Kennedy Drops Bombs On Biden For SVB Debacle On Senate Floor
This goes 14 minutes, and it’s among John Kennedy’s best performances in speaking common sense to power.
Kennedy, having spent a bunch of years as Louisiana’s state treasurer before running for the Senate, has more experience with banks than most of the folks in the body he currently helps to populate, and what he sees with respect to the bailout of Silicon Valley Bank is not normal.
Kennedy says there’s a difference between a bank being insolvent, which SVB was not, and illiquid, which it was, and the appropriate resolution differs in the two circumstances.
You do a government takeover of an insolvent bank. With an illiquid bank, you broker a sale to somebody – like another bank – with cash on hand.
And he says all SVB needed to stay alive was one of three things, none of which were present: management with any brains, since SVB’s top brass were a bunch of clowns spending money on stupid woke causes like climate change and Black Lives Matter; regulators with eyes, since what was going on at that bank had been obvious for a long time; and an FDIC which would accept a normal merger.
Kennedy notes that this not happening is an example of the clownish abuse we’ve come to expect from the Biden regime, and he doesn’t pull any punches letting them have it. He said this is “bone deep, down to the marrow stupid. Like a rock, only dumber.”
And he sums up this administration as only he can. “Too many undeserving people at the top getting bailouts and too many undeserving people at the bottom getting handouts, and the people in the middle are getting the bill.”
It’s worth a watch. As we said, we think this is one of his better speeches. It’s 14 minutes which goes by pretty quickly.