President Biden's Claim That Bank Bailouts "Won't Cost The Taxpayers", is a Fantasy

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Episode Transcript

Speaker 1 (00:01):
So we're getting word that another bank has collapsed. Signature
Bank has been shut down in connection with Silicon Valley
Bank collapse. This bank, Signature Bank, was founded in two
thousand and one. It is a New York based bank,
not a Silicon Valley Bank based bank. It was popular,

(00:21):
we're now being told among crypto companies. Federal regulators on
Sunday said that the New York based Signature Bank was
being shut down to protect customers and the financial system
following the collapse of California's Silicon Valley Bank. The announcement
came in a joint statement from the US Treasury Department,
the Federal Reserve, and the Federal Deposit Insurance Corporation known

(00:42):
as FDIC. The regulators said that SVB clients will have
access to their money starting Monday and no expense the
American taxpayer. They're lying to you. I don't believe them
at all. A similar program, they said, will be enacted
for Signature Bank, which was closed Sunday, but by its
state chartering authority quote all depositors of this institution will

(01:05):
be made whole. The joint statement reads, as with the
resolution of Silicon Valley Bank, no losses will be borne
by the taxpayer. Spokesman for Signature Bank is declined to
comment now. This bank, founded in two thousand and one.
The New York based Signature Bank was popular among crypto companies.
The institution provided deposit services for its clients digital assets,

(01:26):
but did not make loans collaterized claralyzed by them. Leading
up to the SVP collapse, the banks that it had
been trying to reduce these deposits. As recently as Thursday,
Signature said it was in a well diversified financial position
they were lying and had limited digital assets related deposit
balances in the wake of the industry developments, quote unquote,

(01:50):
we want to make it clear again that Signature Bank
is a well diversified, full service commercial bank with more
than two decades of history and solid performance serving middle
mark It's businesses. That's the Signature Bank co founder in
chief executive officers set in a statement saying, quote, we
have built a strong reputation serving commercial clients through nine

(02:12):
business lines and reached an excess of one hundred billion
in assets by continually executing our single point of contact
relationship based model, where banking teams are capable of meeting
all client needs. Signature bank was notable for having former
Democratic Congressman Barney Frank on its board. Frank signature Dodd

(02:33):
Frank at Craft in the wake of the O eight
financial crash, sought to improve accountability and transparency in the
financial system, and that former Democratic Congressman Barney Frank was
on the board of a bank. Now that's been taken
over by the government. Under the law, banks with assets
in excess of fifty billion were deemed as being potentially
too big to fail, and we're therefore subject to a

(02:54):
host of rigorous testing and regulations. Twenty eighteen, President Trump
signed the Economic Growth Regatory Relief and Consumer Protection APT
with rollback key regulations in the Woke Dot Frank Bill.
So now you have another bank that has gone under.
Coin Base just so you know, coin base is where

(03:17):
most people actually trade cryptocurrency. Coinbase says it has about
two hundred and forty million in cash balance with signature
bank Coinbase Global about two hundred and forty million in
corporate cast balance. The US Crypto Exchange sign tweet on Sunday,
hours after state regulators closed the New York base lender

(03:37):
due to FDIC holds on signatures transactions. We're currently facilitating
all client cast transactions with other banking partners. The tweet added.
The closure comes just two days after California authorities shuttered
Silicon Valley Bank and a collapse that royaled the global
markets and left billions of dollars of deposits belonging to
companies and investors stranded. The US Treasury Department other bank

(04:00):
regular set in a joint statement that all depositors at
Signature Bank will be made whole and no losses will
be borne by the taxpayers. The Signature failure is the
third largest in US history. So you have the second
largest failure in bank in banking history just a couple

(04:20):
of days ago, and then a couple of days later
you have the third largest. So the top two of
the top three biggest failures in the banking sector have
happened in the last forty eight to seventy two hours.
Let that sink in real quick. So let's go back
to where we are with the banking crisis. How is
CNN covering it? Listen to this. Breney Governor Gavin Newsom

(04:43):
says he is in touch with the highest levels of
leadership at the White House and the Treasury Department to
stabilize the situation as quickly as possible. In joining us
now is the host of CNN's Nightcap, John Starlin. A. John,
you know, a lot of experts are worried about this.
But first of all, what does this mean for SVB
and the startups that relied on it? There? I mean

