Bernie Sanders says SVB failure is the 'direct result' of Trump

[Blkfyre]

https://news.yahoo.com/bernie-sanders-says-silicon-valley-045130094.html

"Sen. Bernie Sanders has blamed a Trump-era banking law for the Silicon Valley Bank's failure.

"Let's be clear. The failure of Silicon Valley Bank is a direct result of an absurd 2018 bank deregulation bill signed by Donald Trump that I strongly opposed," Sanders wrote in a statement on Sunday.

Sanders was referring to the Economic Growth, Regulatory Relief, and Consumer Protection Act, which former President Donald Trump signed into law in May 2018."

[CigarMan]

OK.  As usual with these idiots, there is a small shred of truth surrounded by a whole lot of reality.  The issue is that Trump and congress changed the regulation to reduce some of the onerous stress testing and other regulation s that basically made attorney's and accountants rich without really increasing security.  If SVB had properly assessed the risks of rising interest rates and properly hedged against the risk we would still not know their name.

[Romanticlover]

All the late night talk show hosts also blamed Trump which doesn't surprise me, everything is Trump's fault even though he hasn't been President in two years.

There was another American bank that failed last week and Credit Suisse is also in trouble, I guess they can blame Trump for that as well instead of poor management.

I predicted this last year, in 2008 we had high gas prices and banks collapsing and the same thing is happening now. Meta just laid off another 10,000 employees and people are getting evicted for not paying back rent(all those pandemic restrictions have expired). We are in a recession folks even though the politicians and MSM don't want to admit it.

[bats]

I predicted this last year, in 2008 we had high gas prices and banks collapsing and the same thing is happening now.

We may or may not be in a recession, but there's no evidence to suggest that today is anything like 2008.

[Romanticlover]

We may or may not be in a recession, but there's no evidence to suggest that today is anything like 2008.

Spoken like a true Democrat and Biden supporter:
"Everything is fine, nothing to see here" lol

There's a tsunami of evictions going on right now that my local news reported on last week.

[bats]

Spoken like a true Democrat and Biden supporter:
"Everything is fine, nothing to see here" lol

There's a tsunami of evictions going on right now that my local news reported on last week.

Your local news reported an increase in evictions, and you think that portends another Great Recession? Have I got that right?

The factors underlying the collapse of much of the global economy in 2008 simply don't exist right now, at least as far as anyone seems to know. Then again, maybe you're the only one who's got it figured out.

[Blkfyre]

Spoken like a true Democrat and Biden supporter:
"Everything is fine, nothing to see here" lol

There's a tsunami of evictions going on right now that my local news reported on last week.

Gee, I wonder WHY there could be a tsunami of evictions going on right now? Oh, that's right, because the Covid protections against evictions are expiring: https://www.nbcnews.com/politics/politics-news/evictions-are-piling-us-covid-era-protections-end-rents-climb-rcna54798

"Now that rental assistance is over, and now that local moratoriums are over, we're playing catch-up to what the pandemic did, and my biggest fear is the cliff that we've been all anticipating is here. From here on out, it's going to be a very, very difficult time," said Tim Thomas, research director at the Urban Displacement Project at the University of California, Berkeley. "I don't want to be a doom and gloom person, but we're probably about to see the worst of what's about to happen."

Gotta love it when conservatives like blaming everything on Dems when usually, it's just greedy people...

[HighStepper]

Senator Elizabeth Warren stated that any stress testing of financial institutions needs to be done from an outside entity. Link
 In a different interview she remarked that she was a teacher for many years. She didn't allow students to do their own testing.

Heavy lobbing (including CEO from SVB) led to legislation supported by Republican and well over a dozen Democrats.  Trump signed the changes into law. So, it could be said that the change was bi-partisan. However, Trump being the braggart that he is, proclaimed on numerous news programs what a great thing that HE did. So, when you grab the glory you get the blame. The real blame goes to the poor management practices of SVB.

[dogwalker]

The world is more complicated.  If you want to the the blame arguments to an extreme Adam and Eve caused all the problems we have today.