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Speaker 1: So you had a major US bank collapse and the

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Speaker 1: Biden administration was asleep at the will. This was the

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Speaker 1: biggest bank failure since two thousand and eight. Again, and

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Speaker 1: the Biden administration asleep at the wheel. Several bank stocks

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Speaker 1: were also halted trading on Friday, including First Republic, pack West,

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Speaker 1: and a crypto focused signature bank. First Republic dropped fourteen

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Speaker 1: point eight percent and pac West shed thirty seven point

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Speaker 1: nine percent. Some Bellweather bank stocks even suffered smaller losses

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Speaker 1: as the Silicon Valley bank fallout retreat havoc on regional names. Goldman,

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Speaker 1: Sack and Bank of America fell four point two and

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Speaker 1: zero point nine percent. What does this mean, Well, the

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Speaker 1: US government now having to wake up because they don't

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Speaker 1: have actual human beings in charge our government that no

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Speaker 1: policy and said they found a bunch of woke people

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Speaker 1: they could put in positions based on being woke. Right,

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Speaker 1: They've got dudes dressed like chicks advising us. They have

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Speaker 1: a mayor running transportation that knows nothing about being a mayor.

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Speaker 1: The list goes on and on of the woke individuals

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Speaker 1: that we have running this country right now. Because everything

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Speaker 1: was about filling quotas with this administration, and when you

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Speaker 1: do that, this is what you get. So now the

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Speaker 1: US is scrambling to prepare for a financial backstop so

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Speaker 1: stave off a banking panic. They're worried about Monday and Tuesday.

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Speaker 1: US government. As of Sunday night, they were scrambling, quote,

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Speaker 1: to prepare emergency measures to shore up banks and the

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Speaker 1: US economy as the nation braces for a potential bank run,

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Speaker 1: all because of Silicon Valley bank collect apps. The US

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Speaker 1: Treasury and the Federal Reserve are jointly preparing to launch

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Speaker 1: a program to backstop deposits and excess of the Federal

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Speaker 1: Deposit Insurance Court two hundred and fifty thousand, according to

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Speaker 1: people familiar with the matter. The Federal Reserve is also

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Speaker 1: preparing to ease the terms of banks access to its

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Speaker 1: discount Window, an emergency learning facility for banks to raise cash.

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Speaker 1: The emergency preparations, even as I am doing this, they saying,

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Speaker 1: are not yet official. That's how chaotic it is. Because

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Speaker 1: you have a quota administration, it fills quotas instead of

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Speaker 1: has serious people in charge of serious issues. Where were

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Speaker 1: the regulators and how did this even happen? Those are

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Speaker 1: questions that the media should be asking right now, but

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Speaker 1: they're not because they're protecting the Biden administration. Now, the

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Speaker 1: O eight collapse actually made sense. Subprime lending and multiple

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Speaker 1: other parts of the government not regulating certain things allowed

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Speaker 1: for that collapse to happen in O eight, and we

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Speaker 1: saw it coming, and they knew there could be a problem,

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Speaker 1: But the banks were allowed to do things and package

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Speaker 1: loans and subprime loans and basically categorize them as being

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Speaker 1: safer investments than they really were allowed for a massive collapse.

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Speaker 1: We know that we were supposed to fix it. We

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Speaker 1: now have a government that basically, if you're on their team,

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Speaker 1: they look the other way. How do we know this?

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Speaker 1: We know this from the cryptocurrency exchange collapse and the

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Speaker 1: number two donor during the midterm elections. The Democratic Party

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Speaker 1: who was in charge of that cryptocurrency collapse. You would

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Speaker 1: have thought at that moment that maybe they should have

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Speaker 1: been really focused on banks that dealt with a lot

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Speaker 1: of crypto, just like the Silicon Valley Bank. Did they know,

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Speaker 1: of course not, Why would they? So now we have

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Speaker 1: the FED in the US Treasury who have not publicly

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Speaker 1: commented on measures they are considering to save off a

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Speaker 1: rush of demand for bank account deposits to be withdrawn. Now,

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Speaker 1: just to put it in perspective, what happened on Friday.

