Prominent conservatives throughout politics and media reacted to the sudden closure of the Silicon Valley Bank (SVB) on Friday. Rep. Matt Gaetz (R-FL) is already standing firm against bailouts for the bank, and many are pointing to “Bidenflation” as a driver of the implosion.
Gaetz appeared on Steve Bannon’s War Room where Bannon asserted that the closure was “100 percent because of Biden’s policies.”
I will NOT support a taxpayer bailout of Silicon Valley Bank.
— Matt Gaetz (@mattgaetz) March 10, 2023
He predicted the federal government would be pressured for a bailout next week and asked Gaetz how he would respond.
If there is an effort to use taxpayer money to bail out Silicon Valley Bank, the American people can count on the fact that I will be there leading the fight against it. pic.twitter.com/pttSd7iPRQ
— Rep. Matt Gaetz (@RepMattGaetz) March 10, 2023
“If there is an effort to use taxpayer money to bail out Silicon Valley Bank, the American people can count on the fact that I will be there leading the fight against such a bailout,” he said. “The financial arm of Silicon Valley has just been severed before our very eyes.”
SVB played a critical role in the San Francisco start-up company economy, Breitbart News Economics Editor John Carney noted.
Journalist Jack Pososbiec is also calling for the federal government not to bail out SVB.
“Hold them accountable – NO BAILOUTS FOR SILICON VALLEY,” he tweeted. “GO BROKE STAY BROKE.”
Hold them accountable – NO BAILOUTS FOR SILICON VALLEY
GO BROKE STAY BROKE
— Jack Posobiec 🇺🇸 (@JackPosobiec) March 10, 2023
Dems lining up to bail out their donors 👇🏻👇🏻👇🏻 https://t.co/CG74xMKot7
— Jack Posobiec 🇺🇸 (@JackPosobiec) March 10, 2023
Greg Price, the communications director for the State Freedom Caucus Network, laid the blame directly on “Bidenflation,” tweeting:
The biggest reason Silicon Valley Bank collapsed is they invested their customer deposits in treasury bonds, which are very sensitive to interest rates, which have been hiked up massively over the last year due to inflation. Bideninflation=the largest bank collapse since 2008.
And because a huge portion of $SIVB clients are tech startups with deposits over $250K (the FDIC only insures under), they may not see their money for a very long time if a bank doesn’t buy it up.
— Greg Price (@greg_price11) March 11, 2023
Steve Cortes tweeted that “very few in Corporate Media will cite the key driver of the failure of Silicon Valley Bank: massive Bond market losses due to Biden’s Inflation.”
Bond Market Revolt vs Biden
Aside from this Bloomberg report, very few in Corporate Media will cite the key driver of the failure of Silicon Valley Bank: massive Bond market losses due to Biden’s Inflation.
Also what similar risks “lurk in other institutions”??? pic.twitter.com/yiZVSy6YTU
— Steve Cortes (@CortesSteve) March 10, 2023
Vivek Ramaswamy, an anti-woke Republican entrepreneur who is running for president, shared his belief that SVB used progressive Environmental, Social, and Governance (ESG) factors in credit scoring.
Should be low hanging fruit for U.S. Senators & Congressmen to get to the bottom of it.@Sen_JoeManchin @tedcruz @SpeakerMcCarthy @SenJohnBarrasso @SenatorBraun @PatrickMcHenry @RepFrenchHill @SenDanSullivan @billhuizenga
— Vivek Ramaswamy (@VivekGRamaswamy) March 10, 2023
“Since one else has yet, I’ll ask the obvious: were ‘ESG factors’ part of Silicon Valley Bank’s credit score calculations? I have a funny feeling the answer is yes,” he tweeted Friday night. “I suggest Senate & House Republicans take a serious look.”
He then tagged a number of lawmakers, calling for them to “get to the bottom of it.” Rep. Jim Banks (R-IN) retweeted the presidential candidate.
Interesting proclamation from Silicon Valley Bank just over 1 year ago. @SVB_Financial pic.twitter.com/UmVCVoPKNo
— Vivek Ramaswamy (@VivekGRamaswamy) March 10, 2023
Turning Point USA Founder and President Charlie Kirk and conservative author and filmmaker Dines D’Souza shared similar sentiments. They both tweeted an image that purportedly shows SVB’s diversity, equity, and inclusion policies.
It is a mystery why Silicon Valley Bank collapsed. pic.twitter.com/7nvUi7IJT2
— Charlie Kirk (@charliekirk11) March 10, 2023
Silicon Valley Bank goes under, and many people are wondering why. This is at least part of the reason. Go woke, go broke! pic.twitter.com/jAKmR7gAhb
— Dinesh D’Souza (@DineshDSouza) March 10, 2023
“It is a mystery why Silicon Valley Bank collapsed,” quipped Kirk.
