TUCKER CARLSON: Silicon Valley Bank has gone completely under, and the Biden admin doesn’t seem to care
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We are starting to get a better, a more precise sense of what it means when Joe Biden brags about the strongest and most equitable economic recovery in modern history. What it means is it could be time to buy gold and stockpile food. Oh, there’s a deal on Russian steel case and then go pick up a pallet. Just kidding, sort of.
Yesterday, some of the biggest banks in this country, Wells Fargo, Bank of America, JPMorgan, Morgan Stanley collectively lost more than $50 billion in market value in one day. That’s quite a hit. On the other hand, those banks still exist, and you can’t say that for Silicon Valley Bank. As of this morning, Silicon Valley Bank or SVB has gone under completely. That makes the second-biggest bank failure in the history of this country, and that’s significant.
SVB financed nearly half of all venture-backed health care and technology companies in the United States. It also apparently held significant cash reserves for some of the biggest cryptocurrencies, and it’s now gone. Federal regulators have renamed it and taken it over and that means an awful lot of people lost