(05:04):
there's some big companies but also small companies that relied
on this bag. There are I mean right now, it
means panic and confusion. There are companies in Silicon Valley
that are scrambling to make payroll. The money that they
had locked up in SVB is now inaccessible, and so
what that means is they are one relying on the
FDC to make those funds available quickly, and you know

(05:27):
it's unclear exactly what percentage of those funds will be
available and when. On the flip side, you know, those
companies are looking at loans and there are reports that
there are venture capital companies looking to buy up the
accounts for kind of pennies on the dollars. So what
does it mean for the companies It means confusion. But
for the workers who are looking for their paycheck this week,
it can mean devastation. We haven't seen layoffs yet, but

(05:50):
if these companies aren't able to get access to funds,
that is definitely a possibility. And I hate to be
a pessimist in all of this, but it's a fair
question to ask, what is the next possible domino to fault?
Will there be another domino? I mean, that is the question,
right what is the contagion of this? And the truth
is we don't really know. All eyes right now are
on a lot of regional banks similar to SVB. One

(06:14):
bank that's on people's radar is First Republic Bank, a
bank who shares dropped more than fifty percent before being halted. Eventually,
this doc rally, but it's down around thirty six percent
for the week. First Republic says that their liquidity position
remains strong, but come Monday, we'll see if investors and
more importantly, the people who have their money in First

(06:34):
Republic believe that. And finally, Bloomberg reported that billionaire in
ventury capitalist Peter Teal had his companies pull their funds
from SVB this week. Do we know what kind of
role that played in all this? Well, Peter Teal is
an incredibly influential figure in Silicon Valley, and right now

(06:54):
there's a lot of finger pointing going on about what
caused this bank run on speed be Peter Teal is
reported by Bloomberg and his Founders Fund pulled their money
out by Thursday and encouraged his companies to pull their
money out as well. Well. Word spreads quickly in the valley.
Right you have group chats, you have slacks. People are talking,
and we saw tens of billions of dollars of money

(07:16):
being withdrawn from SVP, which basically was a kiss of
death and caused California regulators to shut it down. You
might remember that Peter Teal was a big proponent of crypto.
He was very, very bullish on bitcoin. He attacked the
critics of bitcoin as enemies. Meanwhile, Peter Teele in his
Founders Fund sold their crypto and made billions of dollars

(07:38):
in the profits. So people in the valley know that
Peter Teal is very skilled at moving his billions of
dollars to safe harbor when there's volatility in the markets.
I love this. There may be some volatility to count.
Thank you CNN for that brilliant account. You know you
know reporting there you have two of the three biggest

(07:58):
banks in this country, they're defaulted that have been shut down.
Two of the three biggest in history have happened the
last what twenty four forty eight hours? Seventy two hours? This,
I mean, come on, really, like, this is what has
happened here, like for real, And you're sitting there going,
oh there, maybe it's some more volatility. No, you think

(08:21):
could there be a chance. Yeah, Now I'm worried that
the bailout's coming. They keep saying no taxpayer dollars going
to cost you nothing. I don't believe them. I think
you're gonna end up seeing some bailouts. The question is,
are you in favor of bailing these companies out? We've
been lied to. We now know these bank bailouts are

(08:42):
going to be a really big problem. We know now
that they are going to be a gonna probably cost
us a have a lot of money. They're saying, no, no no, no, no,
bailouts are gonna happen. They're gonna cost you money. I
don't believe them for a second. I think they are
absolutely gonna cost us a bunch of money. And I
think they're lying to us. We have a second bank
that has failed. After the first bank that failed, they
said was not a big deal as isolated event. Now

(09:04):
it's not an isolated event. In fact, we have the
second and third largest bank failures in US history. Have
happened just over the last several days. And they're like,
oh no, it's gonna be fine. We got we gotta
plan here. It's not gonna be a bailout, right, not like,
oh hey, we're gonna just you know, it won't be
like that. Everybody, relax, gonna be fine. I'm telling you,

(09:24):
they're gonna end up having to bailout. It's gonna end
up costing you something. Signature Bank has been shut down
in connection with the Silicon Valley collapse. This bank was
found in two thousand and one. The New York based
Signature Bank was popular among crypto companies, and it is
going to be shut down. Coin Base add two hundred
and forty million in cash balance with Signature Bank. That

