and that the russian pilots were just provocative and incompetent amateurs. make no mistake. this was no accident. i can guarantee you that vladamir putin personally signed off on this military aggression. here s our very own gennifer griffin. i d just like to get your reaction to what happened today in the black sea. pissed off. i mean, just be honest about this for a second. the report coming out of our government is that this was an unprofessional act and environmentally unsound. i m sorry, folks. they shot down a united states warplane. they took it out of action. that s the response we get back? not very happy about it. bottom line is we cannot allow that to happen. hannity: that s right. we can t allow this to happen. russia and putin s hostility and aggression against our country, the united states, has now reached a dangerous new height. now tonight the question is this. what will your president, joe biden, do? is he going to offer maybe another waiver for the n
Las vegas, put it on red, maybe i double it, maybe i lose it all, but it doesn t matter to me because you, the taxpayer, and the government, guarantee all my depositors. as long as i play by the rules that we have now and the football rules of banking, i get to go crazy. i think this is a very bad mistake. hannity: you called it a victory for idiot bank managers. i m not trying to get into your own personal finances. the reason i was asking that question is that we all know the fdic insures up to $250,000. i m assuming that you had a lot more money in there than $250,000. so you will be the beneficiary of this bailout like every other depositor at svb. however, the difference between you and probably everybody else is you are saying this bank should not be bailed out. am i wrong on that? no, you re not.
As a result, you have a bank like svb, they put how much money in ten year treasuries. and meanwhile, the depositors want their money back so they have to cash in long term investments. some of the dumbest strategies i have ever heard of. why they ever did that, i don t know. maybe they thought interest rates would stay low forever. a bad bet. my question is, why should the american taxpayer be on the hook for this? well, we shouldn t be, but we are being put on the hook by the people who are supposed to be in charge. you talked about those groups of woke people. one group you didn t talk about were the central bankers, the people who are supposed to be monitoring, to use kevin s language the referees in the football game are just as stupid as the worst possible team you could possibly be playing with. they believe in this thing called modern monetary which is this woke idea that you can
It should have been evident to it all. this is a failure of not too few regulations. it s a failure of the regulators, the san francisco fed and the fdic, to be monitoring this. what happened here would have been obvious. so now what they ve done, they first of all should have ideally sold this over the weekend. it is not clear why that didn t happen. what they ve done, they fired management, which was correct. they penalized the creditors. equity has been blown out. the creditors have been penalized. what they ve done, they ve protected the uninsured depositors. i m worried about that for two reasons, sean. the first reason, the guy who was doing the landscaping on the head quarters at svb that owed him 10,000 bucks, he s out of money. he s not going to get paid. the rich venture capital guys that had significant uninsured deposits, he is getting paid. so there s an inherent unfairness like what you were saying about east palestine and the disconnect. the second problem is theed
That brand is radio active waste. so at the end of the day, let this thing go under cause that s our democratic capitalist system. when you re an idiot and it goes to zero, that s okay. most of the people who had money including me above $250,000 in my portfolio company. we can take the hit. i get it. that happens sometimes. but i ll tell you what i have done since then. i have told all my ceo s in all of our portfolios, we don t want any more than 20% in any one institution so diversified across many institutions. frankly, what i see now as an investor in bank stocks, i won t invest any more. you re basically telling me that from now on the regulatory environment on small regional banks is going to be so punitive i don t think they can make money any more. remember this. this is the really key issue for everybody in america to think about. there are 11 sectors in our economy. we are the greatest economy on