Wall Street Journal Calls out Biden For Blaming Trump For Silicon Valley Bank Collapse
The Wall Street Journal editorial board on Monday called out President Biden for telling a host of “whoppers” regarding bank bailouts following the collapse of Silicon Valley Bank (SVB), including claims that Donald Trump is to blame.
Following in the footsteps of Barack Obama who famously blamed George W. Bush for every economic problem during his tenure, Biden, who has been in office for over two years, pointed the finger squarely at Trump.
First, the President declared that his “quick action” had stabilized the banking industry following the collapse of multiple banks, adding that clients “can breathe easier.”
Then, he took aim at his predecessor.
“During the Obama-Biden administration, we put in place tough requirements on banks like Silicon Valley Bank and Signature Bank, including the Dodd-Frank law to make sure the crisis we saw in 2008 would not happen again,” he said.
“Unfortunately, the last administration rolled back some of these requirements.”
BIDEN: “During the Obama/Biden administration, we put in place tough requirements on banks…to make sure that the crisis we saw in 2008 would not happen again. Unfortunately, the last administration rolled back some of these requirements.” pic.twitter.com/BHz4gzOQxy
— Townhall.com (@townhallcom) March 13, 2023
Biden Called Out For Blaming Trump Over Bank Collapse
It should be noted that the rollback of bank regulations was signed into law by then-President Trump, but the legislation was passed with bipartisan support.
It was designed to lift burdens unnecessarily put on small and medium-sized lenders. The Silicon Valley Bank incident represents the second-largest bank collapse in United States history.
The Wall Street Journal decided to analyze President Biden’s overall claims and they weren’t having any of it.
“The President offers assurances that markets don’t believe,” they wrote, noting that investors likely aren’t buying what Biden is selling.
And the editorial board also addressed the accusations against Trump.
“As he so often does, the President also blamed the bank panic on the Trump Administration—in this case for modifying some 2010 Dodd-Frank Act rules,” they lament.
“But not even Barney Frank, the Dodd-Frank co-author, believes that is to blame.”
Markets didn’t believe Biden’s assurances about safety of banking system. A “White House whose first instinct, even in a financial panic, is to spin reality and hunt for political scapegoats. None of this will restore confidence…” https://t.co/SgX1vAQXOK via @WSJopinion
— Tom Fitton (@TomFitton) March 14, 2023
Other Critics Hit Back at Biden
The Wall Street Journal wasn’t the only entity to strike back at President Biden’s blame game.
EJ Antoni, research fellow in regional economics with The Heritage Foundation’s Center for Data Analysis, told Fox Business over the weekend that the Silicon Valley Bank collapse had “nothing to do with Trump or Dodd-Frank.”
Journalist Glenn Greenwald noted that if the bank regulation rollbacks were so devastating, President Biden had two years of a slim majority in the Senate and control of the House to do something about it.
“Biden has been president for more than 2 years,” Greenwald explained. “His appointees control all regulatory agencies. Until 2 months ago, Democrats controlled both houses of Congress.
“So whose fault is this week’s collapse of the Silicon Valley Bank? Obviously: Trump’s (probably Putin’s, too),” he quipped.
Biden has been president for more than 2 years. His appointees control all regulatory agencies. Until 2 months ago, Democrats controlled both houses of Congress.
So whose fault is this week’s collapse of the Silicon Valley Bank? Obviously: Trump’s (probably Putin’s, too). ? https://t.co/2VCxgJFQce
— Glenn Greenwald (@ggreenwald) March 11, 2023
Trump’s campaign spokesman Steven Cheung also fired back at President Biden.
“Out of control Democrats and the Biden administration have continued to pathetically try to blame President Trump for their failures with desperate lies, such as the CCP spy balloons, the train derailment in East Palestine, and now the collapse of SVB,” Cheung said in a statement.
“The fact is that Biden has presided over a catastrophic economy that has devastated everyday Americans and has caused misery across the country due to his anti-America policies.”
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