Video: Charles Payne-‘Progressives, please listen to me!’ ‘They bailed out billionaires in Silicon Valley’ Goes After Biden Administration

In the aftermath of the Silicon Valley Bank (SVB) collapse, the second-largest bank failure in United States history, people on both sides of the aisle have called out the Biden administration’s hypocrisy for effectively bailing out wealthy depositors.

While Biden and administration officials such as Treasury Secretary Janet Yellen have attempted to justify their actions as something other than a bailout, many people are not buying it.

Fox Business host Charles Payne unloaded on the Biden administration and attempted to get progressives to understand the gravity of the situation.

He pointed out that the only people being bailed out by making depositors above $250,000 whole are ‘billionaires.’

“First and foremost, the administration is focused on public relations and twisting words. Listen to me, folks out there, all depositors with less than $250,000 in the bank are covered. You were covered before this weekend. You’ve been covered for years. Everyone is covered. What they’re trying to cover is the fact that they bailed out billionaires in Silicon Valley, and it has messed everything up. They have blown it,” Payne said.

At one point, Payne spoke directly to “progressives,” asking them to listen to him as he discussed the billions of dollars the banks have already received from the Federal Reserve.

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“Progressives, please listen to me!” Payne yelled at the screen.

Payne pointed out that Silicon Valley venture capitalists have shelled out hundreds of millions of dollars in political donations to Democrats.

“His political donors got out there! Bill Ackman got on Twitter. They called him up and said, ‘you must bail us out. This is Silicon Valley. These are venture capitalists. You know how much money we put in your campaign!?'” Payne shouted.

Silicon Valley Bank overwhelmingly gave political donations to Democrats rather than Republicans in the 2022 election cycle, something a number of people have already observed to call the bailout into question.

Payne further pointed out that while the Biden administration has talked about taxing wealthy people at a higher rate, they ‘save them’ every time.

“They keep talking about going after millionaires and billionaires,” he said about Biden’s administration, “but every chance they get, they save them.” While Biden has publicly stated that taxpayers will not be holding the bill, the Federal Reserve is using available funds to ensure that all depositors at Silicon Valley Bank are made whole. Biden and Yellen have justified the decision as necessary to prevent the collapse from harming the economy further.

Leading Democratic politicians such as California Governor Gavin Newsom lobbied Biden to bail out SVB and may have done so for self-interest. This week, The Intercept reported that wineries owned by Newsom were the bank’s clients and that he may have had a personal account there.

Experts have refuted that the SVB bailout won’t hit taxpayers’ wallets, with some saying that it will cause increased inflation and others pointing out that Federal Reserve losses will eventually impact the US Treasury.

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