Yellen stated during her testimony at a Senate Finance Committee hearing on March 16 that she, the FDIC board, the Fed board, and President Joe Biden would only safeguard uninsured deposits at banks whose failures they determine would pose “systemic risks” to the economy, which will destroy small regional banks, according to experts who spoke to the Daily Caller News Foundation.
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On the other hand, it will enable big banks to be more reckless because their depositors will be made whole if they fail. In the case of Silicon Valley Bank (SVB), this will include many Chinese companies that will be getting reimbursed by community banks, according to Reuters.
“[A] funny thing about this is just the completely arbitrary nature of this designation,” said Dr. Thomas Hogan, senior research faculty at AIER and Chief Economist for the Senate Banking, Housing and Urban Affairs. “Clearly, these banks aren’t actually systemically important. This is only being done as a bailout for the uninsured depositors.”
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“It’s absolutely atrocious that we are yet again, using taxpayer money to bail out the CCP,” said E.J. Antoni, research fellow for regional economics in The Heritage Foundation’s Center for Data Analysis. “And so now whenever the government has these knee-jerk reactions, we end up sending dollars where the American people would not like them to go.”
During COVID-19, when the government authorized sending Payment Protection Program loans and unemployment payments, it also distributed taxpayer dollars to individuals in China, Antoni told DCNF. “Anytime the government spends money, they’re by definition spending taxpayer dollars … So taxpayers are ultimately on the hook for all of this.”
“The people who were bailed out were all of the depositors that had tens of millions or hundreds of millions or even billions of dollars in Silicon Valley Bank,” said Republican Sen. Ted Cruz of Texas on his podcast Verdict with Ted Cruz.”By the way, among many of those depositors, billions of dollars worth, were Chinese companies.”
Additionally, in the wake of the Silicon Valley Bank collapse, lawmakers may seize on the chance to create a restrictive regulatory environment that “small community banks are just not going to be able to withstand,” according to Alfredo Ortiz, president and CEO of the Job Creators Network.
“There’s almost a disproportionate or heightened scrutiny on the smaller institutions,” said Anne Balcer, ICBA senior executive vice president, chief of government relations and public policy. “Regulators keep a much tighter leash on the community banks, which is ironic” because they are less risky than banks like SVB.
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This story originally was published by the Daily Caller News Foundation.
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EDITOR’S NOTE: Long the world’s most Christian nation, America today is being taken over by a new “official” national religion, one being imposed on the entire populace by every major societal institution, from government, media and big tech, to academia, entertainment and business.
This new state religion is Wokeism. “Going woke” conjures up visions of someone claiming to be acutely sensitive (“awake”) to “systemic social and political injustice.” And not just alleged bigotry against blacks, but toward every other “minority” as well, from LGBT folk – especially everything transgender and “nonbinary” – to “undocumented immigrants.” All of them, being VICTIMS, intrinsically more virtuous than the shameful oppressor class: primarily heterosexual white males.
This new “woke” consciousness has turned America upside-down – from the nationwide Antifa and Black Lives Matter riots in 2020, to tearing down of historic monuments, to demanding multi-million-dollar reparation payments for blacks, to appointing transgenders as top government officials, to rampant reverse discrimination in every area of life, to the U.S. military imposing mandatory “diversity training” and transgender pronoun use on all personnel, causing recruitment to disastrously plummet.
Yet there is hope. Being “saved” – which in Wokeism is called being “woke” – is largely a matter of worshipping victimhood by becoming an “ally” and “defender” of all the many victim classes, and a determined enemy of the straight white male oppressor class. Thus, “joining the righteous” as an ally – even if one is cursed to be a straight white male – opens the door mercifully for salvation, even to the most wretched.
That is the power of the religion of Wokeism. And it’s explored as never before in the February 2023 issue of WND’s critically acclaimed monthly Whistleblower magazine. If you’ve ever wondered, for example, exactly how the most radical elements in American society are successfully pressuring the biggest corporations into adopting the most outrageous and immoral policies imaginable, even when doing so permanently damages and devalues the company, the stunning answers are in this issue of Whistleblower, titled “WOKEISM: AMERICA’S OFFICIAL STATE RELIGION.”
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