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Speaker 1: Silicon Valley Bank, the sixteenth largest bank by assets in

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Speaker 1: the US, failed by mid morning Friday after depositors rushed

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Speaker 1: to withdraw deposits. This was the largest bank failure since

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Speaker 1: the financial crisis in oh eight and the second largest

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Speaker 1: failure in the history of the United States. I want

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Speaker 1: to say that again, the second largest failure in the

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Speaker 1: history of the United States of America. And it just

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Speaker 1: happened like mid morning Friday, and the media was like, Oh, wow,

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Speaker 1: this happened like it's not a big deal. In fact,

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Speaker 1: it is a big deal, to the point where now

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Speaker 1: we're trying to figure out what the hell is going

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Speaker 1: to happen Monday Tuesday. The government doesn't know what their

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Speaker 1: plan is. But what we do know is the government

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Speaker 1: now is worried that customers may try to withdraw funds

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Speaker 1: from other banks, having other runs on the bank actually happen. Now.

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Speaker 1: Janet Yellen, who's the woman supposed to be in charge,

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Speaker 1: another woman who again has apparently no idea what she's

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Speaker 1: doing at the Department of Treasury is now leaving the

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Speaker 1: door open for your tax dollars to be used a

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Speaker 1: bailout of the uninsured deposits above the two fifty minute

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Speaker 1: maximum at Silicon Valley Bank. Because she and her team

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Speaker 1: were asleep at the wheel, the Treasury Secretary appeared to

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Speaker 1: at least hint on Sunday morning that the government might

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Speaker 1: step in to fund uninsured deposits at Silicon Valley Bank.

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Speaker 1: It's a tech sector focused bank that collapsed when panic

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Speaker 1: customers withdrew tens of billions of dollars. All right, I'm

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Speaker 1: gonna tell you more about this in a second, but

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Speaker 1: is with a gold ira. I'm excited about telling you

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Speaker 1: to retirement, to protect your assets because there's no time

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Speaker 1: thousand dollars or more, then you should take a look

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Speaker 1: Precious Metals dot Com. Eight seven seven four gold IRA. Now,

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Speaker 1: how does the FDIC work? And if you've ever opened

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Speaker 1: a bank account, they'll tell you and sell you on.

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Speaker 1: Your money is secure because we are an FDIC bank,

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Speaker 1: right the Federal Deposit Insurance Corporation, the FDIC took the

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Speaker 1: bank into receivership on Friday, and they do insured deposits

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Speaker 1: up to a quarter million dollars. On Friday, the FDIC

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Speaker 1: said all insured deposits would be available on Monday morning.

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Speaker 1: Let me say that again. On Friday, the FDIC said

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Speaker 1: all insured deposits would be available on Monday morning, meaning

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Speaker 1: up to two hundred fifty thousand hours. If you had

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Speaker 1: more than that, you're screwed. At least at this moment.

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Speaker 1: Most Silicon Valley Bank deposits, however, are above the insured limit.

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Speaker 1: The FDIC said on Friday that it had not determined

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Speaker 1: the amount of uninsured deposits, but said depositors with amountain

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Speaker 1: excess of a quarter million would get an advanced dividend

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Speaker 1: next week. The amount of such a dividend has yet

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Speaker 1: to be determined. Quote unquote. Some customers are worried they

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Speaker 1: will not have access to fund zeded to even make

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Speaker 1: payrolls and pay vendors this week. Bank regulators are concerned

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Speaker 1: that panic customers at other banks might also seek to

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Speaker 1: withdraw their deposits on Monday and Tuesday, possibly putting more

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Speaker 1: banks in jeopardy, saying, quote, we want to make sure

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Speaker 1: that the troubles that exist at one bank don't create

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Speaker 1: other problems at other banks that are sound. That's what

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Speaker 1: Yellen said in an interview and Face the Nation Sunday morning,

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Speaker 1: saying quote, we are concerned about the deposits and are

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Speaker 1: focused on trying to meet their needs. Yelling said that

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Speaker 1: regulators were not looking to bail out banks with capital

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Speaker 1: injections like we did a O eight or measures similar

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Speaker 1: to what we did in O eight, saying quote, we're

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Speaker 1: not going to do that again because many people believe

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Speaker 1: that it was a disaster. In that situation, many people

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Speaker 1: that were irresponsible actually got paid, and that's a problem.

