The latest effort by Republicans is to try to blame the Silicon Valley Bank failure on the Biden Administration. My two favorite efforts were by the adorable Donald Trump Jr., and by James Comer (R-KY), chairman of the House “Oversight” Committee. (Yes, this is the committee for which all 26 Republicans refused to denounce white supremacy.)
Anyway, Don Jr. wrote that “I don’t remember banks collapsing under Trump…” In fairness, I suspect there's a lot Don Jr. doesn't remember during his father’s time in office -- or anytime from the past, for that matter. Cocaine does that to a person. For starters, he's already forgotten 16 bank failures under his dad. And forgotten, too, that his dad removed Dodd-Frank bank protections put in place after the 2008 bank crisis – a lack of regulatory protections that allowed the SVB collapse. As for Comer, fresh off his “I won’t denounce white supremacy” tour, he slammed the SVB failure by saying, “They were one of the most woke banks.” Actually, what SVB was -- was an unregulated bank, and that is thanks entirely to Trump and Republicans rolling back those aforementioned banking protections passed during the Obama/Biden Administration. And by the way, to make this all the more fun, one of those voting to repeal the Dodd-Frank protections and a vocal critic of them was, yes Rep. James Comer. It’s so charming to, to see an elected official almost celebrating a bank failure, especially it not only hurts all the investors, but (with SVB) mostly hurts the business community which Republicans are supposed to adore like a religion. And since it risks other banks failing – which I’d think Republicans are against (though after their refusal to denounce white supremacy, I’m not quite sure what the GOP is for or against these days, other than “The Libs.”) But I’m also trying to figure out what a “woke bank” is. Honestly, if I had to pick any industry that was a little “woke” as any, it would be banking. I know that SVB did have more of a history investing in start-up companies than many banks (especially being in Silicon Valley), but if that’s what Republicans now consider “woke,” that’s even more anti-business than I’d ever have imagined Republicans to be. There were other Republicans trying this tactic, as well. And it shouldn’t come as a surprise. After all, it’s been out of the GOP Playbook for years – blame your worst characteristic on your opponent. And this is just one more example of Republicans trying desperately to blame everything on Joe Biden, and in the end, most falls on Trump. And this, with the Silicon Valley Bank is just too pathetic since it not only centers directly on Trump and the GOP, but does so for repealing protections put in place during Obama/Biden.
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AuthorRobert J. Elisberg is a political commentator, screenwriter, novelist, tech writer and also some other things that I just tend to keep forgetting. Feedspot Badge of Honor
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