Yellen says no relief coming for Silicon Valley Bank, not going to repeat 2008 bailouts. As much as I hate to admit it, that’s probably the first smart thing she’s said since Biden hired her. The wrong choices and shaky investments SVB made were THEIRS. The American taxpayer wasn’t involved, so why would the American taxpayer pay them to fail? Call me old fashioned, but a bank that’s the institution of choice for 50% of America’s startups is not where I’m going to put MY money. When interviewed, the Home Depot co-founder had this to say about it: “I can’t wait for Biden to get on the speech again and talk about how great the economy is and how it’s moving forward and getting stronger by the day. And this is an indication that whatever he says is not true. And maybe the American people will finally wake up and understand that we’re living in very tough times, that, in fact, that a recession may have already started. I feel bad for all of these people that lost all their money in this woke bank. You know, it was more distressing to hear that the bank officials sold off their stock before this happened. It’s depressing to me. Who knows whether the Justice Department would go after them? They’re a woke company, so I guess not. And they’ll probably get away with it. I think that the system, that the administration has pushed many of these banks into [being] more concerned about global warming than they do about shareholder return. And these banks are badly run because everybody is focused on diversity and all of the woke issues and not concentrating on the one thing they should, which is, shareholder returns.”
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