Almost immediately after Silicon Valley Bank (SVB) failed, the Biden administration rushed in to clean up a mess that the president’s inflationary spending and the Federal Reserve’s aggressive interest rate changes created in the first place.
SVB spent years of spending loads of tech cash on buying up long-term debt, but the bank’s poor investment strategies weren’t the only reason the West Coast bank was unable to cover deposits for “nearly half of the nation’s venture capital-backed technology and life-science companies.”
It was Biden’s decision to repeatedly greenlight floods of cash into the U.S. at the beginning of his White House tenure that eventually pushed the Federal Reserve to drastically hike interest rates from where they had hovered near zero in 2020. Those suddenly high-interest rates meant SVB’s long-term bond investments, which soared during lockdowns in 2020, were suddenly suffering great losses that would lead to the collapse of the bank.
As a result, the Federal Deposit Insurance Corporation took over the financial institution on Friday and guaranteed billions of dollars worth of SVB and the connected New York-based Signature Bank deposits, even the large percentage of accounts exceeding the previously established $250,000 limit.
Biden and his administration are adamant that what they are doing for SVB is not a bailout that will burden taxpayers, but that’s a claim Republicans reject.
It’s also a claim that falls on deaf ears of normal Americans who, despite years of struggling under crises inflicted by Biden, have yet to get a reprieve.
While Silicon Valley tech bros and their businesses get federal guarantees that will save their fancy houses, cars, and expensive parties within days of impending disaster, hardworking middle-class Americans like those in East Palestine, Ohio, have spent weeks begging the federal government to pay attention to what quickly became one of the worst environmental disasters in recent U.S. history.
“I think that our leadership — our media and our politicians — were slow to respond to this crisis, in part because a certain segment of our leadership feels like the people in East Palestine are a little out of style. They have the wrong politics, they are a little too rural, maybe a little too white,” Republican Sen. J.D. Vance said in a recent Senate hearing about the derailment.
The corporate media smeared him for suggesting that, but Vance is correct in identifying the East Palestine train derailment and subsequent chemical burn as a crisis that the Biden administration is still not eager to address.
It took Secretary of Transportation Pete Buttigieg weeks to follow up with Ohio residents about the crash. Biden has yet to visit the afflicted city even though locals are still plagued with concerns about inadequate air quality testing and Norfolk Southern’s refusal to compensate homeowners for the damages its chemical spill caused the community.
During his 2023 State of the Union address, Biden bragged that he is committed to “investing in places and people that have been forgotten,” the Americans who “have been left behind and treated like they’re invisible.” Yet, under Biden, it’s regular Americans like U.S. service members, allies, and their families who Biden overlooked when he botched the withdrawal from Afghanistan or the tens of thousands of oilfield workers and fossil fuel technicians who lost their jobs on Biden’s first day in office, not the woke ruling class, who get the short end of the stick every single time.
People in the heart of the homeland have spent considerable portions of the last two years struggling to afford essentials like gasoline and eggs, protect their homes from rampant crime, and avoid the national drug crisis exacerbated by the open Southern border.
Landowners and farmers along the U.S.-Mexico border have endured more than two years of cut fences, vandalism, trampled fields, and contaminated crops. Their requests for Biden to secure the border or at least pay to cover property damages caused by his border crisis are ignored over and over and over again. It also took two years of record-breaking illegal border crossings before Biden set foot near the border agents and communities that continue to shoulder the consequences of his actions.
So far, however, it’s Vogue model and Ukrainian President Volodymyr Zelensky who gets billions of dollars, hours of attention, and overseas visits every time he bats an eye in the government’s direction.
The same guy who bragged during his State of the Union address about putting “America First” clearly believes that only applies to the ruling class. To make things even worse, if anything is clear after two years, it’s that Biden’s bias against normal Americans goes beyond deliberate neglect.
In the Biden administration’s eyes, if you’re a “MAGA Republican,” against the covid jab, pro-life, religious, or skeptical about the 2020 election, you’re a threat to democracy who doesn’t deserve the protection of the U.S. government. Instead, the current White House believes you deserve wrath. You deserve to be dragged out of your home in front of your family at gunpoint and labeled a domestic terrorist.
The federal government is supposed to work for all Americans, not against them. Under Biden, that standard is unfairly applied.