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
RELATED: President Trump Rolls Back Obama’s Biggest Regulation
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.
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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
RELATED: As Biden Rolls Out Budget, Government Waste Piles Up
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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Ol’ Joe is a fast learner. Obama blamed everything bad on Dubya while taking complete credit for the few good things happening during his presidency. Ol’ Joe follows THAT lead to the hilt. And I don’t doubt for a second that Ol’ Joe hasn’t a clue what ‘bipartisan’ even means. Our country is hosed, mostly by the Dumbassocrats.
Biden lies about everything. He is much like Obama, who kept G.W. Bush in the spotlight for 8 years by blaming him for his (Obama’s) blunders. It is a dem thing
to avoid blame.
Democrats blame everyone else for what they’ve done. In other news, water is wet, the sky is blue and women have secrets.
The plan is in motion, courtesy of Biden and his Marxist administration. When, not if, all banks fail and extortion taxes are assessed, China will call in her loans and our country will be bankrupt and China will be our God. This is why Biden and the democrats including banks are spending billions on DEI and climate change, preparing us for our future CCP occupation… why else would our leaders allow the CCP to purchase land to house their police personnel? Why else would McConnell, who’s married to a CCP whore ignore this occupation? Because McConnell is a CCP whore as well.
Oh, yeah, it’s coming no matter what your apathetic mind tells you.
Joe likes to shower with Ashley
He’s just like a child. 🤪 it’s not my fault!! Donny did it!
LATE TO THE PARTY?
It is somewhat comforting to see a MAJOR publication calling out our demented President, however, no one has mentioned that the real problem is the man-behind-the-curtain, or just who is pulling the strings and writing these talking points for the president. We need to find out just who that is (or who those are) and call them to task. Anyone with half a brain knows that Joe Biden is not writing these talking points.
Obama is pulling the strings, that’s why he stayed in DC. They knew Joe wasn’t equipped so tgey put him up, stole the election and have ruined our economy
Biden blames everyone but himself for the mess he has made. Trump has been out of office for two years. Joey forgets he is supposed to be President.
Trump has caused enormous financial damage by installing woke Black rock over trillions of dollars. Warp speed murderer Trump, Epstein compromised RAPIST Trump, traitor that freed three Israeli spies including p0s Jonathan Pollard Trump. Fighting hard for GAYs Trump, antigun bump stock, red flag, take guns first to Fineswine Trump…. McCarthy pusher Trump