Tom Cotton slams Biden over SVB bailout, economic turmoil that led to crash: ‘His failures along the way’
Arkansas senator. Tom Cotton, R. , blasted Biden’s economy during “Sunday Morning Futures,” claiming that policies implemented under the current administration were responsible for the infamous Silicon Valley bank meltdown that left markets scrambling earlier this month.
“The failure of the Silicon Valley bank and the stresses it puts on our banking sector and the economy are really Joe Biden’s failures along the way,” said Fox News anchor Maria Bartiromo.
“It was Joe Biden’s reckless spending that caused hyperinflation, which drove up interest rates, which put pressure on banks like Silicon Valley Bank, and it was the Joe Biden administration that did not properly oversee and supervise a bank like Silicon Valley Bank Six months ago or a year ago to make sure that they were doing appropriate risk management of interest rate differentials between deposits on the one hand and assets on the other hand.”
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Cotton, who sits on the Senate Judiciary Committee, has alleged that the Biden administration will host double standards when choosing which banks to bail out, criticizing the decision to bail out a Silicon Valley bank while arguing that banks with clients are largely rooted in the oil and gas industry. He would have been treated differently.
“It is clear to everyone that Joe Biden would not have bailed out a bank in central Texas that ran, almost exclusively, the oil and gas industry,” he said.
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Later, he plunged into criticism of Biden’s reluctance to help arrange an “emergency wedding merger” (an emergency merger between two institutions as a result of at least one of the companies struggling) between a Silicon Valley bank and another larger institution, saying, “They [the Biden administration] Ideologically oppose any kind of merger.”
“What we got instead is a Biden bank bailout that actually goes Chinese companies Because it is known that the Bank of Silicon Valley was an access point for Chinese companies to obtain American funds … “.
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senator. Cotton is not the only right-wing critic attacking the Biden administration for allegedly creating the unstable ground that led to the collapse of the bank.
Former UN ambassador Nikki Haley warned against bailing out the bank in a March 11 tweet, writing: “Private investors can buy the bank and its assets. It is not the responsibility of the US taxpayer to step in. The era of big government and corporate bailouts must end.”
Former President Donald Trump’s team has also ripped “out of control” Democrats in their favour Blame it on the crashamong other problems the country continues to face, in a statement to Fox News Digital.
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“The out-of-control Democrats and the Biden administration have pathetically continued to try to blame President Trump for their failures with desperate lies, such as the Chinese Communist Party (CPC) spy balloons, the train derailment in East Palestine and now the collapse of the SVB,” the statement read. .
Meanwhile, liberals criticized the former president for signing a bipartisan bill that would eliminate some elements of the Great Recession-era Dodd-Frank Act in 2018.