PROOF: Biden Sabotaging U.S. Banks
Biden is guilty again.
On Thursday, the Senate Finance Committee heard testimony from Janet Yellen, the Treasury Secretary, regarding the budget proposal for 2024 put forth by President Biden.
Lawmakers put Yellen through the wringer over the recent Silicon Valley Bank failure which has a large number of Americans very panicked.
Last Friday, Silicon Valley Bank had to close down as it was incapable of generating adequate funds for its depositors.
Janet Yellen, in response to Republican Senate Finance Committee Ranking Member Mike Crapo’s questioning, accidentally admitted that the inflation crisis under President Biden had caused a swift increase in interest rates, which in turn contributed to the banking crisis.
According to Senator Crapo, Silicon Valley Bank was experiencing a decline in the value of its capital, and its access to that capital was impeded by the Federal Reserve Chairman’s decision to rapidly increase interest rates in 2022.
Janet Yellen confessed that the inflation crisis under President Biden was the underlying cause of the banking crisis.
“My understanding is that the bank, to meet liquidity needs had to sell assets that it expected to hold to maturity and given that the interest rate increases that have occurred since those assets, including treasuries – and government-backed – mortgage-backed securities they had lost market value,” Yellen shockingly admitted.
WATCH:
.@MikeCrapo asks if SVB had a liquidity risk issue.@SecYellen: “Well, there was a run on the bank. It had high reliance on uninsured deposits and there was a massive withdrawal of deposits that led to liquidity problems. The bank had to be closed for that reason.” pic.twitter.com/G3WCoRghxV
— CSPAN (@cspan) March 16, 2023
