Bank failures: where does the buck stop?

At his Substack, Don Surber has some answers:

The blame game over SVB’s [Silicon Valley Bank’s] collapse is a diversion. The media have rounded up the usual suspects: Trump, greed, bad law, blah, blah, blah. When Captain Renault did that in Casablanca, he knew who the real culprits were. The media is not that bright.

James Hickman is. He is the founder of Sovereign Research. He looked at the numbers and he found the culprit.

Biden. He made government bonds worth less which has banks dropping like cockroaches in a Raid commercial.

. . .

SVB lost money on government bonds by the billion and that brought the bank down.

. . .

Bailing out SVB is not the end, rather it is the beginning.

The New York Times had to admit, “Investors Fear Bank Contagion, Despite a Sweeping Rescue Plan. Shares in regional lenders were under pressure, even after regulators unveiled a vast backstop for U.S. banks after Silicon Valley Bank’s collapse.”

There goes NYT saying despite again when it means “because of.” The panic at the Fed to create a new program to bail out banks — er, make billionaire depositors whole — was all we needed to know that once again, Biden led us to another economic catastrophe.

The wrecking balls keep coming at us.  Read all about it at Mr Surber’s Substack blog here.

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