the obama administration the swooped in and oppose the, i think one, sanders on th entire financial sector. and that s one of the main reasons the big banks are no increasing the incompetent silicon valley bikers i wok biden back that were holding seminars on a large bi visibility day, national pride month. now you want to hold apartment that is fine, but you have t be able to come at the sam time and walk. so, keep an eye out on the balance sheet guys this is really the firs particular that was caused b adherence to it woke beliefs and policies what does that mean, really what does that mean? it s not a hypothetica question republicans are making their new talking point that wokenes and diversity equity and inclusion principles are somehow what s some silico valley bank. but no one really seems to b willing to say what they actually mean by that. how did dei have anything to d with us? for example, this is fry the coop, a local chicken joint in
the two veteran sitting on the board, are why the bank failed it s equal parts offensive and preposterous but, here s a thing, it important. it s not really meant to persuade anyone else or anyone who is persuadable i don t think it can persuad anyone else. it is not a serious argument it s not really even a argument it is solely meant to keep their base in line it is the kind of lie you tell when you must out of necessity reverse engineer something anything, to spackle over th monstrously fully apparent contradictions within your own ideology and the irony here is, as josh barrow points out. there are plenty quote narratives that conservative should like. they could possibly say, for just an example, democrats pas too much fiscal stimulus, whic led to inflation, which led to rapid rate hikes that brough svb down i don t think that s true. i don t think it s really story. it is at least coherent. but instead-
ro khanna democrat o california, a member of th oversight committee. it s good to have you here good to be here let s get down to this. let s go back to the 2018 bill there was all the specia pleading from these banks. including the svb ceo, right that the rules you made an john frank, don t apply to a small banks, we re not doing anything risky you re burning us with too muc that cause was taken up by republicans in the senate, i the house, signed by donal trump with a lot of democratic support, though a minority - how significant was that how much is that part of the story? it s the main part of the story, chris, i know they re in my district they were lobbying to be exemp from the stress test, from the liquidity test if they had a stress test, the would ve known they can have long term bonds where interest rates are going up i know we don t live - it s old-fashioned to look a facts. but here s what i encourag people to do, go to silico valley bank s website and look at the l
certainly, this is a pattern though, that we have seen, and stephanie ruhle, you and i hav been covering this going bac 15 years now clearly, there s been a patter there with the advisers to these banks, whether it goldman sachs, or othe accounting firms, or kpmg, which was the auditor of bot silicon valley bank or signature bank, the bank tha failed last weekend, and there is a lot of scrutiny tha should be paid to thes advisories that are supposed t be responsible for not onl that seeing these bank financials but also a testin to them and trying to work for them as they interact with outside investors and outsid customers. and there is no question tha the public statements and th public filings that silico valley bank was making in th days and weeks leading up to their failure last week painte a very rosy picture, not jus of the economy and the silicon valley ecosystem in general bu of the bank s finances i particular and i think it s very likely that that is the thing tha regulator
they are capable o inaugurating a bank run in a way that other banks with more diverse or diffuse holdings ar not as vulnerable to they are. look, it s 90% tech. they r all telling each other - i think they precipitated a ru on their own bank. they did. look it s a california bank as opposed to a national bank there s no diversificatio requirements that s another requirement and no diversification, no just industry, but they had to many large accounts. so when people, big accoun holders are withdrawing, that causing the rem. one of the things i noticed and we ve seen this with - and j. d. vance in the wake of east palestine, which is to say, okay, you guys want to tal about all this cultural stuf and make your villains let s call to question the material is. vance and brown have introduce that would app of safety rules and regulations.