Yellen says government trying to help Silicon Valley Bank depositors but dismisses bailout
TechCrunchDec 23, 2022
The Facts
Federal regulators stepped in to back all Silicon Valley Bank (SVB) deposits, granting a huge sigh of relief to depositors just hours before global stock markets resumed trading.
Heads of the Federal Reserve, US Dept. of the Treasury, and Federal Deposit Insurance Corporation (FDIC) said Sunday night that SVB’s depositors would have access to all of their funds on Monday. The regulators also announced new facilities to backstop withdrawals across the banking system amid fears of contagion following SVB's shock failure last week.
The Spin
Democratic narrative
Donald Trump’s complete disregard for necessary banking regulations played a major role in Silicon Valley Bank’s collapse. Trump and Congressional GOP members were paid by lobbyists to roll back Dodd-Frank and reduce oversight on SVB specifically. SVB’s collapse can be traced back to 2018 and starts with Trump’s negligence.
Republican narrative
Democrats and the corporate media are trying to pin Silicon Valley Bank’s collapse on Trump in another attempt to shield themselves from the chaos that Joe Biden’s admin. has created. Now some want to use federal overreach and bail out SVB under the guise of helping depositors. This is 2008 all over again.
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