Home Deport co-founder Bernie Marcus analyzed the historic collapse of 'woke' Silicon Valley Bank and the harmful impact it could have on everyday Americans.
People are struggling. People can't pay their bills, they can't fill their tanks with gas."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.
A customer stands outside of a shuttered Silicon Valley Bank headquarters on March 10, 2023 in Santa Clara, California. Silicon Valley Bank was shut down on Friday morning by California regulators and was put in control of the U.S. Federal Deposit Insurance Corporation. The former CEO concluded by issuing a grim economic warning to consumers, arguing that the Biden administration is"obtuse" to the problems that plague everyday Americans.
"The Fed keeps raising rates and inflation keeps going in the wrong direction. It's not staying where it should be. People are struggling.They can't fill their tanks with gas. And if you think that's a good sign, I don't think it is. And we have an administration that's obtuse to this. They just keep talking about the great times and how good it is. It's not good," Marcus concluded.
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