The Biden administration is a complete disaster.
Just yesterday, the federal government had to seize Silicon Valley Bank – this was the biggest bank failure since 2008.
There is concern this can spread and cause a recession.
The bank reportedly holds $173 billion in deposits.
The crash could cause a recession.
The company provided funding to 44% of all venture capital-backed tech and healthcare companies that publicly listed on a stock exchange last year, according to its website.
Customers tried to pull millions of dollars out and can’t. Online banking and mobile services showing unavailable for some customers.
Economist and Marco Havens CEO Stephanie Pomboy joined Tucker Carlson Tonight to discuss the state of the economy.
She said, “what we are facing right now is really serious and we are on the brink of a 2008-style financial crisis and I’m not trying to be hyperbolic.”
VIDEO (transcript below)
Biden Effect: ‘We’re On The Brink Of A 2008 Style Financial Crisis’ – Economist On Tucker Carlson pic.twitter.com/F1sEbwPc1F
— Red Voice Media (@redvoicenews) March 11, 2023
From the video above:
“Tucker Carlson: Can you just give us your coolest, most attached assessment of what we are seeing? This seems like a big deal is it?
Stephanie Pomboy: Well, I can’t believe that you are not elade by listening to Treasury Secretary Yellen, I mean clearly she’s got the situation in hand. I also am just stunned Tucker that you don’t believe that diversity equity and inclusion are the root of a sound financial system. I mean come on where have you been for the last year Tucker?
Tucker: It is time for the kids to be quiet and like let’s get some real economists here. Who aren’t just like repeating Atlantic articles. This is insane.
Pomboy: It is absolutely insane and the layers of insanity I can’t even believe the videos you showed about the people at SVB you know, focused on the women’s ski day vacation and it is just nonsense and you’re right. What we are facing right now is really serious and we are on the brink of a 2008-style financial crisis and I’m not trying to be hyperbolic. In fact, you and I discussed this at length in our long-form interview several months ago. At the time, the Fed hadn’t even raised rates nearly as high as they have today and as I was saying look you don’t raise rates at record fashion on an economy toting record leverage at maximum speculation and expect no consequence. I mean this was clearly going to happen and now we are seeing the weak links in the chain break. You know the areas where speculation was most rampant and most egregious are clearly coming down and they are doing so a they seem to do in all the three-letter acronyms, just like they did in 2008. We’re back in the three-letter acronyms and there will be a lot more of those and frankly, I think this is the unintended consequence of the fed’s monetary policy layered with a really bad fiscal policy on top of it but essentially we have been encouraging people to take reckless risk for years just because you had no alternative. You could get 0% sitting in t-bill or having your money in a bank or you could go out and you could speculate and that is what they have done and that is all coming back to bite them hard and e got some major consequences coming at us and I think it is going to devolve very rapidly because of all the leverage that’s been built up here.”
Joe Biden needs to be impeached!