The Wall Street Journal editorial board on Monday called out President Biden for telling a host of “whoppers” regarding bank bailouts following the collapse of Silicon Valley Bank (SVB), including claims that Donald Trump is to blame.
Following in the footsteps of Barack Obama who famously blamed George W. Bush for every economic problem during his tenure, Biden, who has been in office for over two years, pointed the finger squarely at Trump.
First, the President declared that his “quick action” had stabilized the banking industry following the collapse of multiple banks, adding that clients “can breathe easier.”
Then, he took aim at his predecessor.
“During the Obama-Biden administration, we put in place tough requirements on banks like Silicon Valley Bank and Signature Bank, including the Dodd-Frank law to make sure the crisis we saw in 2008 would not happen again,” he said. Read more…