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Dick Morris to Newsmax: SVB Bailout, a 'Crony Payoff'
Newsmax ^ | 13 March 2023 | Nick Koutsobinas

Posted on 03/16/2023 3:11:02 AM PDT by george76

the rush to rescue depositors of Silicon Valley Bank .., a bank directly associated with Silicon Valley, which he terms as the "Democratic stronghold of the world," is as big a "crony payoff as you possibly can have."..

the Silicon Valley Bank is enjoying a charmed life because it's in Silicon Valley,"

...

"It's the Democratic stronghold of the world. And 99% of their people are probably Democrats and depositors that raised hell they're all democratic donors, so this is as crony a payoff as you possibly can have."

...

Morris's statement comes after Treasury Secretary Janet Yellen proclaimed .. that the government's assistance to depositors is not a bailout, which some experts have deemed a game of semantics

....

Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation (FDIC) announced Sunday that they will make additional funding available to ensure all Silicon Valley Bank deposits, both insured and uninsured, will be paid in full."

The FDIC relies on banks paying an insurance premium, in case of such collapses, and is responsible for insuring deposits in the event of a bank failure. However, it does not have the authority to bail out a failing bank.

But if a bank becomes insolvent — which Silicon Valley Bank has, according to officials from the California Department of Financial Protection and Innovation — the FDIC's role is to take over the bank, sell off its assets, and use the proceeds to pay off the bank's creditors, including insured depositors.

(Excerpt) Read more at newsmax.com ...


TOPICS: Business/Economy; Government; News/Current Events; Politics/Elections
KEYWORDS: abank; bailout; cronypayoff; siliconvalley; siliconvalleybank; svb; svbbailout

1 posted on 03/16/2023 3:11:02 AM PDT by george76
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To: george76
Biduuuuhhhn's policies are a continuation of "Obammunism'

First implemented at the presidency level by Mr. "fundamental change' hisself, Barack Obama, for who it is named.

Obammunism is all the worst of communism, combined with all the worst of crony capitalism. In other words, the worst possible government.

True communists could at least be respected for their desire to share equally with everyone. They are just starry-eyed idealists who see the world through rose-colored glasses, and are too stupid/naïve to see that it just plain does not work. And the horrors that become of it.

Obammunists claim to want that, but don't see a problem with enriching themselves and their cronies with government money, and enacting vengeance on those who try to stop them.

2 posted on 03/16/2023 3:22:50 AM PDT by Mr. K (No consequence of repealing Obamacare is worse than Obamacare)
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To: george76

if it had been east palestine bank

the response would have been different


3 posted on 03/16/2023 4:04:08 AM PDT by joshua c (to disrupt the system, we must disrupt our lives, cut the cable tv)
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To: george76

is it the NEWSOM bailout -?? were he and his wine operations major depositors - did he lobby for a bailout???


4 posted on 03/16/2023 4:31:42 AM PDT by avital2
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To: avital2

Not that the laws matter to this administration, but how in the heck can the Executive branch unilaterally decide to spend money to bail out the multimillionaires who had deposits exceeding the FDIC insurance limits in this bank? The banking laws / regulations call for insurance up to $250,000 or am I mistaken? This is nothing more than a bail-out for their donors (Oprah had over $100,000,000. in that bank or so I’ve read). Would Congress not have to alter the banking laws for all depositors to be compensated for this bank’s malfeasance? Sound to me just like Biden’s (or puppeteer Obama and Rice’s) forgiveness of student debt. Pay-offs to ensure votes and donations for democrats.


5 posted on 03/16/2023 5:55:34 AM PDT by DrHFrog
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To: george76

I thought Biden said, “Third, investors in the banks will not be protected. They knowingly took a risk and when the risk didn’t pay off, investors lose their money. That’s how capitalism works.”


6 posted on 03/16/2023 6:07:33 AM PDT by jacob allen
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To: avital2

Deposits were there for 3 of his wineries.

I do NOT know if there are more wineries that he owns.


7 posted on 03/16/2023 8:49:14 AM PDT by ridesthemiles
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