(09:45):
bank now has been shut down. Coin Base two hundred
and forty million in cash with Signature Bank. They're saying
that they're going to figure this out. Coinbase Bank is down,
coin Base is down eight percent. Signature Bank at this point,
and they'll be halted. I'm sure it was down twenty
two point eight seven percent, down to seventy dollars a chair.
That's obviously now going to change drastically. US regulators said

(10:10):
they were not going to bail out Silicon Valley Bank.
Then a second bank has gone under, and now US
regulators are going to bail out Silicon Valley Bank, and
customers are apparently going to get another bailout, possibly at
this second bank. Don't worry, though, Joe Biden now says

(10:30):
he's going to use Valley to hold those responsible for
the Silicon Valley Bank failure quote fully accountable. CEO also
describes pulling money from bank hours before the collapse as
a US bank sitting on unrealized losses of six hundred
and twenty billion. In fact, we also know now that
Silicon Valley Bank employees actually received in their bank accounts

(10:51):
their bonuses hours before the bank was shut down. A
new report says, Wow, that's pretty, isn't it. So that's
now where we are. Silicon Valley Bank, You're gonna get
your money, no problem. And these employees were being told
got their bonuses. US Federal Deposit Insurance Corporation offered Silicon

(11:16):
Valley Bank employees forty five days of employment and one
point five times or salary. A new report says to
stay on and help them out. An FDIC official did
not comment on the details of CNN, but says the
standard practice and one of the first steps too for
the independent government agencies to take after being named receiver.
US workers also receive their annual bonuses on Friday, just

(11:37):
hours before the FDIC took over the collapse lender. Silicon
Valley Bank collapsed Friday morning after studding forty eight hours
in which a bank run and a capital crisis led
to the second largest failure of a financial institution in
US history. California regulators shuddered the tech lender and put
it under the control of the FDIC. The FDIC is

(11:59):
acting as a receiver, which typically means it will liquidate
the bank's assets to pay back its customers induce, including
depositors as well as creditors. Employees except essential and branch
workers were told to keep working remotely. The bank had
more than eight thousand, five hundred employees at the end
of twenty twenty two. The FDIC said the main office

(12:19):
in all seventeen branches of SVP, located in California, Massachusetts,
will open on Monday. The FDIC, an independent government agency
that insures bank deposits and overseas financial institutions, said all
insured depositors will have full access to their insured deposits
by no later than Monday morning. It said it would

(12:40):
pay uninsured depositors and advanced dividend within the next week.
The FDIC took over the mid morning Friday. Usually it
awaits until market closed, but they didn't wait. The conditions
quote deteriorated so quickly that it couldn't last just five
more hours, wrote Better Market CEO Dennis Keller. That's because
it's the hausers were drawing their money so fast that

(13:02):
the bank was insolvent and an interday closure was unavoidable
due to a classic bank run. So what is Biden
saying about this? Don't worry, I'm gonna hold those accountable
for this. Really, that's what you're gonna say, I'm gonna
hold those accountable for this. So no bailout, just kidding
a bailout. Another bank closes down, signature bank. Don't worry,

(13:22):
We're gonna have another bailout. And let me remind you
the experts of what they were saying. Jim Cramer over
at CNBC said this a month ago. Last month said
this about again about Silicon Valley Bank. Listen carefully and bibe.
The ninth best performer year to date is SVB Financial.

(13:43):
Don't you want this? Companies a merchant bag with a
deposit base. The Wall Street had mistakely concerned about sub
child Silk Valley Bank. We just bought one of our
favorite research firms, Boffa Davis, and it's become less dependent
upon private acqua e venture capitalist offerings. Wait a second,
let's try it up. Last year they could come back, Yes,
some of them come back here with a stock directly
affection oversold position. Stock was the fourth worst performance twenty

(14:04):
twenty two. I think the fears were not justified. It's
a very compelling situation. Hey. By the way, long term
private equiventure capital and I'm going away being the banker
to these immense pools of capital has always been a
very good business. Stock still cheap. Now. You have to
remember that a stock that falls sixty six percent, like
SPB Financial did last year, it takes it a lot

