Do Democrats care? When it's THEIR money in a failing bank they care a lot!
Cheering Silicon Valley Bank Bailout, Gavin Newsom Doesn’t Mention He’s a Client
March 14 2023
https://theintercept.com/2023/03/14/cheering-silicon-valley-bank-bailout-gavin-newsom-doesnt-mention-hes-a-client/
On Monday, California Gov. Gavin Newsom praised the Biden administration’s decision to intervene on behalf of Silicon Valley Bank’s clients after the bank was taken over by the FDIC on Friday amid a bank run. The White House “acted swiftly and decisively to protect the American economy and strengthen public confidence in our banking system,” Newsom said in a statement. What Newsom didn’t mention is that it also protected his own companies if they held over $250,000 in deposits.
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See also:
It's Not a TAX, It's a FEE!
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As for "the bailout that's not a bailout" the FDIC will be jacking up their bank fees to raise the money for it. This means those costs will be passed on to anyone who uses a bank, such as us. All of us need to pitch in and help out all those Poor Rich Folks who had more than the $250K in their accounts! Welfare for the rich? Sounds like it, doesn't it?
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