THE NEW ABNORMAL

How the Silicon Valley Bank Implosion Leads Back to Trump

Silicon Valley Bank’s failure semi-stems back to a 2018 Trump move. Plus! Rep. Dan Goldman on what frustrates him the most about the GOP attacks on Hunter Biden.

Rep. Dan Goldman (D-NY), a congressman representing New York’s 10th District and former lead counsel against Donald Trump during his impeachment hearing, is joining Senator Bernie Sanders in pointing a finger at the former president for contributing to Silicon Valley Bank’s recent demise.

“It’s pretty well-known now in 2018, under the Trump administration, regulations of banks were softened and loosened, which very well may have contributed to the highly concentrated investing that Silicon Valley Bank did with all of its deposits,” Goldman says on the latest episode of The New Abnormal politics podcast.

“And, ultimately, when a relatively simple change in interest rates causes Silicon Valley Bank to essentially turn upside down, that’s a failure of the system.”

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There were other factors, too, he tells pod co-host Andy Levy, including the fact that SVB “put too much of their money in long-term treasury bills, long-term bonds that were losing value as interest rates went up.”

“How that relates to wokeness, I have no idea, but that is actually the cause of Silicon Valley Bank going under,” he says.

Then Goldman discusses the GOP members of the oversight committee grasping at straws to implicate Hunter Biden.

The “biggest problem in this really sticks in my craw,” he tells Andy, and it is “that they have reached conclusions without evidence, and they’re now trying to backfill the evidence in so that they can perpetuate those conclusions.”

In addition to sharing his thoughts on SVB and Hunter Biden, Goldman also tells Andy about new legislation he co-introduced with Rep. Ritchie Torres (D-NY)—called the Stopping Another Non-Truthful Office Seeker (SANTOS) Act—that will help keep liars out of office, inspired by George Santos.

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“Someone like George Santos should not be able to legally deceive his voters in the way that he did about his own personal background,” he adds.

Also on the podcast: Dan Primack, business editor at Axios, breaks down the Silicon Valley bank collapse from a logistical standpoint, sharing the biggest difference between this SVB situation and the 2008 bank bailout.

Plus! Primack has a Taylor Swift analogy that’ll help you understand what makes bank runs unavoidable and the uncomfortable amount of time it took for people to get their money transferred out.

Listen to this full episode of The New Abnormal on Apple Podcasts, Spotify, Amazon and Stitcher.

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Mandy VelezEditor

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