Republican presidential candidate Vivek Ramaswamy appeared on Sirius XM’s Breitbart News program on Saturday and declared that he is strongly opposed to the Silicon Valley Bank (SVB) bailout, which he calls “one of the biggest evangelists of DEI and ESG.”
Ramaswamy, who told Breitbart News Washington bureau chief Matthew Boyle that the 2008 financial crisis informed much of his economic policy, dismissed the idea of a taxpayer-funded bailout after clients withdrew $42 billion in a massive round this week.
“I want to be early because you’re going to hear the bailout calls that are coming real soon here. I’m against the government bailout,” said the 37-year-old entrepreneur who has built several multi-billion dollar biotech startups. “And you are. You know what, we don’t learn the lessons we should have learned, and then you keep making the same mistakes again.”
“The Federal Reserve, for 15 years, has been raining money from the sky like manna from the sky,” Ramaswamy told Boyle while speaking on the phone to a live audience in southwestern Ohio. “We’ve been skating on artificial snow. The snow machine is now being decommissioned, and in less than a year, you’re seeing the banks fail because they don’t know how to skate on anything other than artificial snow. I’m talking about the money being poured into the system.”
capitalism, [Joseph] Well, Schumpeter said it, it relies on creative destruction.” “So you know what, someone has to have the stuff to pay for the sins. That’s great. This is part of how capitalism works. We cannot interfere…with this short-term approach of bailing out this bank. It’s a mistake. And by the way, the Republicans made that mistake in 2008. It’s crony capitalism. Hank Paulson, under George Bush – I think it was a mistake – bailed out Goldman Sachs and others like them… It’s crony capitalism because Hank Paulson was most recently CEO of Goldman Sachs before he bailed them out. But I think we should resist the Silicon Valley bank disaster siren song.”
He listens:
Then Ramaswamy highlighted SVB embrace Diversity, equity and inclusion policies emphasized that the Bank drives environmental, social and governance (ESG) investment factors.
Since no other company has done so yet, I’ll ask the obvious: Were ESG factors part of Silicon Valley’s credit score calculations? I have a funny feeling the answer is yes. I suggest Senate and House Republicans take a hard look.
Let’s go @employee @employee @employee
– Vivek Ramaswamy (@VivekGRamaswamy) March 10, 2023
“The Silicon Valley Bank is one of the biggest evangelists on DEI and ESG – environmental and social factors,” he said. In fact, just in January of last year, almost over a year ago…they made a commitment of $5 billion in sustainable financing to achieve what they call a healthier, climate-ready planet. Well guess what? An amount would have served The $5 billion is their balance sheet – how about a healthier balance sheet instead?And that’s something in fact, it’s a lesson everyone should learn by example.The lesson they should learn is not when you waste your money and burn it in a financial dumpster fire…payers The taxmen of this country are there to bail you out. No! In fact, it should be a lesson to everyone that a healthy balance sheet is the responsibility of the bank, not… what they call a healthy planet.”
Interesting announcement from Silicon Valley Bank just over 1 year ago. @employee pic.twitter.com/UmVCVoPKNo
– Vivek Ramaswamy (@VivekGRamaswamy) March 10, 2023
“But I think that’s the lesson we really have to learn,” the presidential candidate continued. And you know what, that was the lesson of 2008 as well… The reason for the 2008 financial crisis… is that we had a social policy for capital allocation in this country. Back then, it was home ownership. Under the Clinton administration, the goal was is to say every american should own a home.well, i loved that just as much as the next guy, but if you can’t afford a house, that means you probably shouldn’t borrow to buy one.yet they still effectively force people to do it Then you have the bubble that led to the financial crisis, and the people that you wanted to help were the ones that got hurt.”
A worker (center) tells People that the Silicon Valley Bank (SVB) headquarters closed on March 10, 2023, in Santa Clara, California. Silicon Valley Bank was shut down on Friday morning by California regulators and placed under the control of the US Federal Deposit Insurance Corporation. (Justin Sullivan/Getty Images)
“Well guess what? Same with this ES scam as well.” “It leans in the metrics of how capital is allocated. And I will tell you this is the person who has succeeded in the system of free market capitalism as we know it. I will give it to you directly: When an uneconomic factor directs the flow of capital, bad things happen. You make bubbles, and it hurts.” The same people I decided to help.”
Breitbart News airs Saturdays on SiriusXM Patriot 125 from 10:00 a.m. to 1:00 p.m. ET.
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