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Speaker 1: Her comments, however, appeared to leave open the possibility of

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Speaker 1: the United States government with your tax dollars, and we'd

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Speaker 1: have to borrow the money to do this because we

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Speaker 1: don't have the money to do this. Would provide funds

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Speaker 1: to make sure even uninsured deposits at Silicon Valley Bank

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Speaker 1: were accessible to customers. Also, they're saying the government could

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Speaker 1: find a willing buyer for the deposits, most likely one

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Speaker 1: of the largest US banks, and save the bank that way.

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Speaker 1: Bloomberg News is reporting right now the Federal Deposit Insurance

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Speaker 1: Corporation FDIC wants an auction process late Saturday for the

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Speaker 1: Silicon Valley Bank, with final bids due by Sunday afternoon.

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Speaker 1: The winner of the auction may not be known until

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Speaker 1: late Sunday. Bloomberg is now reporting either would likely wipe

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Speaker 1: out equity holders and holders of debt issued by the bank,

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Speaker 1: but ensure depositors would have access to funds. Quote unquote,

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Speaker 1: Janet Yellman, of course knew what her job was. That

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Speaker 1: was go on TV and tell everybody after a historic

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Speaker 1: failure of a bank that actually everything is okay, that

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Speaker 1: the American banking system is totally fine, that this was

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Speaker 1: just some sort of anomaly. Now, to put in perspective

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Speaker 1: before I play her for you, as she went on TV,

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Speaker 1: let me just remind you about actually how big of

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Speaker 1: a deal this was. The CEO of an incubator in

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Speaker 1: Silicon Valley came out to put in perspective and said

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Speaker 1: that the bank failure is an extinction level event. Gary

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Speaker 1: Tan who's the president CEO of Y Combinator, recently say

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Speaker 1: that the collapse of Silicon Valley Bank is an extinction

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Speaker 1: level event for tech startups. Now this guy knows what

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Speaker 1: he's talking about all right, Gary Tan, is it basically

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Speaker 1: an incubator has helped launch more than four thousand tech companies,

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Speaker 1: including Airbnb, which is massive, door Dash which is massive,

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Speaker 1: and Stripe. Market Watch. Reports of the failure of Silicon

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Speaker 1: Valley Bank has sent shockwaves throughout the tech startup community,

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Speaker 1: with fears that it could set innovation back by a decade.

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Speaker 1: That's where Gary Tan, the CEO of the Startup Accelerator,

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Speaker 1: came in, saying this is an extinction level event for startups,

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Speaker 1: warning that the loss of these small businesses could significantly

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Speaker 1: impact the economy. Tan say, this is an extinction level

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Speaker 1: event for startups and wells set startups and innovation back

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Speaker 1: more than ten years. He also said, quote big tech

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Speaker 1: will not care about this. They have cash elsewhere. All

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Speaker 1: the little startups tomorrow's Googles and Facebooks will be extinguished

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Speaker 1: if we don't find a fix now. The fall of

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Speaker 1: this bank is the largest bank failure. Again, put this

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Speaker 1: in your head since the collapse of washing a mutual

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Speaker 1: in two thousand and eight, and it's closure that left

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Speaker 1: thousands of startups in a precarious position by the end

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Speaker 1: of twenty twenty two. By the way, the bank had

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Speaker 1: thirteen locations operating in California, Massachusetts two hundred nine billion

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Speaker 1: in total assets. Again, this is Silicon Valley Bank two

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Speaker 1: hundred and nine billion in total assets and one hundred

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Speaker 1: and seventy four billion in deposits. Many startups, by the way,

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Speaker 1: had made Silicon Valley Bank their only bank. The two

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Speaker 1: hundred and fifty thousand of FDIC deposit insurance would not

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Speaker 1: be enough to cover what most people had in their

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Speaker 1: bank accounts. Now, the collapse of the Silicon Valley Bank

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Speaker 1: was caused by this massive run the bank, with customers

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Speaker 1: initiating with draws of forty two billion this week, forty

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Speaker 1: two billion. So let's go to the Treasury secretary that

