Fox News host Laura Ingraham reacted to the Biden administration’s decision to guarantee all deposits, including uninsured funds, amid the collapse of Silicon Valley Bank (SVB) on “The Ingraham Angle.”
BIDEN DEFENDS US BANKING SYSTEM AFTER SILICON VALLEY BANK’S HISTORIC COLLAPSE
LAURA INGRAHAM: Everyone needs to understand that self-inflicted emergencies like this will destroy faith in capitalism. Reaganism promised a system in which you took your chances and had to live with the results, but that’s not the system we have, and young people can’t be tricked into believing that it is. Every time rich people get bailed out, it’s going to further corrode what little faith is left in our system. And as for 2024, this demonstrates that Republicans will need to focus on the economy, not woke schools or transgenderism, and I’m not saying those issues aren’t important, they are. But this is going to be an election like 1980 and once again, it’s the economy, stupid.
Donald Trump instinctively understands this. Ron DeSantis will need to understand this as well and surround himself with populist conservatives who understand markets and why we can’t allow this twisted game of spending, and borrowing and bailing out to continue. Now, SVB wasn’t the case of the government thinking it was too big to fail, the bank. SVB was too Democrat to fail, too connected to Biden. He can’t afford to lose support in Silicon Valley and expect he’ll win in 2024, and he knows it. But remember this, the same folks who are applauding the Biden bailout never blink twice when working class people lose their jobs to outsourcing or to a workplace flooded with illegal labor. When pain is felt by blue collar types, the globalist response is essentially evolve or die. So we need a financial system that’s transparent and clear to everyone, not one where certain rich people have access to unlimited funds because they’re able to intimidate unelected bureaucrats into letting them have their way. It’s farcical to say that every time a single bank fails, we’ll have a crisis that will think the whole system. That is a bluff that should be called. Otherwise, going forward, it will always be heads they win and tails we lose. And that’s the angle.
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