SVB Bailout A Bitch 4 Average Joe?

Little did Burger King know it was talking about No. 46 when coining its “Have It Your Way” slogan. WSJ skewers Joe in its “Biden’s Bank Bailout Whoppers” that include pickled canards for average Joes who’ll foot the lion's share of the bill.

To show there was “no crisis in our banking system” by hobbling to the podium to mutter those very talking points as if the banking system WAS in crisis, Mr. Biden offered “assurances that markets don’t believe.” At least, that was the WSJ’s take on the president’s hastily-scheduled televised plea to believe him about stability at the very moment the markets for the banking industry were getting burnt to a crisp. Or, will the observation that “bank stocks took another plunge with some down 60% or more” satisfy the naysayers' hunger pains for punishment as well as pocket books?

Speaking of pocket books, Mr. Biden insisted the FDIC “plan” he outlined guarantees ALL SVB depositors would get their money back thanks to its clever new Deposit Insurance fees it will impose on the whole banking industry just to bail out this one “too big to fail West Coast-Crypto-Green-Woke” financial institution. Trouble is, as the WSJ points out, “the cost of this guarantee could be $15 BILLION” & while the WH says the special assessments called for will be levied on the banks alone and not “taxpayers,” it really means “bank customers with less than $250K in deposits will indirectly pay for this through higher bank fees … In other words, this is an income transfer from average Americans to deep-pocketed investors.” Again, Mr. President, have it your way.

Davd Soul