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Speaker 1: was asleep at the wheel. What does she say about

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Speaker 1: this on face the nation? Here it is, I want

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Speaker 1: to get straight to it because the markets will soon

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Speaker 1: reopen for trading. Does the government need to intervene and

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Speaker 1: take emergency measures because of svb's failure, Well, let me say,

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Speaker 1: America's economy relies on a safe and sound banking system

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Speaker 1: that can provide for the credit needs of our households

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Speaker 1: and businesses. So whenever a bank, especially one like Silicon

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Speaker 1: Valley bank with billions of dollars in deposits fails. It's

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Speaker 1: clearly a concern from the standpoint of depositors, many of

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Speaker 1: which may be small businesses. They rely on access to

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Speaker 1: their funds to be able to pay the bills that

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Speaker 1: they have, and they employ tens of thousands of people

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Speaker 1: across the country. We've been hearing from those depositors and

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Speaker 1: other concerned people this weekend. So let me say that

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Speaker 1: I've been working all weekend with our banking regulators to

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Speaker 1: design appropriate policies to address this situation. I can't really

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Speaker 1: provide further details at this time, but what I do

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Speaker 1: want to do is emphasize that the American banking system

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Speaker 1: is really safe and well capitalized. It's resilient. Can you

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Speaker 1: say whether these problems were unique to Silicon Valley Bank

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Speaker 1: or can you say whether there will be other regional

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Speaker 1: bank failures. Look, let me just say that we want

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Speaker 1: to make sure that the troubles that exist at one

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Speaker 1: bank don't create contagion to others that are sound, and

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Speaker 1: a goal always of supervision and regulation is to make

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Speaker 1: sure that contagion can't can't occur. Your counterpart in the

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Speaker 1: United Kingdom has said that the government there has ruled

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Speaker 1: out a bailout of the UK arm of Silicon Valley Bank.

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Speaker 1: Have you also ruled out that kind of government intervention? Well,

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Speaker 1: let me be clear that during the financial crisis there

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Speaker 1: were investors and owners of systemic large banks that were

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Speaker 1: built out and we're certainly not looking and the reforms

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Speaker 1: that have been put in place means that we're not

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Speaker 1: going to do that again. But we are concerned to

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Speaker 1: bet depositors and are focused on trying to meet their needs.

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Speaker 1: Where were the regulators? Can we all just go back

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Speaker 1: to that for a second. I mean, when she says

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Speaker 1: the American banking system is really safe, I'm not saying

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Speaker 1: I disagree with that, but you just had a historic

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Speaker 1: bank collapse with a run on the bank. So when

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Speaker 1: you know, do I really trust you? And this is

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Speaker 1: the government right now, Let's be honest about our government.

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Speaker 1: Do we really trust the government right now? Knowing what

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Speaker 1: we know? And when they tell you that everything is

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Speaker 1: going to be fine and that the banking system is

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Speaker 1: strong and it's amazing right and everything else, There's another

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Speaker 1: part of this that just has to be brought up,

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Speaker 1: and that is where the hell was the government overseeing

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Speaker 1: this bank, the regulators overseeing this bank. What's the point

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Speaker 1: of having regulators if banks can fall apart this quickly?

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Speaker 1: Can anyone explain that to me? Seriously? Can anyone explain

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Speaker 1: that to me? Where are the regulators right? Because shouldn't

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Speaker 1: they have been able to see this coming and get

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Speaker 1: involved quicker? Because when and I understand this whole idea

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Speaker 1: of like, hey, we shouldn't bail out people and they

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Speaker 1: do stupid things. But there are some really good people

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Speaker 1: that had deposits here. Okay, there were really good people

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Speaker 1: that worked really hard and did everything they could to

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Speaker 1: work really hard to provide for themselves and their families.

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Speaker 1: And they had more than two undred fifty thousand dollars

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Speaker 1: in this bank that had billions of dollars in deposits

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Speaker 1: and had to run on the bank worth billions and

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Speaker 1: billions and billions of dollars? Do they deserve to be hurt?

