Republicans Keep Pretending Their Policies Don't Lead To Financial Collapse - Ring of Fire

[TexasTowelie]

Republicans do not know how to govern. Even after the policies that they personally pushed led to the collapse of the Silicon Valley Bank, they continue to refuse to acknowledge that their ideas are a complete disaster. Instead, the blame things like being "woke" or grandstand and ask where the regulators were in this case. The regulators were where Republicans put them - out of reach so the banks could gamble with our money. Ring of Fire's Farron Cousins explains what happened.

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*This transcript was generated by a third-party transcription software company, so please excuse any typos.

The Republican Party continues to refuse to admit that their policies are so horrendous that they always lead to financial collapse. And yes, always, it's not. Some of the time, it's not. Most of the time Republican policies always lead to financial collapse. At least that's the case for the 40 years that I have been on this planet. The Republican presidents that I have lived under are Reagan, Bush one, Bush two, and Donald Trump. Every single one of those presidents bar, uh, brought financial ruin with them to the White House. Every single one of them oversaw at least one recession during their administrations. Reagan, of course, oversaw multiple recessions and they've all basically implicated the e i, exact same Republican fiscal policies, tax cuts for the wealthy and deregulation of the banks. And of course recently with the collapse of the Silicon Valley Bank, Republicans who understand, they know deep down it was your policy of deregulation, gutting, dod Frank that led to this. They are still refusing to accept any responsibility, which of course is ironic from the party of personal responsibility. Here's what a couple of different Republicans have said about the collapse of SVB Bank. Where were the regulators? Senator John Kennedy said on the Senate floor, this whole debacle could have been avoided if the regulators had just done their job and stepped in and said, Silicon Valley Bank, what you're doing is dumb and you can't do it anymore.

Where were the regulators? The regulators were where you put them, Senator John Kennedy from Louisiana. You put them on the sidelines. You took them out of the game and made it to where y'all can't go in there and look at this stuff. You did that in 2018 as a member of the, uh, a ranking member on the Senate Banking Committee, by the way, John Kennedy. So don't ask rhetorical questions like, where were the regulators? The regulators were right where you personally put them. Then you had Republican Senator Mike Rounds of South Dakota who said they had the tools available. The question is, why didn't they use the tools? Because y'all put the tools in a lock safe and you kept the key and wouldn't let 'em have the key. If y'all are gonna keep using metaphors, I'm just gonna turn those metaphors back on around you. Republican Senator Tom Teis of North Carolina. It was an option and if they chose not to do it, that's gonna be a really good question. Based on the activities of Silicon Valley Republican Senator Mike Kreo, the fact is this is not a capital issue. This is a liquidity

Issue. It's an entirely different set of issues. Nope. It all comes down to deregulation. It truly is that simple. Y'all did this like literally each and every one of those names that I just read their quotes from are like, how did this happen? It happened because y'all voted to let it happen. It's, it's that simple. We don't need to get all esoteric on this and say, well, the liquidity of the blah, blah, blah, blah, blah. No, you made it to where they didn't have to do these things, so they didn't do these things. Had you not gutted Dodd-Frank SVB would still be operating today. Yes, it is that simple folks, and yes, it is the Republican policy because even though you had 33 Democrats in the house at the time who voted for it, you had over 200 Republicans who voted for it. This is a Republican plan.

[bucolic_frolic]

1. Their plan is unchanging: steal the money then blame Democrats and the system

As a majority, Democrats need to keep hold on their cash flows. It really does matter how and where you spend, store, and keep it.

[bobnicewander]

2. Extended Republican leadership

preceded 2 of the Unite States (and the world's) financial collapses.

In the almost 98 years from May of 1919 through January of 2017 (when tRump was sworn in) the Republican party only controlled the law making of the United States for 2 extended periods of time. Both times their policies led to financial collapse.

They controlled both houses of Congress from May of 1919 through to the 1929 crash in October of 1929 (10 years, 5 months - the Presidency for 8 years, 5 months) and from January 1995 through to the crash in September of 2008 (13 years, 8 months - the Presidency for 7 years, 8 months). They had 2 chances to govern, both resulted in financial failures. No politicians or bankers went to prison after the 1929 crash and only 1 banker did so after the 2008 crash.

After the 1929 crash they were denied control of the Senate for 46 of the next 50 years and out of control in the House for 60 of the next 64 years. Hopefully the backlash to the tRump term will result in a similar history but without the financial prodding.