TUCKER CARLSON: We’re getting moral lectures from the banks
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Most people got poorer during the COVID lockdowns, probably poorer than they realize. They’re finding out now, unfortunately, but the tech companies got a whole lot richer and it’s simple. Why? Politicians forced the entire population indoors at gunpoint. Millions of people had no choice but to live out their lives in the lonely hell of the internet. That turned out to be a disaster for America as rising suicide rates now attest, but for Silicon Valley, it made for an epic payday and that epic payday was soon reflected epically on the balance sheets of its biggest local lenders, which was called Silicon Valley Bank.
In 2018, SVB had about $49 billion on deposit. Three years later, that same bank had amassed more than $189 billion. That is a gargantuan increase in deposits over a very short period of time. It was certainly dramatic enough to have raised a very serious question and an obvious one: What was Silicon Valley Bank going to do with all that money? Even in the San Francisco Bay Area, it would be hard to find qualified borrowers for $189 billion. You could not responsibly loan all