The ramifications of Silicon Valley Bank’s (SVB) collapse have yet to fully present themselves, but Home Depot co-founder Bernie Marcus had no doubt as to what caused it when he called out specific “woke issues” given precedence to shareholder expectations.
(Video: Fox News)
The businessman wasted no time when he joined Fox News host Neil Cavuto to call out the leftist policies promoted by President Joe Biden’s administration while ignoring the detrimental impacts being felt by most Americans.
Appearing on Saturday’s “Cavuto Live,” Marcus began with a nod to continued spin on whether or not the economy is in a recession and the exaggerations of the unemployment rate that leave out the number of people who’ve stopped looking for work.
“I can’t wait for Biden to get on the speech again and talk about how great the economy is and how it’s moving forward and getting stronger by the day,” he said. “And this is an indication that whatever he says is not true. And maybe the American people will finally wake up and understand that we’re living in very tough times, that, in fact, the recession may have already started. Who knows?”
“But it doesn’t look good and I feel bad for all these people that lost all their money in this woke bank,” Marcus added.
As previously reported, the Federal Deposit Insurance Corporation (FDIC) officially shut SVB Friday two days after the bank that caters to venture capitalists collapsed due to a run. With more than 90 percent of the accounts suspected to have balances above the FDIC-insured $250,000, the impact of what was the 16th largest bank in the country going under will continue to ripple out as businesses and their employees will go unfunded.
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“You know, it was more distressing to hear that the bank officials sold off their stock before this happened,” Marcus said. “It’s depressing to me. Who knows whether the Justice Department would go after them? They’re a woke company, so I guess not. And they’ll probably get away with it.”
Despite Cavuto’s efforts to defend the investment strategies of the bank, suggesting there was no evidence that SVB had fallen victim to the slogan “go woke, go broke,” the Home Depot co-founder pushed on self-assured.
“I think that the system — I think that the administration has pushed many of these banks into more concern about global warming than they do about shareholder return,” he offered. “And these banks are badly run because everybody is focused on diversity and all of the woke issues and not concentrating on the one thing they should, which is shareholder returns.”
“Instead of protecting the shareholders and their employees, they are more concerned about the social policies. And I think it’s probably a badly run bank. They’ve been there for a lot of years. It’s pathetic that so many people lost money that won’t get it back,” Marcus reiterated.
The former CEO went on to target Biden’s budget proposal and the tax hikes it is loaded with as he argued, “Somebody with a sane head has to come in and understand that you can’t do two things.”
“Number one, you can’t keep raising rates. You can’t keep inflation as strong as it is,” Marcus said of the Federal Reserve’s response to economic reports. “And you can’t tax people more than they are. [Biden’s] proposal to tax the middle class and the rich is about as dumb as I’ve heard in a long time.”
“In a recession like this,” he concluded without dancing around the term, “you don’t do things like that.”
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