Search
Search Results

No Search Results Found

LIVE
Search
Search Results

No Search Results Found

Explore HomeNewsPodcastsBreaking NewsSocial Watch Live Infowars NetworkThe Alex Jones ShowThe War Room with Owen ShroyerThe American Journal More Banned.VideoInfowars StoreArchiveRSSDownload Our App

Terms of Service

DMCA

Advertise with us

Affiliates

Media Inquiries

About

Politics

Former Clinton Treasury Official Claims Biden Has ‘Effectively Nationalized’ the Banking System

by Jamie White
March 14th 2023, 12:06 pm
FDIC guaranteeing all deposits of Silicon Valley Bank, not just those insured up to $250,000, means "they have guaranteed the entire deposit base of the U.S. financial system," says Roger Altman.
Image Credit:
screenshot/CNN
Share

Joe Biden has essentially nationalized the U.S. banking system in its response to the collapse of Silicon Valley Bank (SVB), according to the former deputy treasury secretary under Bill Clinton.

Roger Altman told CNN that the Biden regime is avoiding directly bailing out SVB because bailouts are “ferociously unpopular,” which is why the FDIC is looking to reimburse depositors rather than rescue the bank itself.

“The main point is, the rescues of 2008-2009…became ferociously unpopular. I mean one of the most unpopular things the federal government has done in 50 or 100 years,” Altman said Tuesday.

“Therefore, the administration today doesn’t want to get within 100 miles of that term ‘bailout.'”

Altman clarified that Biden hasn’t technically nationalized the banks, but is “verging” on doing so by choosing to rescue the deposits of SVB and not those of First Republic bank, which was also in danger of imploding.

“What the authorities did over the weekend was absolutely profound. They guaranteed the depositors – all of them – at Silicon Valley Bank,” he said. “And what that really means – and they won’t say this – is that they have guaranteed the entire deposit base of the U.S. financial system.”

“Why? Because you can’t guarantee all the deposits at SVB and then the next day say to depositors at First Republic [Bank] ‘sorry, yours aren’t guaranteed.’ Of course they are!”

“So, this is a breathtaking step which effectively nationalizes, or federalizes, the deposit base of the U.S. financial system,” he said.

“You can call it a bailout, you can call it something else, but it’s really absolutely profound. Now, the authorities, including the White House are not going to say that, because what I just said implies that they’ve just nationalized the banking system. And technically speaking they haven’t, but in a broad sense they’re verging on that,” he added.

The Federal Deposit Insurance Corporation (FDIC) guaranteed the deposits of not just accounts with $250,000 or less, but all deposits of SVB, leading to criticism that the Biden administration bailed out its Democrat allies in Silicon Valley, who had extensive ties to the defunct bank.


The best part about visiting InfowarsStore.com is you can find high-quality products you already need while also supporting a news organization that works tirelessly to expose the New World Order every day — a 360° win!


Twitter: @WhiteIsTheFury
Truth Social: @WhiteIsTheFury
Gettr: @WhiteIsTheFury
Gab: @WhiteIsTheFury
Minds: @WhiteIsTheFury
Parler: @WhiteIsTheFury

Sign up for our free newsletter HERE that’s loaded with special reports, articles, Infowars Store deals, and more! Don’t let globalist censors cut you off from the truth!
Share
LIVE

In case you missed it...
Politics

Politics

US Launches Airstrikes in Syria

posted 9 hours ago

Politics

Rand Paul: “I Wouldn’t Vaccinate My Children For COVID”

posted 12 hours ago

Politics

Don’t Take Liberties with Liberty

posted a day ago

Politics

Watch: Biden Judicial Nominee Stumped By Basic Legal Question

posted a day ago

View More From Politics
Terms of ServiceDMCAAdvertise with usAffiliatesMedia InquiriesAbout