Ramaswamy to Newsmax: Biden's 'Crony Capitalism'

President Joe Biden's guarantee to protect depositors at the failed Silicon Valley Bank is "crony capitalism," entrepreneur Vivek Ramaswamy said Monday on Newsmax.

In an interview on "National Report," Ramaswamy, a 2024 GOP president candidate, said SVB was mismanaged and tech companies were foolish to invest.

"I think this is crony capitalism all the way down," he said of the Biden guarantee.

"SVB did take excessive risks due to mismanagement," as did "a bunch of tech companies in Silicon Valley that put way more money in SVB than they should have."

"The way capitalism works is that people are held accountable for their own decisions," Ramaswamy asserted. "But instead … the government stepped in to save them. And here's the dirty little secret. Silicon Valley Bank and their cronies for years argued that banks like SVB were subject to looser requirements for capita. … precisely because they said 'we're never going to be systemically important, so the government will never have to save us, so we get to take more risk.'"

"They made a $5 billion commitment last year to sustainable and green operations for a healthier planet without focusing on a healthier balance sheet," …










Read more news: https://www.newsmax.com/newsfront/vivek-ramaswamy-joe-biden-svb/2023/03/13/id/1112045/





He’s right. This is total crony capitalism. The government should only insure up to 250k per depositor. Anything above that would simply be because of who they are. Pure favoritism. Their engagement in ESG and woke investing exposed them as did a bad bet on interest rates.

 

Since this so disproportionately affects blue states and big tech, and the we’re woke taking chances on ESG, I expect full crony coming on as Vivek says above. Silicon Valley Bank totally ignored their fiduciary responsibility to their shareholders in pursuit of ESG. Break them up.

 

It’s really sad that the prior evicted administration decided to gut regulations that would have prevented this in the first place.

Republican votes have consequences, from baby formula shortages to rail infrastructure to bank failures — their policies ripple through the economy for years to come.

 

Because Trump made them invest in ESG and DEI and concentrate their investment in big tech and start ups. In other words Trump had absolute zero to do with this bank failure. He didn’t create inflation or cause a big uptick in interest rates either.

 

Economists disagree that trump didn’t play a part with inflation in the US which in turn caused the interest rates needing to be increased — but you are free to ignore that and believe whatever you want.

 

The left hasn't a clue what ESG is, they think it's wonderful! WHY, because they believe what they're told, and it hurts too much to look into it with open eyes and realize how bad the DNC really is and how their representatives really think of them

 

Ya, you keep believing that China played the biggest roll, far more than Trump did.. And the DNC backed all that economic shutdown with threats and heavy handed campaigning on fear and lies.

 

Mods, please move the fake Newsmax lie to either conspiracy or opinions.

Thanks in advance.

 

The way Biden is acting you’d almost think SVB’s largest investors and depositors were Ukrainians.

 

To much reality Just use the old DNC, MODS TWIT'r this truth

 

So what did Biden do that caused this bank to collapse?

 

So under the pertinent laws and the FDIC insurance, depositors will receive up to $250,000.

What part of that is "crony capitalism"? The FDIC has been around 90 years. I think this fake presidential candidate is simply making crap up.

 

The Fed, Treasury, FDIC, and Biden all collaborated to 'make whole' the SVB depositors. That means they will ensure all deposits above $250,000 are covered too.

SVB is now under the control of the FDIC.

The Federal Reserve got the go-ahead to set up loans for other banks so that even if they are in distress, they can still get money, so no one with over $250,000 in banks will lose that money if their bank gets shut down now.

The Federal Reserve is not part of the government but is a private bank. We've just handed over the assets of any future bank failure into the hands of a private bank. And the theft of America continues...

 

Biden is going to bail out his millionaire and billionaire donors with you money, those donors will then take some of that money and donate it to democrats. It’s the same stunt libs pull with unions.

…………

The Biden administration’s move to protect customer deposits at Silicon Valley Bank is rankling critics who call it a gift to wealthy Democratic donors in the tech sector — even as mom-and-pop investors are getting burned in the deal.

While depositors including top-tier venture capital firms like Andreesen Horowitz and Sequoia Capital were bailed out, the equity and bondholders were completely wiped out as part of the rescue by state regulators and the Federal Deposit Insurance Corp.

Those included big mutual funds that operate retirements funds for working Americans. Vanguard Group owned nearly 11% of Silicon Valley Bank shares. Alecta Pension Insurance Mutual owned nearly 4.5%, and Franklin Mutual Advisers owned nearly 2%, according to public filings.

“You’ve saved the Democratic donors but who are the equity holders?” one tech insider noted. “Retirement funds bought into this… many are policemen, teachers, firemen just trying to retire.”

Ninety-eight percent of all political contributions from people who worked at internet companies went to Democrats in 2020, according to data from the Center for Responsive Politics.

https://nypost.com/2023/03/13/biden-move-to-insure-pro-democrat-svb-depositors-slammed/

 

Yes, the investors were the ones who were screwed here. And that was by design and part of the plan.

I haven't heard anything about what to do about the investors, and I'm waiting to hear someone say something about that, and what the response will be.

 

So deposits are not insured by the FDIC?

 

Odd, as Biden specifically said investments are not protected.

https://www.cnbc.com/2023/03/13/tha...investors-who-lost-money-in-failed-banks.html

 

Yes, that's the plan now.

But wait until the lobbyists get to work and outrage and pressure build. Anything could happen.

 

No, anything can't happen.

 

No - but the shareholders are going suing the CEO/CFO

 

Inflation was less than 2% and the economy was almost recovered by the time Trump left office. Trump didnt limit production of oil and gas and he didn’t spend money after he left. Biden is the sole creator of high energy costs and inflation. No though Biden has his spending spigot turned way down by the House for future budgets.

 

Don’t like it? Too darn bad. NewsMax is news. Are you denying that Vivek said what he’s reported saying here or are you just not wanting it reported what he said?

 

The trump administration worked with SA to drastically cut production. The massive QE that the fed engaged in under his pleadings to make up for policy failure left us with fewer tools to prevent a recession and he still barely managed to obtain the gdp growth that the Obama administration achieved. Not to mention trump was directly responsible for so much spending that 1/4 of the debt when he left office would be attributed to him

The trump administration will be remembered as a failure followed by an insurrection attempt on the Capitol by his magapatriot base trying to install him on a nation that had voted against him not once but twice.

 

It’s worse actually. They are democrats!

 

The part about reimbursing deposits in excess of &250,000 the FDIC is supposed to cover.