Vivek Ramaswamy tells DailyMail.com Biden intervened with SVB to ‘pander’ to rich donors
Vivek Ramaswamy thinks President Joe Biden is “giving in” to drifting Democrats by stepping in to help depositors at the crisis-ravaged Silicon Valley Bank, saying it was definitely a “bailout.”
The 2024 Republican presidential nominee, a biotech and investment firm founder, told DailyMail.com that the Federal Reserve is trying to “play God.”
He also promised that if elected, he would lay off 90 percent of Fed staff to reduce the federal government’s involvement in the economy.
Ramaswamy told former New York City Mayor Rudy Giuliani in a recording of his syndicated radio show WABC, which will air later Tuesday afternoon, that the Fed is a “cancer” that needs to be gutted.
GOP presidential candidate Vivek Ramaswamy says Joe Biden ‘gives in’ to wealthy Democrats by ‘saving’ Silicon Valley Bank and told DailyMail.com if elected he would cut staff by 90 percent
President Biden announced that the Federal Reserve and the FDIC are assuring depositors of the crisis-ravaged Silicon Valley Bank that they can withdraw their money in an effort to avoid a wider panic and financial crisis
President Biden attempted to exude calm during four-minute remarks on Monday amid fears of a financial collapse and a run on the banks following the second-largest banking meltdown in US history.
The Biden administration, including Treasury Secretary Janet Yellen, has repeatedly said they will not “save” the SVB, as happened to banks and financial institutions during the Great Recession of 2008.
But Ramaswamy says their move to ensure depositors have access to their money is a bailout.
“It is absolute, dry and dry, 100% on the fairway rescue. This is a by-the-book bailout,” Ramawamy told DailyMail.com in a telephone interview on Tuesday. “But it’s not a bank bailout, it’s a Silicon Valley bailout itself.”
“I kind of mentioned this — the way this should be remembered in history is the Silicon Valley Bailout.”
“That’s what this is, because who did they save? They bailed out tech companies that made disastrous financial decisions because they felt they had no responsibility whatsoever to be financially prudent,” he explained.
“And you know, the Biden administration has vindicated them. And they were pampered in that, even though the tech startup was.’
SVB closed its doors on Friday after a run on the bank following a massive drop in shares
Ramaswamy is one of the few Republicans to have entered the 2024 presidential race so far — along with some other minor candidates; former President Donald Trump; and his ex-ambassador to the UN and former governor of South Carolina, Nikki Haley.
The multimillionaire entrepreneur said the bailout was because Biden wanted to pander to Democratic voters in Silicon Valley, who are beginning to see the appeal of more centrists and right-wing candidates.
“In the case of Biden, this is a big part of where the Democratic Party donor base comes from,” said Ramaswamy. “And so if you see any drift and shakiness in Silicon Valley for Democratic donors at all, well, I think this is a great way to support it, because political disagreements be damned.”
“The first thing that matters is how much you take care of my wallet and my profits, and that was the rule in the playbook they followed here,” he said of the administration’s thinking.
Ramaswamy told Rudy Giuliani on his radio show that the Federal Reserve is a “cancer.”
Biden defended his response, claiming executives at Silicon Valley Bank should be fired and pointing the finger at Donald Trump for rolling back regulations.
“Americans can trust that the banking system is safe,” he said Monday morning from the Roosevelt Room before a trip to California. “Your deposits will be there when you need them.”
After the SVB closed its doors on Friday, Signature Bank in New York also closed on Sunday after a panic that led to a huge increase in withdrawals.
“Look, the deeper problem here is the cancer of the Federal Reserve in our country,” Ramaswamy told Giuliani on Tuesday’s broadcast. “The Federal Reserve has been playing the financial god for 25 years, trying to balance inflation and unemployment.”
“They didn’t even do very well, did they?” he added. “But it’s those spins that cause these bank failures.”
Trump’s once personal attorney hosts that daily radio show and a nightly live stream called America’s Mayor Live.