Trump Proven Right As Bank Collapse Brings Fears of New “Great Depression” Under Biden

SHARE
TWEET
Trump Proven Right As Bank Collapse Brings Fears of New "Great Depression" Under Biden

Former president Donald Trump weighed on the state of the U.S Economy following the collapse of Silicon Valley Bank (SVB), warning of a “great depression” and calling Joe Biden the Herbert Hoover of the modern age.

“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 Truth Social.

Trump went on to warn the bank collapse signalled a looming great depression.

“WE WILL HAVE A GREAT DEPRESSION FAR BIGGER AND MORE POWERFUL THAN THAT OF 1929. AS PROOF, THE BANKS ARE ALREADY STARTING TO COLLAPSE!!!” Trump added.

Silicon Valley shares took a nosedive by 60 percent while the NASDAQ exchange halted trading in the stock on Friday.

Biden praised his supposed “quick action” in the face of the bank collapse, while blaming the problem on Trump.

“Your deposits will be there when you need them. Small businesses across the country that deposit accounts at these banks can breathe easier knowing they’ll be able to pay their workers and pay their bills,” Biden said. “And their hardworking employees can breathe easier as well.”

FDIC insurance guarantees the protection of all deposits up to $250,000, assuring depositors’ funds will be fully available starting Monday.

However, many small businesses and venture-capital firms banking with SVB have much more than $250,000 in the bank.

According to a report from Yahoo Finance, those who failed to pull their money and have over $250,000 in the bank will only receive a “receivership certificate,” which does not guarantee they will get their money back.

“Had SVB held those bonds to maturity, it wouldn’t have lost money. But being forced to sell caused losses that threatened the bank’s solvency. When it indicated the need to raise new capital, more depositors pulled their money, triggering a fatal run,” Yahoo Finance reported.

Trump predicted all of this in 2020, warning that if Biden became President, “your jobs will be gone. I mean, you’re going to have a depression, if that happens… The biggest single headwind [to the stock market] is if he got in.”

READ MORE: UK Prepares to Implement Central Bank Digital Currency

SHARE THIS:

SHARE
TWEET
Telegram
Email
Reddit
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Breaking

Trending

UK Parliament Asks Rumble to Demonetize Russell Brand; CEO Give EPIC Response
UK Parliament Asks Rumble to Demonetize Russell Brand; CEO Gives EPIC Response
As Big Tech de-persons Russell Brand following multiple sexual assaults against him, the UK parliament...
John Fetterman Tears Up during Hearing Republicans Ridicule and Make Fun of Me
John Fetterman Tears Up during Hearing: Republicans 'Ridicule and Make Fun of Me' - WATCH
Senator John Fetterman (D-PA) appeared to tear up as he got emotional during a hearing as he reflected...
CNN Posts Its Worst Weekend Ratings since 1991
CNN Posts Its Worst Weekend Ratings since 1991
CNN faces more difficulties after it posted its “rock bottom” ratings in a key viewership...
Tucker Carlson The US Government Intervened to Prevent My Interview with Putin
Tucker Carlson: The US Government Intervened to STOP My Interview with Putin
Popular conservative journalist and commentator Tucker Carlson claimed the United States government stepped...
Electric Car EXPLODES into Flames on Driveway, Sets Fire to Family Home
Electric Car EXPLODES into Flames on Driveway, Sets Fire to Family Home – WATCH
An electric car exploded into a massive fire ball while sitting on the driveway of a family home, which...
Tucker Tells Michigan If Lying Was a Crime, Your Governor Would Be in Supermax for Life
Tucker Tells Michigan: ‘If Lying Was a Crime, Your Governor Would Be in Supermax for Life’ – WATCH
Tucker Carlson recently gave a speech at an event for Brighter Michigan PAC where he spoke about how...
OPENING THE FLOODGATES Greg Abbott Accuses Biden Admin of Cutting Razor Wire at Border
‘OPENING THE FLOODGATES:’ Greg Abbott Accuses Biden Admin of Cutting Razor Wire at Border
Texas Governor Greg Abbott accused the Biden administration of cutting razor wire that the state had...
Biden Unleashes Program Allowing Illegals to Fly Directly to US City of Their Choice
Biden Unleashes Program Allowing Illegals to Fly Directly to US City of Their Choice
The Biden administration has launched a new program that will boost illegal immigration by allowing immigrants...
Far-Left Group Takes Credit for Demonetizing Russell Brand
Far-Left Group Takes Credit for Demonetizing Russell Brand
Not long after major advertisers, including Burger King and HelloFresh, pulled the plug on Rumble following...
Australia’s Fifth-Largest Bank Announces It Will DISCONTINUE CASH by 2024
Australia’s Fifth-Largest Bank Announces It Will DISCONTINUE CASH by 2024
Macquarie Bank, Australia’s fifth-largest bank, has announced it will completely phase out cash by 2024. In...
0
What are your thoughts? Click to commentx
()
x

JOIN THE FIGHT!

SIGN UP FOR OUR FREE BREAKING NEWSLETTER STRAIGHT TO YOUR INBOX! 

We don’t spam! Read our Privacy Policy for more info.