The former US president blames bank failures on Joe Biden’s economic policies
The collapse of Silicon Valley Bank (SVB) was the fault of US President Joe Biden’s administration, Donald Trump has claimed, warning it could lead to a new Great Depression in the United States.
SVB, a major lender focused on tech and startups, which was the 16th largest US bank with over $200 billion in assets only a few months ago, imploded on Friday after what analysts called “a classic case of bank run.”
Alarmed over the state of the bank, depositors rushed to withdraw funds, which saw SVB’s shares crash and forced the Federal Deposit Insurance Corporation (FDIC) to shut the lender down.
“With what is happening to our economy, and with the proposals being made on the largest and dumbest tax increase in the history of the USA, times five, Joe Biden will go down as the Herbert Hoover of the modern age,” Trump wrote on his social media platform Truth Social.
“We will have a Great Depression far bigger and more powerful than that of 1929,” he continued. “As proof, the banks are already starting to collapse!!!”
A Trump spokesman later reiterated the claim, telling Business Insider that “out of control Democrats and the Biden administration have continued to pathetically try to blame President Trump for their failures with desperate lies, such as the CCP spy balloons, the train derailment in East Palestine, and now the collapse of SVB.”
Billionaire warns of SVB collapse aftermath
Read more Billionaire warns of SVB collapse aftermath
“This is nothing more than a sad attempt to gaslight the public to evade responsibility,” the spokesman noted.
Meanwhile, former Democratic presidential candidate Bernie Sanders has blamed a Trump-era banking law for the SVB’s breakdown.
“Let's be clear. The failure of Silicon Valley Bank is a direct result of an absurd 2018 bank deregulation bill signed by Donald Trump that I strongly opposed,” Sanders stated on Sunday, referring to the Economic Growth, Regulatory Relief, and Consumer Protection Act, signed into law by Trump in 2018.
The legislation, which was the most significant change to US banking regulations since the 2010 Dodd–Frank Act, provided tailored regulatory relief. It exempted smaller banks from strict regulations and relaxed rules for big lenders. The asset threshold for ‘systematically important financial institutions’ was raised from $50 billion to $250 billion.
SVB ended 2022 with $209 billion in assets, which means it was no longer classified as a systematically important financial institution.
https://www.rt.com/business/572882-trump-warns-new-great-depression/
US Army Secretary Dan Driscoll is preparing to leave the Trump administration after what a new report has described as months of tension with Secretary of War Pete Hegseth, potentially triggering another change at the army’s top echelons.
According to the Friday report by The Wall Street Journal, Driscoll is expected to step down before the end of the year and could leave his post earlier. The newspaper cited people familiar with discussions over his departure.
The Journal reported that Driscoll and his family vacated the official residence assigned to the army secretary at Joint Base Myer-Henderson Hall this summer, a move that could indicate he was preparing to leave the position.
The reported departure would come at a time of continuing uncertainty at the top echelons of the army.
Hegseth abruptly removed Army Chief of Staff Gen. Randy George in April, while Trump has not yet nominated a permanent successo....more below
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The Islamic Revolution Guards Corps (IRGC) warns the enemies that any act of aggression against the Islamic Republic will not go unanswered.
In a statement on Thursday, the IRGC issued a “stern warning” to the enemies after US forces launched strikes against the southern Iranian port city of Bandar Abbas.
Following the US military attack on a point on the outskirts of Bandar Abbas Airport with aerial projectiles, the IRGC carried out new strikes targeting the US air base from which the attack originated in the wee hours of Thursday, it added.
“This response is a serious warning to the enemy that they should know the act of aggression will not go unanswered,” the IRGC emphasized.
The elite military force warned of a “more decisive” response if the enemy repeated any act of aggression.
It also said the responsibility for the consequences of any IRGC response lies with the aggressor.
The statement comes after the IRGC Navy on Thursday forced an American tanker to turn back. The tanker ...
