Joe Biden stuck around just long enough to lie about who's on the hook for SVB bailout

In the coming days, you can expect to be hearing a lot about how ackshually the Silicon Valley Bank is not being bailed out with taxpayer money. Not because that’s actually the truth, but because it’s the narrative that the Biden administration needs out there.

Ok Silicon Valley bros just got bailed out. Now come the lies about how this is not actually a bailout and no taxpayer money was used. Wheeee!

— Matt Stoller (@matthewstoller) March 12, 2023

Let’s go:

What I hated most about the Obama administration was how they would lie to your face about the policies they just pursued. This is at that level. Just utter brazen lies. https://t.co/EG0AbyRbts

— Matt Stoller (@matthewstoller) March 13, 2023

Yay, more lies! https://t.co/nHqxbDJNqQ

— Matt Stoller (@matthewstoller) March 13, 2023

Now venture capitalist @alexisohanian is on CNBC is saying that the Fed stepped up to bail out his various firms, 'at zero cost to the taxpayer.'

So many lies!

— Matt Stoller (@matthewstoller) March 13, 2023

Or at least so many people telling the same exact lie.

While tax dollars don't fund FDIC
The cost of using those funds to bail out the #SiliconValleyBank
Is passed on in higher rates by banks then passed on to consumers
Also known as taxpayers https://t.co/wzHOiP0DM8

— Jim Hanson (@JimHansonDC) March 13, 2023

President Biden spoke earlier on the bailout-that-isn’t-a-bailout, and, before he turned and bolted the hell out of the room, he reassured Americans in that very reassuring way he has that this bailout-that-isn’t-a-bailout won’t cost taxpayers a dime:

President Biden stressed that “no losses will be borne by the taxpayers” in the U.S. rescue of Silicon Valley Bank deposits. @kaylatausche reports. https://t.co/cWfPODpUFb pic.twitter.com/Fcb1YhGPJq

— CNBC Politics (@CNBCPolitics) March 13, 2023

“All customers who had deposits at these banks can rest assured. [Something unintelligible] Rest assured that they’ll be protected, and they’ll have access to their money as of today. That includes small businesses across the country that bank there and need to make payroll, pay their bills, and stay open for business. No losses — and I want, this is an important point — no losses’ll be borne by the taxpayers. Let me repeat that: No losses will be borne by the taxpayers. Instead, the money will come from the fees that banks pay into the deposit insurance fund.”

There. Don’t you guys feel better now?

Perhaps the National Unicorn Bank will bear the losses.

— NOTAR Consulting (@NOTARConsulting) March 13, 2023

Perhaps!

Where in the world does he think the government’s money comes from

— HerbertDanforth (@HerbertDanforth) March 13, 2023

So he is spending money that is not tax payers? Does the Gov have another revenue source other than tax payers?

— Fit Finical Philosopher (@FitPhilospher) March 13, 2023

Not last time we checked. Which means … he’s lying. Again.

Wait. How does that work?

— John Kross (@JohnKross20) March 13, 2023

It doesn’t. It doesn’t work.

True.

Losses will be borne by American customers.

Which, in turn…are taxpayers. https://t.co/1UO8Wn33HB

— Pradheep J. Shanker (@Neoavatara) March 13, 2023

He is correct the SVB bailout cost will not be borne by the taxpayer…. It will only be borne by every taxpayer who has a bank account and pays bank fees 🤦‍♂️ https://t.co/oLSOIoqseX

— John Ʌ Konrad V (@johnkonrad) March 13, 2023

Nope, just by the consumer through future inflation. Oh wait, that is the tax payer…

— Austin Wentzlaff (@austinwentzlaff) March 13, 2023

The taxpayer pays for everything. Everything.

And Lord knows we’re gonna be paying for Biden for a long, long time.

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