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Speaker 1: If you were in that bank and you had more

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Speaker 1: than twoundyfty thousand dollars in your bank account, I'm sure

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Speaker 1: you'd be saying, dear government, One you guys didn't do

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Speaker 1: your job, and two I need you to help me

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Speaker 1: because this is unfair and that if you do that,

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Speaker 1: the problem is in the future, can banks be more

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Speaker 1: irresponsible right and profit from extreme risk just like they

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Speaker 1: didn't know eight, Just like they didn't know eight, and

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Speaker 1: know that there's always going to be a bailout. Now,

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Speaker 1: the US government has already come out and said, and

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Speaker 1: this is the headline coming from the Washington Post. The

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Speaker 1: US government says all depositors that failed Silicon Valley Bank

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Speaker 1: will have access to all their money on Monday. The

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Speaker 1: move to safeguard bank depositors will not come at taxpayer's expense,

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Speaker 1: is what the Treasury Secretary Janet Yellen said. The decisions

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Speaker 1: aim at heading off a panic in the financial markets.

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Speaker 1: As one man put it, this is incredible. They're going

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Speaker 1: to print money to bail out at bankrupt bank to

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Speaker 1: basically prop up a weak, nervous market. As one said,

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Speaker 1: soon we'll be taking a will barrel full of money

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Speaker 1: to buy eggs because they keep devaluing the dollar over

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Speaker 1: and over and over and over and over and over

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Speaker 1: and over again. And the government that's supposed to have

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Speaker 1: their hands on this, and the regulators that are supposed

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Speaker 1: to have their hands on this, clearly we're not paying

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Speaker 1: attention because we have an administration filled with unserious people.

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Speaker 1: We have an administration. Now that's a joke. Okay, we

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Speaker 1: have an administration. Now that is a joke. We also

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Speaker 1: have to talk about how woke the bank was. That

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Speaker 1: went under a lot of people to understand how woke

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Speaker 1: the bank actually was. Silicon Valley Bank was all about

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Speaker 1: the wokeness. They loved working with woke companies. They love

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Speaker 1: working with liberal companies. They love working with tech companies.

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Speaker 1: They love working with For example, the streaming giant Roku,

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Speaker 1: we're being told, had four hundred and eighty seven million

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Speaker 1: in cash on hand held by Silicon Valley Bank. That

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Speaker 1: streaming giant Roku had about one fourth of its cash

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Speaker 1: and equivalence, amounting to nearly a half a billion dollars

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Speaker 1: held in that bank. The entertainment company remains unsure how

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Speaker 1: much of that cash it will recover. According to Variety,

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Speaker 1: the collapse of Silicon Valley Bank was caused by the

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Speaker 1: massive run the bank, with customers driving withdrawals of forty

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Speaker 1: two billion this last week alone, the majority of it

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Speaker 1: Thursday Friday, the sixteenth largest bank by assets, with the

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Speaker 1: US Federal Reserve data showing the bank had two or

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Speaker 1: nine billion assets as of December the thirty first. But

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Speaker 1: this had to do a lot with the fact that

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Speaker 1: this bank was just a woke bank. It was a

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Speaker 1: woke Silicon Valley bank. It was more concerned about global

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Speaker 1: warming then they were about shareholder returns. Yeah. Home Depot

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Speaker 1: founder Bernie Marcus said on Friday that Americans there was

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Speaker 1: time for Americans to wake up after the woke Silicon

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Speaker 1: Valley bank collapsed because they were more concerned about global

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Speaker 1: warming than they do about shareholder returns and fiscal responsibility.

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Speaker 1: Listen to part of this conversation that he had on

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Speaker 1: Fox with No Cavudo. But he's watching it just the same.

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Speaker 1: The Home Depot co founder kind enough to join us now, Bernie,

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Speaker 1: always good seeing you. Do you think history is repeating itself?

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Speaker 1: Should people stay calm? What are you telling him? Well?

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Speaker 1: All I know is that I can't wait for Biden

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Speaker 1: token again on the speech again and talk about how

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Speaker 1: great the economy is and how it's moving forward and

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Speaker 1: getting stronger by the day. And this is an indication

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Speaker 1: that whatever he says is not true, and maybe the

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Speaker 1: America people will finally wake up and understand they were

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Speaker 1: living in very tough times that the recession may have

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Speaker 1: already started. Who knows, but it doesn't look good. And

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Speaker 1: I feel bad for all these people that lost all

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Speaker 1: their money in this woke bank. You know, it was

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Speaker 1: more distressing to hear that the bank officials sold off

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Speaker 1: their stock before this happened. It's depressing to me. Who

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Speaker 1: knows whether there's justice the Partment will go after them.

