NBC
Along with being a lesson in what can occur when investing in a precarious sector, Seth Meyers views the dramatic collapse of Silicon Valley Financial institution as a story of two presidents.
Whereas Meyers thinks Joe Biden did “just about precisely what you’d desire a president to do on this scenario: take speedy motion [and] reassure Individuals the whole lot can be OK,” former POTUS Donald Trump did… the precise reverse.
“Trump is clearly conscious of the truth that typically, typically, he has the tendency to overreact,” Meyers defined on Monday. “So, as an alternative of freaking everybody out, Trump projected calm and confidence when he wrote this very reassuring message in all caps” and posted it to his Fact Social web page:
NBC
Meyers conceded that there have been numerous elements that contributed to SVB’s collapse, together with “the infuriating hypocrisy of all these libertarian enterprise capitalist tech bros who routinely rail towards authorities overreach and preach about decentralizing finance” basically “tanking their very own financial institution.” In the end, nonetheless, Meyers factors to Trump’s determination to explode the Dodd-Frank Act—a 2010 federal regulation that tried to verify no firm or group was ever “too huge to fail”—that made all this SVB drama attainable.
“I imply, fucking after all it was Trump,” he mentioned. “Attempting to determine what went incorrect on this nation is popping right into a super-boring recreation of Clue the place the weapon is at all times a pen and the killer’s at all times Colonel Ketchup… Mainly, Trump repealed liquidity necessities that will have ensured mid-sized banks like SVB had sufficient money available to climate a storm like this.”
Even worse, the host defined, Trump commonly, loudly, and proudly promoted the truth that he could be giving the Dodd-Frank Act “a really main haircut.”
“How might you POSSIBLY suppose rolling again rules on banks 10 years after a monetary meltdown might ever be a good suggestion? Meyers demanded to know. “It’s like getting up at a podium and saying, ‘We’re lastly going to ease the regulatory burden on our nation’s cannibals by permitting them to take off these muzzles. We love our cannibals. They’re job creators and I’m very assured that they’ll follow their promise of solely consuming salads and—oh fuck, he’s bought my arm.”