Cryptocurrency: BANK RUN PANIC Spreads Around Globe, Crypto and Gold Demand Skyrockets, FDIC Coverup

grarpamp grarpamp at gmail.com
Sun Mar 12 16:53:29 PDT 2023


> Not your keys, Not your Money...

Crypto +14% and rising...


Home Depot Founder Tells Americans To "Wake Up" After Silicon Valley
Bank Collapse

https://www.theepochtimes.com/home-depot-founder-asks-americans-to-wake-up-after-silicon-valley-bank-collapse_5116965.html
https://www.foxnews.com/media/home-depot-co-founder-torches-woke-silicon-valley-bank-collapse-warns-recession-here-already
https://www.theepochtimes.com/silicon-valley-bank-fails-fdic-steps-in-to-protect-depositors-from-losing-all-their-money_5114376.html
https://www.svb.com/news/company-news/silicon-valley-bank-commits-to-$5-billion-in-sustainable-finance-and-carbon-neutral-operations-to-support-a-healthier-planet
https://twitter.com/NikkiHaley/status/1634747902319906816
https://twitter.com/VivekGRamaswamy/status/1634672334656225281

Home Depot co-founder Bernie Marcus asked Americans to “wake up” to
the reality that the U.S. economy is in “tough times,” following the
collapse of Silicon Valley Bank (SVB).

    “I can’t wait for [President Joe] 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. And this is an indication that
whatever he says is not true,” Marcus told Fox News on March 11.

Marcus added,

    “And maybe the American people will finally wake up and understand
that we’re living in very tough times, that, in fact, that a recession
may have already started. Who knows? But it doesn’t look good.”

Silicon Valley Bank, the nation’s 16th largest bank with about $209
billion in total assets, collapsed on March 10, after depositors
rushed to withdraw money over concerns of the bank’s solvency. The
Federal Deposit Insurance Corporation (FDIC) has now assumed control
of the bank.

The collapse of the California bank was the second biggest bank
failure in U.S. history since Washington Mutual during the 2008
financial crisis.

On Saturday, a White House statement said Biden has spoken to
California Gov. Gavin Newsom on the bank’s failure. Newsom also issued
a statement saying he had been in touch with “the highest levels of
leadership at the White House and Treasury.”
‘Woke’

Marcus attributed the bank’s failure to its decisions to adopt “woke” policies.

    “I feel bad for all of these people that lost all their money in
this woke bank. You know, it was more distressing to hear that the
bank officials sold off their stock before this happened. It’s
depressing to me,” Marcus said.

    “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.”

According to a filing with the Securities and Exchange Commission,
Greg Becker, CEO of Silicon Valley Bank, sold 12,451 shares of the
bank’s parent company SVB Financial Group on Feb. 27.

SVB announced in January 2022 that it was committed to providing at
least $5 billion in loans, investments, and other financings by 2027,
to support companies “that are working to decarbonize the energy and
infrastructure industries and hasten the transition to a sustainable,
net zero emissions economy.”

Marcus blamed the Biden administration for pushing banks and companies
into being “more concerned about global warming” than shareholder
returns.

    “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,” he said.

    “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.”

Responses

Several California lawmakers have shared their concerns about the
bank’s failure on Twitter.

    “If regulators do not act quickly, the Silicon Valley Bank
collapse will have widespread ramifications for small businesses,
start-ups, and nonprofits trying to make payroll–as well as on our
broader economy,” Sen. Alex Padilla (D-Calif.) wrote.

Padilla added that he had been in contact with officials from the
administration and the Treasury Department to ensure a quick
resolution.

    “Deeply troubled by SVB’s collapse & uncertainty it’s caused. I’m
hearing from workers in my district concerned when they’ll be paid &
if they’ll be laid off,” Rep. Josh Harder (D-Calif.) wrote.
“Regulators must give urgent clarity to depositors to prevent panic.
Vigorous action is needed to protect account holders.”

Republican presidential hopefuls—Nikki Haley and Vivek Ramaswamy—both
said on Twitter that a bailout is not the resolution.

    “Taxpayers should absolutely not bail out Silicon Valley Bank,” Haley wrote.

    “Private investors can purchase the bank and its assets. It is not
the responsibility of the American taxpayer to step in.”

The former South Carolina governor added, “The era of big government
and corporate bailouts must end.”

    “The right answer isn’t a bailout. It’s to get the government out
of the way and let another bank acquire SVB if that’s what they
actually want to do,” Ramaswamy wrote.

Ramaswamy, a biotechnology entrepreneur, is the author of “Woke, Inc.:
Inside Corporate America’s Social Justice Scam.”


More information about the cypherpunks mailing list