(14:25):
more to recover after losing two thirds of your value.
You need a two hundred percent game to get back
to even This is arithmetic, some people call it geometry,
So you could argue svb's nearly forty percent rally this
year is barely up drop in the bucket, and that's
how I want you to think it. I think it's
also a good example of why these bounceback moves might
be far from over. These stocks did have more room

(14:47):
to run, especially if you think they were driven down
to artificially low levels by tax law selling, artificial dumping
like we saw on Warner Brothers, Discovering or Tesla. That's
important because today was one of the worst days since
the year began, after these stocks were beating big participants
in the decline. I understand that many of the bounces
this year have come from stocks that were heavily shorter.
Many of them were correctly beaten down. It's just that

(15:09):
the decline's got a little too excessive when nothing really
bad happened, at least by the end. So there it is.
This guy's praising a doom Silicon Valley bank just last month.
The stock is quote still cheap. He has it up
on his big wall telling you you should buy this,
You should buy this, you should buy this, ha ha,

(15:32):
just kidding. Tiger Carlson also blasting Jim Kramer for hyping
the Doom Bank, saying he's nothing but a professional BS artist.
In fact, as with the FTX crypto scam, you may recall,
self described financial experts in the media were busy promoting
Silicon Valley Bank is a great investment that would last forever.

(15:55):
The formerly great but now quite embarrassing Forbes magazine in
fact named sv Beach was of America's best banks not
once but five years in a row. And of course,
inevitably you saw this coming. Here is professional BS artist
slash dumb person Jim Kramer of CNBC telling his viewers

(16:15):
to buy Silicon Valley Bank even though it was in
the process of going under. This is last month SVB Financial.
Don't you want this company's a merchant bag with a
deposit based The Wall Street had been mistakely concerned about
sub and sail Silkla Valley Bank. Recally about one of
our favorite research first Boffa Javians, and it's become less
dependent upon private acqui and ventric capitalist offerings. Wait a second,

(16:37):
let's try it up. Last year they could come back
long term private acquiventure capital, and I'm going away being
a banker to these best immense pools of capital. Has
always been a very good business. Spb's nearly forty percent
rally this year is barely up. Drop in the bucket.
That's maybe B is great. If that guy ever endorses
anything you're doing. Moved to the Canary Islands, change your

(17:00):
name because disaster's coming. Tucker's not that far off from reality.
By the way, jem hines, the Bank of Cyprus keeps
coming up in the Trump Russia investigation. That's what they're
trying to talk about. I'm not joking. That clip is
actually now showing back up on social media. You can't
make this up. But hey, when the banks keep collapsing,

(17:23):
don't worry. It won't cost you anything. It's not going
to cost you a dime. Why Because we're smart people,
right Janet Yellen earlier today saying oh, everything's fine on TV.
I want to get straight to it because the markets
will soon reopen for trading. Does the government need to
intervene and take emergency measures because of svb's failure, Well,

(17:49):
let me say America's economy relies on a safe and
sound banking system that can provide for the credit needs
of our solds in businesses. So whenever a bank, especially
one like Silicon Valley Bank with billions of dollars in deposits, fails,

(18:11):
it's clearly a concern from the standpoint of depositors, many
of which may be small businesses. They rely on access
to their funds to be able to pay the bills
that they have, and they employ tens of thousands of
people across the country. We've been hearing from those depositors

(18:35):
and other concerned people this weekend. So let me say
that I've been working all weekend with our banking regulators
to design appropriate policies to address this situation. I can't
really provide further details at this time, but what I

(18:56):
do want to do is emphasize that the American banking
system is really safe and well capitalized. It's resilient. Can
you say whether these problems were unique to Silicon Valley
Bank or can you say whether there will be other
regional bank failures. Well, look, let me just say that

(19:20):
we want to make sure that the trouples that exist
at one bank don't create contagion to others that are
sound and a goal always of supervision and regulation is
to make sure that contagion can't can't occur. Your counterpart

(19:43):
in the United Kingdom has said that the government there
has ruled out a bailout of the UK arm of
Silicon Valley Bank. Have you also ruled out that kind
of government intervention? Well, let me be clear that during
the financial crisis there were investors and owners of systemic

