e economic curse of Biden- ation

President’s cavalier spending creates banking crises and financial chaos

‘Balancing the budget is like protecting your virtue; you have to learn to say no!”

— Ronald Reagan

Liberal media is searching for explanations why the Silicon Valley Bank collapsed when the reasons are on President Joe Biden’s back.

In two years in office, our national debt has grown by $3.8 trillion. Since 1929, it took the U.S. 61 years to amass that much debt. While big spenders are Democrats, President Biden has the temerity to blame the GOP for the fiscal chaos that his cavalier spending created.

The collapse of major financial institutions is only beginning since President Biden’s reckless spending and historic inflation have caused financial havoc across America and the world. And he is castigating the economic policies of the last two decades for this financial mess.

Yet it was Joe Biden and Barack Obama who gave us Dodd-Frank and an alphabet of regulations to prevent a repeat of the crisis of 2008.

Contrary to President Biden’s rhetoric, he inherited an economic recovery in “overdrive” from Donald Trump. It was Mr. Biden’s policy bungling that drove America backward into a brick wall of malaise and stagflation.

Is this happening in your community under the disguise of “progress”?

Think about it. How many transportation program outcomes have failed in terms of their goals?

Over 40 years ago, it was bicycles will replace the auto and people will “get it.”

Over 40 years ago, the city of Santa Barbara hired MIG, and they narrowed State Street “because it will increase business.”

Over 40 years ago, the Metropolitan Transit District was formed to “replace” auto use, and it would attract car drivers off the streets.

Over 40 years ago, the failed

It was Mr. Biden’s unnecessary COVID checks that resulted in too many dollars chasing far too few retail products.

“I am not responsible for this economic crisis. It was left at my doorstep.”

— Joe Biden

When news reached Wall Street that Silicon Valley Bank went belly up, stock prices plummeted for more than 20 regional banks. America’s four largest banks — Wells Fargo, Bank of America, Citigroup and JP Morgan — took huge hits on the stock market.

Hedge fund guru Bill Ackman predicted doom and gloom for the economy if the Fed doesn’t bail out these regional banks and all of their investors.

President Biden said his advisers will conduct an investigation into these historic bank failures and hold those accountable for this unprecedented financial crisis. The first place he should look is in the mirror. His lunatic spending and demand for corporate diversity hiring is responsible for this fiscal mess.

In 2021, former Clinton and Obama economic consultant Larry Summers warned us that Biden’s $1.9 trillion spending spree, the American Rescue Plan, was a severe economic threat and called it the worst economic policy in 40 years. Economist Steven Rattner said it was U.S. financial suicide and a gift he’d regret.

State Street narrowing was excused because Old Town did not have a shopping mall.

Over 40 years ago, corner extensions called “bulbouts” were started because they would make pedestrians safer and more would walk.

Did any of these major and very expensive programs work? Are there more bikes?

Walkers? Bus riders? Old Town shoppers? The answer by the city of Santa Barbara is a very reluctant NO. The pain inflicted upon businesses, the middle class, and working poor of all of the above listed projects was and is acute.

“Charity is no part of the legislative duty of the government.”

— James Madison

President Biden’s economic advisers as well as foreign economists recognized his profligate spending of tax dollars would trigger runaway inflation and a huge increase in debt. They told him he’d destroy the economy and the Fed would be forced to raise interest rates sky-high to bail him out.

President Biden ignored these experts and spent trillions of tax dollars on programs to fulfill numerous campaign promises.

His American Rescue plan fiasco was followed by an infrastructure and green energy spending bill he sold to Congress and the voters as an “Inflation Reduction Act?” Again, this was nothing more than political payback to the electric car companies and environmentalists in progressive California.

“By the year 2035, we plan to make all gas-powered cars obsolete in California.”

— Gov. Gavin Newsom

California’s Silicon Valley Bank was the first to fail from

So who did this? If politicians backed it and they failed, at the least they are rogues and failures by definition. As supposed defenders of the “people,” backers of policies that are stupid at the best, and criminal at the least, when they fail, do they own up to it?

What has been the profit for these elected officials and the groups they backed after facing repeated failures? Simple, it is hubris: Greek history, it is pride that is in defiance of nature or the gods. You have seen them sitting behind desks with a 3-minute limit on speakers (“next”), and

Biden’s slipshod spending and its resulting inflation. It’s hard to ignore that SVB is in the heart of liberal California, whose investors also bankrolled President Biden’s campaign. And they have been forced to withdraw millions from SVB to pay expenses and meet payroll since Biden-Flation has drastically increased wages and their cost of doing business.

When Biden overheated the economy with money and paid people not to work, this was a recipe for disaster. Liberal big tech companies flooded SVB with deposits, and in turn they invested them in low yield treasury bonds. What seemed like easy money at the time became “financial harakiri.”

While the Federal Reserve kicked back and watched inflation grow higher than Jack’s magic bean stock, the cost of everything grew with it. When inflation didn’t just go away as President Biden predicted, the Fed finally had to raise interest rates to tame raging inflation. Tech sector investments soon dried up and SVB’s holdings tanked. SVB’s embarrassed chief risk officer abruptly resigned in May 2022.

It took nine months for SVB to find a chief risk officer. By then, new deposits flattened out and more cash was going out than in. SVB’s president, a far left liberal advocate for diversity and reducing global warming, was more focused on achieving continuity with President Biden’s social mandates than his bank’s business. He didn’t realize the extent of their financial exigency until it was too late to try to fix it.

“When a man is out of sight, it is not too long before he is out of mind.”

— Victor Hugo

According to Bloomberg, SVB was the highest-paying publicly traded bank in 2020. In total, their employees averaged bonuses of $250,683 a year. Just hours before bank assets were seized by the Federal Banking Commission, employees received their yearly bonus checks. The size of each bonus could not be determined, but associates averaged $12,000 and managers about $140,000.

The Financial Stability Oversight Council was crafted after the 2008 financial crisis to monitor the financial status of American banks and sound the alarm if they anticipated threats to their solvency. The nation’s top financial wizards — Treasury Secretary Janet Yellen, Gary Gensler of the Securities and Exchange Commission and Federal Reserve Chair Jerome Powell — are the directors and officers.

At the council’s last meeting, there was no discussion of

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