Bernie Sanders statement on Silicon Valley Bank

Sen. Bernie Sanders (I-Vt.) on Sunday issued the following statement on Silicon Valley Bank:

“Let’s be clear. The failure of Silicon Valley Bank is a direct result of an absurd 2018 bank deregulation bill signed by Donald Trump that I strongly opposed. Five years ago, the Republican Director of the Congressional Budget Office released a report finding that this legislation would ‘increase the likelihood that a large financial firm with assets of between $100 billion and $250 billion would fail.’

“Unfortunately, that is precisely what happened. During the debate over the legislation I said: ‘Are our memories so short that we learned nothing from the 2008 Wall Street crash? Have we learned nothing from the Savings and Loan disaster of the early 1990s or the thievery of Wells Fargo over the last couple of years or the dishonesty of Equifax or the accounting fraud at Enron and Arthur Anderson or the failure of Long-Term Capital Management or the billions of dollars in fines that financial institution after financial institution has paid out for illegal or deceptive activities?’ Sadly, the Republican Congress and the Trump Administration answered all of these questions with a resounding NO.

“Now is not the time for U.S. taxpayers to bail out Silicon Valley Bank. If there is a bailout of Silicon Valley Bank, it must be 100 percent financed by Wall Street and large financial institutions. We cannot continue down the road of more socialism for the rich and rugged individualism for everyone else. Let us have the courage to stand up to Wall Street, repeal the disastrous 2018 bank deregulation law, break up too big to fail banks and address the needs of working families, not the risky bets of vulture capitalists.”

Image courtesy of Gage Skidmore/Flickr

6 thoughts on “Bernie Sanders statement on Silicon Valley Bank

  1. The only thing related to finance burnie understands is how he can collect millions without doing any work… The blame President Trump game is getting pretty old you worthless ol coot. You’ve had 2 years to change it if that’s the case. You and potato head biden have 80+ years in the swamp DJT had 4. The same as booty boy pot hole pete was wrong about Trump be responsible for the train wreck you will also be proven wrong on your blame game.

  2. This was an entirely WOKE Bank..

    The Bank had no “Head of Risk Assessment” for nine months.
    And the one they did have was in Europe organizing a month long LGBTQ Pride Campaign.

    The Bank failed because they ran it right into the ground because their top priority was a WOKE agenda not the profits for the shareholder.
    The former owner of Home Depot has even spelled this out.

    What is noteworthy here on full display is the ease of which Bernie Sanders flat out lies to people.
    Is it any wonder that Vermont is now in a complete disaster?
    How many decades has this grifter from New Yawk been scamming Vermont now?
    Can you not see how the lies flow out of this man’s mouth like a river?
    When are the voters going to get this and kick his old Socialist butt out?

  3. Well commie burnie, if Trump caused this, explain why all the other banks that weren’t into junk ideas running them, have not failed.

    — the only thing Killery has ever done for the good of America is keeping this idiot out of the the whitehouse.

  4. Bernie is a socialist bafoon. Biden stated that the bailout money will not fall on tax payers. The FDIC insurance fund has billions of dollars generated from interest to make the required payouts. So you are not telling the truth Bernie, and are praying on the vulnerability of the uninformed. Now, the cost of the war on Russia will be passed on to citizens in the form of inflation. Obviously, that fact is not politically beneficial to you.

  5. Vermont’s very own barking buffoon ” Socialist Sanders, again showed the state
    and the world just how ignorant he really is !!

    Maybe he should look at the current-day inflation, yup that would be Sleepy Joe’s
    administration causing bonds to drop off a cliff due to interest rates from the feds,
    Thanks, Joe

    And this bank, current CEO or CFO didn’t see this coming, yes that’s where I’d want
    my money……………… ” No Taxpayer ” bailout

  6. Why would Bernie not mention the regulation?
    Instead, he accuses, before explaining the reason.
    Does he think we are babes in a kindergarten?

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