(20:09):
large banks that were built out, and we're certainly not
looking and the reforms that have been put in place
means that we're not going to do that again. But
we are concerned to bet depositors and are focused on
trying to meet their needs. Do you expect a deal
or something to happen that can reassure the markets before

(20:33):
Asia opens tonight and the US markets open tomorrow. We
certainly are working to address the situation in a timely way. Now,
I know you know this region of the country so
well because you served at the San Francisco years ago.
The tech sector has already been suffering from layoffs, It's

(20:54):
already under pressure, and this is really the hub of
American innovation. How severe will the consequences be for that innovation?
I think it depends on how this situation is resolved.
But will aware that many startup firms have deposits in

(21:15):
venture capital firms have deposits at this bank. They have
no idea what's happening right now. Second bank has just failed.
She has no clue what she's doing. We also have
to talk about how woke the bank was that went
under a lot of people to understand how woke the

(21:35):
bank actually was. Silicon Valley Bank was all about the wokeness.
They loved working with woke companies. They love working with
liberal companies. They love working with tech companies. They love
working with For example, the streaming giant Roku, we're being told,
had four hundred and eighty seven million in cash on

(21:57):
hand held by Silicon Valley Bank. At streaming Giant, Roku
had about one fourth of its cash and equivalence, amounting
to nearly a half a billion dollars held in that bank.
The entertainment company remains unsure how much of that cash
it will recover. According to Variety, the collapse of Silicon

(22:17):
Valley Bank was caused by the massive run the bank,
with customers driving withdrawals of forty two billion this last
week alone. The majority of it Thursday Friday, the sixteenth
largest bank by assets, with the US Federal Reserve data
showing the bank had two or nine billion assets as
of December the thirty first. But this had to do
a lot with the fact that this bank was just

(22:39):
a woke bank. It was a woke Silicon Valley bank.
It was more concerned about global warming than they were
about shareholder returns. Yeah. Home Depot founder Bernie Marcus said
on Friday that Americans there was time for Americans to

(23:02):
wake up after the woke Silicon Valley bank collapsed because
they were more concerned about global warming than they do
about shareholder returns and fiscal responsibility. Listen to part of
this conversation that he had on Fox with Neil Cavudo.
But he's watching it just the same. The Home Depot
co founder kind enough to join us now, Bernie, always

(23:24):
good seeing you. Do you think histories repeating itself? Should
people stay calm? What are you telling them? Well? All
I know is that I can't wait for Biden to
Can I 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

(23:46):
indication that whatever he says is not true, and maybe
the America people will finally wake up and understand they
were living in very tough times that in fact, the
recession may have already started. Who knows, but it doesn't
look good. And I feel bad for all these people

(24:07):
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 there's justice The Partment will go after them.
They are woke companies, so I guess not, and they'll

(24:29):
probably get away. When you say, well, when you say
woke company that's in technology, venture capital funded startups and
all of that, they might have been just proportionally exposed
to this. Do you think there are others like like
this bank out there? I think they probably are. Yeah,
I think that the system. I think that the administration

(24:49):
has pushed many of these banks into more concern about
global warming than they do about shareholder return And these
banks badly run because everybody is focused on diversity and
all of the walk issues and not concentrating on one

(25:10):
thing they should, which is shareholder returns instead of protecting
the shareholders and their and their employees. Uh, they're more
concerned about the social policies. And I think it's probably
a badly run bank. Uh. They've been there for a

(25:30):
lot of years. It's pathetic that so many people lost
money that will get it back. And you know, Bernie,
you might be right on some of them. You might.
By the way, I love this guy, right, this is
the This is what I love about this home depot founder.
You know, Bernie Markets is getting older. He doesn't care

(25:50):
to if anybody he says. I think the assistant the
administration has pushed many of these banks into more and
more concerned about global warming than what they do for
sharehold to returns. 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 instead of protecting the shareholders and

(26:13):
their employees, the depositors. Right, they're more concerned about social policies.
And I think it's probably a badly run bank. They've
been there for a lot of years. It's pathetic that
some of people lost their money won't get it back.
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(27:42):
All right, now, I want to go back to this story.
He said, here's the other thing. Listen carefully. This is
get It's a guy that has nothing to lose. To
this point, He's like, look, I've I've done my time
and building companies. I build home depot. You want to
know what you're really going on. I don't care if
I offend people, and I love This is why you
should listen sometimes to your elders, because some of them