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Speaker 1: They are woke companies, so I guess not, and they'll

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Speaker 1: probably get away. When you say, well, when you say

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Speaker 1: woke company that's in technology, venture capital funded startups and

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Speaker 1: all of that, they might have been disproportionately exposed to this.

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Speaker 1: Do you think there are others like like this bank

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Speaker 1: out there? I think they probably are. Yeah. I think

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Speaker 1: that the system. I think that the administration has pushed

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Speaker 1: many of these banks into more concern about global warming

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Speaker 1: than they do about share older return uh. And these

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Speaker 1: banks badly run because everybody is focused on diversity and

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Speaker 1: all of the walk issues and not concentrating on one

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Speaker 1: thing they should, which is shareholder returns. UH. Instead of

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Speaker 1: protecting the shareholders and their and their employees. UH, they're

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Speaker 1: more concerned about the social policies. And I think it's

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Speaker 1: probably a badly run bank. Uh. They've been there for

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Speaker 1: a lot of years. It's pathetic that so many people

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Speaker 1: lost money that will get it back. And you know, Bernie,

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Speaker 1: you might some of them. You might. By the way,

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Speaker 1: I love this guy, right, this is the this is

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Speaker 1: what I love about this home depot founder. You know,

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Speaker 1: Bernie Markets is getting older. He doesn't care to fit anybody,

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Speaker 1: he says. I think the assistant the administration has pushed

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Speaker 1: many of these banks into more in more concerned about

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Speaker 1: global warming than what they do for shareholder returns. And

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Speaker 1: these banks are badly run because everybody is focused on

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Speaker 1: diversity and all of the woke issues and not concentrating

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Speaker 1: on the one thing they should, which is shareholder returns,

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Speaker 1: instead of protecting the shareholders and their employees, the depositors. Right,

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Speaker 1: they're more concerned about social policies. And I think it's

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Speaker 1: probably a badly run bank. They've been there for a

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Speaker 1: lot of years. It's pathetic that some of people lost

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Speaker 1: their money won't get it back all. Right, Before I

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Speaker 1: get into that, I want to talk to you real

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Speaker 1: I want to go back to this story, he said.

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Speaker 1: Here's the other thing. Listen carefully. This is I get that.

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Speaker 1: It's a guy that has nothing to lose. To this point,

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00:25:53,240 --> 00:25:57,439
Speaker 1: he's like, look, I've I've done my time and building companies.

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00:25:57,440 --> 00:26:00,600
Speaker 1: I build home depot. You want to know what's really

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00:26:00,600 --> 00:26:02,240
Speaker 1: going on. I don't care if I offend people, and

404
00:26:02,280 --> 00:26:05,480
Speaker 1: I love This is why you should listen sometimes to

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00:26:05,560 --> 00:26:08,040
Speaker 1: your elders, because some of them have things to say

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00:26:08,040 --> 00:26:10,439
Speaker 1: that other people won't take the risk of saying. And

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00:26:10,600 --> 00:26:12,720
Speaker 1: he's got his money and he doesn't care, and he's

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00:26:12,760 --> 00:26:15,400
Speaker 1: telling you the truth. And he said this. The FEDS

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00:26:15,560 --> 00:26:19,800
Speaker 1: keep raising rates and inflation keeps going in the wrong direction.

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Speaker 1: It's not staying where it should be. People are struggling.

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Speaker 1: People can't pay their bills, they can't fill their tanks

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Speaker 1: with gas. And if you think that's a good sign,

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Speaker 1: I don't think it is. And we have an administration

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Speaker 1: that's ob twus to this. They keep talking about the

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Speaker 1: great times and how good it is. It's not. Somebody

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Speaker 1: with a saint head has to come and understand that

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Speaker 1: you can't do two things. Number one, you can't keep

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Speaker 1: raising rates referring to interest rates, and two, you can't

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Speaker 1: keep inflation as strong as it is, and you can't

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Speaker 1: tax people more than they are. His proposal, referring to

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Speaker 1: Biden's proposal tax the middle class and the riches about

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00:27:02,359 --> 00:27:05,119
Speaker 1: as dumb as I've heard in a long time. In

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Speaker 1: a recession like this, you don't do things like that.

