On Monday Joe Biden said he wants to get to those responsible for the failure of Silicon Valley Bank (SVB).
Perhaps he'll need a mirror to locate them.
“We must get the full accounting of what happened and why those responsible can be held accountable. And my administration? No one - no one is above the law,” Biden said.
Many financial reports are underscoring how the increased interest rates, being used by the U.S. to combat the high inflation under Biden, contributed to SVB’s downfall.
The Financial Post reports:
The problems at SVB underscore how a campaign by the U.S. Federal Reserve and other central banks to fight inflation by ending the era of cheap money is exposing vulnerabilities in the market. The technology sector has been hit hard in the past few months and stress has appeared in other corners of the market as rates rise.
Some are warning that the consistent rise in interest rates by the Federal Reserve will continue to have an impact.
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“The volatility we are seeing among some of the banks is a reminder that sharp increases in interest rates will increase areas of fragility,” said Ronald Temple, chief market strategist at Lazard.
Sen. Bill Cassidy (R-LA) recently told Fox & Friends that Biden is responsible for the problem.
“This is a direct result of the Biden inflationary policy. Inflation is going up, the Fed has to raise rates – and when the Fed raises rates these banks are being caught in the undertow. So Biden can go back to his $1.9 trillion kinda – blow it out the budget, and you can draw a straight line to Signature and SVP going down.”