The Democrats’ addiction to reckless spending is once again on full display with their latest attempt to bail out Silicon Valley Bank (SVB). President Biden has falsely claimed that no losses will be borne by the taxpayers in the bailout, but as former South Carolina Republican Governor Nikki Haley put it, “Joe Biden is pretending this isn’t a bailout. It is.”
The Treasury Department, Federal Reserve, and FDIC announced that they would ensure that all depositors at SVB and another recently collapsed bank, Signature Bank, would have access to their money, even if those deposits exceed the $250,000 threshold.
This means that the cost of the bailout will not be directly borne by taxpayers, but, as Haley pointed out, consumers will ultimately bare the cost in the form of increased fees charged by banks. Banks are expected to assess these increased fees in order to recoup the funds they will be required to pay to the FDIC to rebuild its Deposit Insurance Fund, which will be severely diminished by bailing out the defunct banks.
It is clear that the Democrats have no regard for the hardworking taxpayers that pay their taxes responsibly. The collapse of SVB, which was the largest failure since Washington Mutual in 2008, may have been a result of mismanagement, with the CEO reportedly selling about $3 million worth of shares 24 hours before the bank fell. It is wrong for the taxpayers, who abide by the law and pay their taxes, to foot the bill for the mismanagement of Silicon Valley Bank.
Taxpayers should not be held responsible for the irresponsible actions of others. The Biden administration should not attempt to sweep this bailout under the rug and pretend that it isn’t a bailout. It is time for the Democrats to take responsibility for their actions and stop making taxpayers foot the bill for their reckless spending.
It is not fair that the taxpayers have to bail out failed banks and greedy bankers. The Democrats should be held accountable for their actions and stop forcing taxpayers to pay for their mistakes. If they are unwilling to do so, then they should not be in office. It is time for the Democrats to put an end to their spending addiction and start looking out for the people they were elected to serve.