(28:04):
have things to say that other people won't take the
risk of saying. And he's got his money and he
doesn't care, and he's telling you the truth. And he
said this. The FEDS keep raising rates, and inflation keeps
going in the wrong direction. It's not staying where it
should be. People are struggling. People can't pay their bills,
they can't fill their tanks with gas. And if you

(28:25):
think that's a good sign, I don't think it is.
And we have an administration that's obtus to this. They
keep talking about the great times and how good it is.
It's not. Somebody with the same head has to come
in and understand that you can't do two things. Number one,
you can't keep raising rates referring to interest rates, and two,

(28:48):
you can't keep inflation as strong as it is, and
you can't tax people more than they are. His proposal
referring to Biden's proposal tax the middle class and the
riches about as dumb as dumb as I've heard in
a long time. In a recession like this, you don't
do things like that. And by the way, Joe Biden
said in the back of the day on record, you
don't raise interests or you don't raise taxes when you're

(29:11):
dealing with inflation. It's the dumbest thing you can do.
But now he needs more money because he wants more control.
That's what this all comes down to, is the issue
of control. That's why he's saying it the way he is.
But Bernie Marcus just said it the way that it
should have been, said, woke Silicon Valley Bank was more
concerned about global warming than shareholders returns and quotas. And

(29:34):
he's right. And if you think this is only in America,
you're wrong, because as you heard Janet Yellen say a
moment ago when I was playing that audio, the UK
is now mulling over the idea of a bailout for
the tech firms after the silicon collapse. Authorities in the
UK are considering a possible bailout for all the tech
firms after the collapse the British brands of Silicon Valley Bank.

(29:57):
Jeremy Hunt, the Chancellor, is poorly mowing a possible bailout
for tech firms and startups that were affected by the
collapse of the Silicon Valley Bank UK. The failure of
SVP represents the second largest failure of a bank in
US history, only beaten out by the collapse of Washington
Mutual during the OA financial crisis. According to the report
by the BBC, there is now significant fear about the

(30:21):
knock on effect the bank's collapse could have on startups
in Britain, with many firms set to lose large sums
of money after the Bank of England declared that SVP
SVP UK would enter in solving c As a result,
the Treasury is now reportedly aiming to offset the damage
done by the bank's collapse, with Hunt telling the public

(30:42):
broadcaster BBC that authorities are considering various ways of recusing
the tech firms affected. So another bailout. One such rescue
plan involves providing an emergency cash lifeline for companies hit
by SVB going under quote. We want to find a
way that ministries can help and avoid all the losses

(31:05):
of the incredibly promising firms, the Chancellor wrote, arguing that
while the impact of the United Kingdom's overall economy is
expect to be minimal, SVPs collapsed would nevertheless risk wiping
out many of the countries budding tech enterprises. So, in
other words, we're gonna pick winners and losers in different sectors,
same thing that they're talking about doing here. We like

(31:26):
big tech, we like tech firms, we like quote companies.
We don't want them to be hurt, so we'll just say, hey,
we're not going to allow them to be hurt, and
we like what they're doing, so we'll bail them out.
That's how we'll do this. We'll bail them out that way.
Does this sound like a very good idea or does
it sound like a disaster? To me? It sounds like

(31:46):
a disaster. Does it sound like something we should be
supporting or advocating for. No, it doesn't. It sounds again
like a disaster. Sounds like a terrible, terrible, terrible, terrible,
terrible idea, something that should not happen. Yet here we
are having this conversation because it's a liberal bank with

(32:07):
a woke ideology. That's what it is, a liberal bank
with a woke ideology. They're gonna probably bail them out,
they're gonna prop them up, and they're gonna tell you
it's not going to cost you taxpayers dollars. And when
they tell you that, you need to understand they are
one thousand percent lying to you. This will cost you

(32:30):
some taxpayers dollars. Anyone that tells you that it's not
they're lying to you. They are lying to you. I'll
say it one more time. They are lying to you.
This is going to cost us all a hell of
a lot of money. All right. Lastly, please make sure
you hit that subscribe button or auto download button wherever

(32:54):
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