Wall Street Journal slams Biden for blaming Trump for Silicon Valley bank’s collapse

The Wall Street Journal’s editorial board called out President Biden on Monday for recounting a host of “whoppers” regarding bank bailouts following the collapse of Silicon Valley Bank (SVB), including claims that Donald Trump is to blame.

Following in the footsteps of Barack Obama who blamed George W. Bush for all the economic problems of his tenure, Biden, who has been in office for more than two years, pointed the finger straight to trump.

First, the president said his “swift action” had stabilized the banking sector after several banks collapsed, adding that customers “can breathe easier”.

Then he targeted his predecessor.

“During the Obama-Biden administration, we put in place strict requirements for banks like Silicon Valley Bank and Signature Bank, including the Dodd-Frank Act to ensure that the crisis we experienced in 2008 did not happen again,” he said.

“Unfortunately, the last administration reversed some of those requirements.”

BIDEN: “Under the Obama/Biden administration, we put in place tough requirements for banks…to make sure the crisis we experienced in 2008 doesn’t happen again. Unfortunately, the last administration rolled back some of those requirements. pic.twitter.com/BHz4gzOQxy

– Townhall.com (@townhallcom) March 13, 2023

RELATED: President Trump rolls back Obama’s biggest regulation

Biden called for blaming Trump for bank meltdown

It should be noted that the cancellation of banking regulations was signed into law by then-President Trump, but the legislation was passed with bipartisan support.

It was designed to lift burdens unnecessarily little And AVERAGEmedium-sized lenders. The Silicon Valley Bank incident represents the secondthe biggest bank failure in the history of the United States.

The Wall Street Journal decided to analyze President Biden’s overarching claims and they had none.

“The president offers assurances that the markets don’t believe,” they wrote, noting that investors are unlikely to buy what Biden is selling.

And the editorial board also addressed the accusations against Trump.

“As he so often does, the president also blamed the bank run on the Trump administration, in this case for changing certain rules of the 2010 Dodd-Frank Act,” they lament.

“But even Barney Frank, the co-writer of Dodd-Frank, doesn’t think that’s to blame.”

Markets did not believe Biden’s assurances about the safety of the banking system. A “White House whose first instinct, even in a financial panic, is to turn reality around and drive out political scapegoats. None of this will restore confidence…” https://t.co/SgX1vAQXOK via @WSJopinion

—Tom Fitton (@TomFitton) March 14, 2023

RELATED: As Biden rolls out his budget, government trash piles up

Other critics fired back at Biden

The Wall Street Journal has not been the only entity to hit back at President Biden’s blame game.

EJ Antoni, a regional economics researcher at the Heritage Foundation’s Data Analysis Center, said fox business over the weekend that the Silicon Valley Bank collapse had “nothing to do with Trump or Dodd-Frank”.

Journalist Glenn Greenwald noted that if the bank regulatory rollbacks were so devastating, President Biden had two years of a slim majority in the Senate and control of the House to do something about it.

“Biden has been president for over 2 years,” Greenwald explained. “His appointees control all the regulatory bodies. Until 2 months ago, Democrats controlled both houses of Congress.

“So whose fault is Silicon Valley Bank’s collapse this week? Obviously: from Trump (probably from Putin too),” he joked.

Biden has been president for over 2 years. Its appointees control all regulatory bodies. Until 2 months ago, Democrats controlled both houses of Congress.

So whose fault is Silicon Valley Bank’s collapse this week? Obviously: Trump’s (probably Putin’s too). ???? https://t.co/2VCxgJFQce

— Glenn Greenwald (@ggreenwald) March 11, 2023

Trump campaign spokesman Steven Cheung also hit back at President Biden.

“The out of control Democrats and the Biden administration have continued to pathetically try to blame President Trump for their failures with desperate lies, such as the CCP spy balloons, the train derailment in eastern Palestine and now the collapse of the SVB,” Cheung said in a statement.

“The fact is, Biden presided over a disastrous economy that devastated ordinary Americans and caused misery across the country because of his anti-American policies.”