Bernie Marcus, the well-known American businessman and ardent philanthropist who founded The Home Depot company, has launched a passionate attack on Joe Biden’s liberal response to the financial crisis.
Marcus said in an interview with Fox, “I can’t wait for Biden to get on the speech again and talk about how great the economy is and how it’s moving forward and getting stronger by the day. And this is an indication that whatever he says is not true. And maybe the American people will finally wake up and understand that we’re living in very tough times, that, in fact, that a recession may have already started. Who knows? But it doesn’t look good.”
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“I feel bad for all of these people that lost all their money in this woke bank. You know, it was more distressing to hear that the bank officials sold off their stock before this happened. It’s depressing to me. Who knows whether the Justice Department would go after them? They’re a woke company, so I guess not. And they’ll probably get away with it.”
Marcus continued, “People are struggling. People can’t pay their bills, they can’t fill their tanks with gas.”
Former Vice President and current presidential contender Joe Biden has promised to make a speech tomorrow morning that would emphasize the need to “strengthen confidence” in the nation’s financial sector. His speech comes at a good moment since people all around our country are looking for comfort during these uncertain times.
Visit WhiteHouse.Gov to read the press release:
I was pleased to observe over the weekend how our Treasury Secretary and the director of my National Economic Council cooperated with banking authorities to find a quick solution. Our approach put the safety of public cash, small companies, and American employees first—no small task! It’s quite gratifying that we were able to implement this strategy quickly without sacrificing any of these crucial components.
Citizens may securely make plans for their future financial requirements thanks to the certainty of American banks and companies.
I am committed to seeing that those responsible for this sad occurrence are held completely accountable, and our continued efforts will see that big banks are subject to strict scrutiny and regulation in order to avoid repeating the same mistakes.
I’ll provide tips on how to keep our financial system robust and safe as we advance in this historic economic recovery tomorrow morning.
Marcus explained, “I think that the system, that the administration has pushed many of these banks into [being] more concerned about global warming than they do about shareholder return. And these banks are badly run because everybody is focused on diversity and all of the woke issues and not concentrating on the one thing they should, which is, shareholder returns.”
“Instead of protecting the shareholders and their employees, they are more concerned about the social policies. And I think it’s probably a badly run bank. They’ve been there for a lot of years. It’s pathetic that so many people lost money that won’t get it back.”
He finished, “Somebody with a sane head has to come in and understand that you can’t do two things. Number one, you can’t keep raising rates. You can’t keep inflation as strong as it is. And you can’t tax people more than they are.[Biden’s] proposal to tax the middle class and the rich is about as dumb as I’ve heard it a long time. In a recession like this, you don’t do things like that.”
WATCH:
Silicon Valley Bank (SVB) just had a catastrophic collapse that resulted in the second-largest bank failure in history. Janet Yellen recently indicated that no government support would be provided to restore SVB. This action has ended one of America’s most powerful financial organizations, which is a significant accomplishment for both regulators and people.
Despite the fact that many depositors have access to FDIC protection, Janet Yellen, a former chair of the Federal Reserve, said on Sunday’s episode of CBS News’ “Face the Nation” that the present situation does not resemble the crisis environment of 2008. In order to underline the security of deposits, Yellen also emphasized the differences between the circumstances facing SVB and those that prevailed during the Great Recession.
The Treasury Department is aggressively preventing a possible financial disaster brought on by broad contagion across banking institutions under Yellen’s leadership.