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Speaker 1: And by the way, Joe Biden said in the back

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Speaker 1: of the day on record, you don't raise interests or

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Speaker 1: you don't raise taxes when you're dealing with inflation. It's

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Speaker 1: the dumbest thing you can do. But now he needs

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Speaker 1: more money because he wants more control. That's what this

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Speaker 1: all comes down to, is the issue of control. That's

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Speaker 1: why he's saying it the way he is. But Bernie

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Speaker 1: Marcus just said it the way that it should have

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Speaker 1: been said, woke Silicon Valley Bank was more concerned about

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00:27:34,840 --> 00:27:40,160
Speaker 1: global warming than shareholders returns and quotas. And he's right.

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00:27:41,720 --> 00:27:43,760
Speaker 1: And if you think this is only in America, you're wrong,

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00:27:43,840 --> 00:27:45,880
Speaker 1: because as you heard Janet Yellen say a moment ago

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00:27:45,920 --> 00:27:48,320
Speaker 1: when I was playing that audio, the UK is now

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00:27:48,400 --> 00:27:50,480
Speaker 1: mulling over the idea of a bailout for the tech

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00:27:50,520 --> 00:27:57,120
Speaker 1: firms after the silicon collapse. Authorities in the UK are

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00:27:57,280 --> 00:28:01,119
Speaker 1: considering a possible bailout for all the tech firms after

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00:28:01,160 --> 00:28:05,160
Speaker 1: the collapse the British brands of Silicon Valley Bank. Jeremy Hunt,

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00:28:05,160 --> 00:28:08,920
Speaker 1: the Chancellor, is reportedly mowing a possible bailout for tech

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00:28:08,960 --> 00:28:11,760
Speaker 1: firms and startups that were affected by the collapse of

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00:28:11,760 --> 00:28:17,480
Speaker 1: the Silicon Valley Bank UK. The failure of SVP represents

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00:28:17,480 --> 00:28:19,800
Speaker 1: the second largest failure of a bank in US history,

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00:28:19,840 --> 00:28:22,400
Speaker 1: only beaten out by the collapse of Washington Mutual during

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00:28:22,400 --> 00:28:25,440
Speaker 1: the O eight financial crisis. According to the report by

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00:28:25,480 --> 00:28:29,399
Speaker 1: the BBC, there is now significant fear about the knock

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00:28:29,480 --> 00:28:33,159
Speaker 1: on effect the bank's collapse could have on startups in Britain,

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00:28:33,400 --> 00:28:35,680
Speaker 1: with many firms set to lose large sums of money

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00:28:35,720 --> 00:28:40,600
Speaker 1: after the Bank of England declared that SVP SVP UK

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00:28:41,320 --> 00:28:45,120
Speaker 1: would enter in solvenc As a result, the Treasury is

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00:28:45,160 --> 00:28:47,720
Speaker 1: now reportedly aiming to offset the damage done by the

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00:28:47,760 --> 00:28:52,000
Speaker 1: bank's collapse, with Hunt telling the public broadcaster BBC that

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00:28:52,120 --> 00:28:58,000
Speaker 1: authorities are considering various ways of recusing the tech firms

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00:28:58,040 --> 00:29:02,920
Speaker 1: affected so another ball out. One such rescue plan involves

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00:29:02,920 --> 00:29:06,400
Speaker 1: providing an emergency cast lifeline for companies hit by SVB

457
00:29:06,680 --> 00:29:09,600
Speaker 1: going under quote, we want to find a way that

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00:29:09,720 --> 00:29:14,840
Speaker 1: ministries can help and avoid all the losses of the

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00:29:14,920 --> 00:29:18,520
Speaker 1: incredibly promising firms. The Chancellor wrote, arguing that while the

