Charles Payne takes Biden, Dems to woodshed for sparking fear to justify SVB bailout: ‘Diabolical’

Fox Business host Charles Payne has a bone to pick with President Biden and Democrats’ “diabolical attempt to spark fear” over the collapse of SVB, trying to justify a bailout as the contagion spread to Signature Bank which was also shuttered.

Signature Bank was closed on Sunday by the FDIC in the wake of Silicon Valley Bank’s collapse. It is the third-largest failure in US banking history and imploded just two days after SVB (the second-largest bank in history) collapsed, putting billions in deposits at risk.

Reuters reported that Signature Bank had $110.36 billion in assets and $88.59 billion in deposits at the end of last year, according to New York state’s Department of Financial Services.

(Video Credit: CNBC Television)

President Biden spoke on Monday attempting to calm fears concerning bank runs and an economic meltdown in the United States. He spoke just long enough to blame former President Trump for the collapse of the banks, asserting it was his deregulation that caused the meltdown. He then ridiculously claimed that taxpayers would not foot the bill for the failed banks just before turning on his heel and walking away without taking questions.

After vowing that all monies deposited would be made available to depositors courtesy of the FDIC, Biden disingenuously claimed that SVB was not getting a taxpayer-funded bailout.

“No losses will be borne by the taxpayers,” he told a disbelieving nation.

Payne took all he could before letting Biden have it on social media.

“There is a narrative being pushed that regular folks will assume they wouldn’t get their deposits back if billion dollar SVB accounts arent made whole. Its a specious and diabolical attempt to spark fear. Accounts are insured up to $250000 most folks have far less in the bank.”

Using deceptive terminology, Biden and the left asserted that they had to bail out SVB in the name of protecting regular Americans.

“They used pain and suffering of people that were coveted [sic] by FDIC insurance. Interesting the federal reserve was involved in decision-making. Powell knew things like this would happen,” Payne tweeted.

He astutely pointed out that all of this amounted to bailing out wealthy venture capitalists.

“Regular folks are covered to 250;000. This was never about them. Wake up the most arrogant folks on the planet keep a corrupt & irresponsible system moving along without penalty. Venture capitalists and their greed machine was bailed out,” Payne asserted.

“We have been dealing with negative consequences of two trillion in ‘free money’ the moment president Biden pushed through his ‘rescue’ plan. This bank fiasco just the latest but not last chapter,” he warned, alluding to possibly more bank failures to come.

Then he hit the White House with a one-two punch that knocked them flat.

“Too big to fail? Too wealthy to fail? Too politically connected to fail? If the bank was located in East Palestine…” Payne snarked.

Payne was joined by many others on Twitter who had something to say about SVB:



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