In light of the recent banking collapses and stock market turmoil, President Trump warned that Joe Biden’s fiscal policies will lead to a new ‘Great Depression.’
“With what is happening to our economy, and with the proposals being made on the LARGEST AND DUMBEST TAX INCREASE IN THE HISTORY OF THE USA, TIMES FIVE, JOE BIDEN WILL GO DOWN AS THE HERBERT HOOVER OF THE MODERN AGE. WE WILL HAVE A GREAT DEPRESSION FAR BIGGER AND MORE POWERFUL THAN THAT OF 1929. AS PROOF, THE BANKS ARE ALREADY STARTING TO COLLAPSE!!!” Trump wrote on Truth Social.
On Sunday, Senator Bernie Sanders blamed the Silicon Valley Bank collapse on the “Economic Growth, Regulatory Relief, and Consumer Protection Act” signed by Trump in 2018.
A Trump spokesman told Insider that “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 East Palestine, and now the collapse of SVB.”
“This is nothing more than a sad attempt to gaslight the public to evade responsibility,” the spokesman told Insider.
The Federal Deposit Insurance Corporation shut down the Silicon Valley Bank on Friday following a catastrophic bank run. The collapse of Silicon Valley Bank has now become the largest bank failure in the US since the 2008 financial crisis.
The FDIC insures deposits for up to $250,000 per depositor, per institution, and per ownership category. However, startups with money in Silicon Valley Bank exceeding $250,000 are now in danger of not being able to make payroll next week.