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00:29:18,560 --> 00:29:21,160
Speaker 1: impact of the United Kingdom's overall economy is expected to

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00:29:21,160 --> 00:29:25,160
Speaker 1: be minimal, SVPs collapsed would nevertheless risk wiping out many

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00:29:25,160 --> 00:29:30,440
Speaker 1: of the countries budding tech enterprises. So, in other words,

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00:29:30,440 --> 00:29:33,400
Speaker 1: we're gonna pick winners and losers in different sectors, same

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00:29:33,440 --> 00:29:35,960
Speaker 1: thing that they're talking about doing here. We like big tech,

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00:29:36,040 --> 00:29:38,760
Speaker 1: we like tech firms, we like quote companies. We don't

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00:29:38,800 --> 00:29:41,160
Speaker 1: want them to be hurt, so we'll just say, hey,

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00:29:41,200 --> 00:29:45,480
Speaker 1: we're not going to allow them to be hurt, and

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00:29:45,680 --> 00:29:47,800
Speaker 1: we like what they're doing, so we'll bail them out.

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00:29:49,400 --> 00:29:52,320
Speaker 1: That's how we'll do this. We'll bail them out that way.

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00:29:53,480 --> 00:29:55,360
Speaker 1: Does this sound like a very good idea or does

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00:29:55,360 --> 00:29:58,040
Speaker 1: it sound like a disaster? To me, it sounds like

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00:29:58,080 --> 00:30:02,160
Speaker 1: a disaster. Does it sound like something we should be

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00:30:02,160 --> 00:30:04,920
Speaker 1: supporting or advocating for. No, it doesn't. It sounds again

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00:30:05,080 --> 00:30:11,600
Speaker 1: like a disaster. Sounds like a terrible, terrible, terrible, terrible

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00:30:11,680 --> 00:30:16,000
Speaker 1: terrible idea, something that should not happen. Yet here we

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00:30:16,040 --> 00:30:21,360
Speaker 1: are having this conversation because there's a liberal bank with

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00:30:21,440 --> 00:30:26,280
Speaker 1: a woke ideology. That's what it is. A liberal bank

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00:30:26,880 --> 00:30:31,280
Speaker 1: with a woke ideology. They're gonna probably bail them out.

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00:30:31,800 --> 00:30:34,880
Speaker 1: They're gonna prop them up, and they're gonna tell you

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00:30:34,920 --> 00:30:37,280
Speaker 1: it's not going to cost you taxpayers dollars. And when

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00:30:37,280 --> 00:30:40,040
Speaker 1: they tell you that, you need to understand they are

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00:30:40,160 --> 00:30:44,600
Speaker 1: one thousand percent lying to you. This will cost you

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00:30:44,640 --> 00:30:48,440
Speaker 1: some taxpayers dollars. Anyone that tells you that it's not

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00:30:48,680 --> 00:30:52,840
Speaker 1: they're lying to you. They are lying to you. I'll

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00:30:52,880 --> 00:30:57,320
Speaker 1: say it one more time. They are lying to you.

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00:30:58,120 --> 00:31:00,280
Speaker 1: This is going to cost us all a hell of

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00:31:00,320 --> 00:31:03,440
Speaker 1: a lot of money, all right. Lastly, please make sure

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00:31:03,480 --> 00:31:07,800
Speaker 1: you hit that subscribe button or auto download button wherever

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00:31:07,920 --> 00:31:10,680
Speaker 1: you were listening to this podcast right now and take

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00:31:10,680 --> 00:31:13,760
Speaker 1: a moment to write us a five star review. Many

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00:31:13,800 --> 00:31:16,160
Speaker 1: on the left have been attacking our podcast, writing us

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00:31:16,160 --> 00:31:19,320
Speaker 1: bad reviews on purpose, So if you would help us

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00:31:19,360 --> 00:31:21,560
Speaker 1: fight back by writing us a good review, a five

494
00:31:21,600 --> 00:31:24,360
Speaker 1: star review, and share this podcast with your family and

495
00:31:24,400 --> 00:31:26,880
Speaker 1: friends on social media to help us grow. See you

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00:31:26,960 --> 00:31:27,960
Speaker 1: back here tomorrow,