Bank Collapses, EPA Failures, and Gun Control, Oh My!
Biden wraps his very bad week with gun control distraction.
In response to the Silicon Valley Bank and Signature Bank collapse over the last week, President Joe Biden announced on Monday that all of the Banks’ customers would be made 100% whole, and it wouldn’t cost the taxpayer’s a dime. You see, the FDIC has a big pot of money they have stashed in case of a bank failure. Rules say only the first $250K is insured, but Biden has decided that the FDIC will use that money to fund 100% of the two banks’ debt.
Undoubtedly, the fact that most of the SVB Board were massive democrat donors and Signature Bank has Former Rep Barney Frank on the board has nothing to do with this decision. Democrats, including Biden, keep trying to pin the blame on former President Trump for rolling back parts of the Dodd-Frank banking law. Still, they all seem to forget that Barney Frank, the Frank in Dodd-Frank, pushed to have the regulations rolled back because Signature Bank hired him. Let’s all ignore the fact that the Biden Administration’s economic policies have forced the Fed to continue to raise interest rates, making those US Treasury bonds that most banks invest in lose their value. Current estimates are that the US banking system is holding about $620 BILLION in unrealized loss due to the drop in the value of government bonds. That is why trading was halted for over 30 banks Monday, ahead of Biden’s announcement that the FDIC would make everyone from the two failed banks whole.
Biden’s incorrect overuse of the FDIC’s insurance fund is just par for the course. It seems anytime Biden finds a stockpile of something, he wants to use it. Remember the PPE shortage of 2020? Biden did that. Our Strategic Petroleum Reserve at its lowest since the early ‘80s? Biden did that. Depleting our Weapons Stockpile to send it all to Ukraine? Biden did that. So, of course, he will use the FDIC stockpile of money to pay for his donor’s bank’s losses.
Meanwhile, Norfolk Southern refuses to compensate homeowners who were trying to sell their homes before the derailment in East Palestine. At the same time, the EPA has failed the community on a massive level. After initially refusing to test for highly toxic dioxins, they have finally begun testing a month and a half later. That’s little consolation for people who are facing potentially life-altering medical issues due to the derailment and “controlled burn” of the dangerous chemicals.
But never fear, the same EPA that said Ground Zero was safe, that it was ok to return to East Palestine, and was recently exposed for siding with polluters in Montana, says they will be taking steps to remove the “forever chemicals” from our drinking water.
With all this going on, what was our President doing to distract us? Announcing his latest Executive Order on Gun Control, of course! While America’s banking system was on the verge of collapse, Biden ran off to Monterey Park, CA, Tuesday, to meet with the victims of January’s Chinese New Year mass shooting and proclaim that he would finally act on gun control. Biden’s Executive Order shows this administration’s lack of existing gun law knowledge.
His big Universal Background Check statement is really just ordering the AG and the ATF to do their jobs and cracking down on FFLs to ensure they follow the laws and do background checks. The interesting part of this section of the EO is that it seems to give the AG some leeway to define who qualifies to be an FFL.
After that, the EO mostly just orders members of the President’s cabinet to make the public aware of things like red flag laws, safe storage requirements, and requires the ATF to publicly release the inspection reports of FFLs who have been caught violating the law. There is a bit about wanting his cabinet to devise a plan to create a government entity like FEMA, but for responding to mass shootings. The one passage that has caught the eye of many is the bit ordering the DOD to use their firearms appropriations to enforce safety practices. No one seems to know precisely what that means.
Remember when, under the Obama administration, the government was buying up massive amounts of ammo, leading to a nationwide shortage, and no one could tell us why? Back then, there was a theory that since Obama couldn’t ban guns, he’d make it hard to get ammo. Is it possible the DOD will be asked to do something similar? Like maybe buy up all the AR-15s and starve the market? Or will the DOD be flexing its buying power to demand gun manufacturers stop producing guns the government doesn’t like its citizens to have? No one knows what this passage means.
But hey, at least POTUS is also promising to do something about that debunked wage gap.
Lorraine Yuriar is a wife, mother, and a lifelong conservative, currently stuck in a very blue state.
Oh well. At least it keeps the lawyers off the unemployment line.
Amazing piece Lorraine! Can't wait to hang out with you and Dana on Monday!