Krystal and Saagar react to Trump criticizing the bailout of Silicon Valley Bank in the wake of its collapse. To become a Breaking Points Premium Member and watch/listen to the show uncut and 1 hour early visit: To listen to Breaking Points as a podcast, check them out on Apple and Spotify Apple: Spotify: Merch: #news #politics #youtube...(read more)
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On Thursday, former President Donald Trump criticized Silicon Valley Bank's (SVB) bailout, calling it a "disgrace" and a "rip-off." According to Trump, the bank received millions of dollars in funds from the Paycheck Protection Program (PPP), a federal program designed to help small businesses weather the economic impact of the COVID-19 pandemic. However, the former president argued that SVB is not a small business and therefore should not have received the funds. Moreover, Trump claimed that SVB used the bailout money to enrich its executives while failing to support the small businesses it was intended to help. He also suggested that the bank's actions were indicative of a broader problem within the financial industry. In a statement, Trump said, "This is just another example of the swamp creatures getting rich at the expense of hardworking Americans. SVB and other big banks use these programs as a way to pad their own pockets and perpetuate the rigged system that allows them to rake in profits while leaving struggling businesses and families behind." Trump's criticism of SVB comes as he's been making a series of public statements since leaving office in January. The former president has been consistent in his criticism of the financial industry, calling for reforms to protect American taxpayers from banks' risky behavior. What is SVB? Silicon Valley Bank is a California-based bank that specializes in providing financing and other services to technology and other innovation-driven companies. The bank has been in operation since the early 1980s and has served some of the most high-profile companies in the technology sector, including Google, Tesla, and Twitter. Why did SVB receive PPP funding? As one of the largest banks in Silicon Valley, SVB was eligible to receive PPP funds under the CARES Act, the federal government's COVID-19 relief package. The bank received $337 million in PPP funding, which it used to help finance small businesses affected by the pandemic. What is the controversy around SVB's bailout? According to Trump, the controversy around SVB's bailout is twofold. First, Trump argues that SVB is not a small business and therefore should not have received the PPP funds. Second, he suggests that SVB used the bailout money to enrich its executives while failing to support the small businesses it was intended to help. What is Donald Trump's plan for reforming the financial industry? Since leaving office, Trump has been consistent in his calls for reforming the financial industry. The former president has called for a return to the Glass-Steagall Act, a Depression-era law that separated commercial and investment banking activities. Trump has also called for greater transparency in the banking industry and for tougher regulatory oversight to prevent another financial crisis. In conclusion, Trump's criticism of SVB's bailout highlights the ongoing debate about how to best support small businesses during the COVID-19 pandemic. While some argue that banks like SVB are essential to supporting innovation-driven companies, others point to their outsized influence and the potential for abuse. Regardless of the debate, it's clear that Trump will continue to be a vocal critic of the financial industry and its role in American life. https://inflationprotection.org/breaking-news-trump-criticizes-svb-bank-bailout-as-trash-on-breaking-points/?feed_id=95516&_unique_id=6458f755de537 #Inflation #Retirement #GoldIRA #Wealth #Investing #bailout #banks #biden #breakingpoints #desantis #fed #Interview #krystalball #saagarenjeti #Signature #siliconvalleybank #svb #trump #BankFailures #bailout #banks #biden #breakingpoints #desantis #fed #Interview #krystalball #saagarenjeti #Signature #siliconvalleybank #svb #trump
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