• The fallout from the recent bank run sparked by Silicon Valley Bank's sudden collapse late last week is also having an unexpected side effect: It's being linked back to Joe Biden. Critics are blaming "woke" economic policies pushed by Biden and his administration, according to a report by Just The News. It could have a significant impact on Biden's favorability ahead of 2024.
  • Both Silicon Valley Bank and Signature Bank were closed by regulators after they both went bankrupt abruptly. From the outside looking in, some critics have linked both collapses to the same high spending and staunch "woke" support of environmental, social and governance (ESG) policies that Joe Biden has promoted.
  • House Financial Services Committee member Rep. Bryan Steil (R-Wisc.) released the following statement blasting Biden's failed policies, saying: "If we step back and look and say, 'What's causing this underlying instability across our economy?' — it's roaring inflation, and who's the culprit of roaring inflation? It was one-party, Democratic control that spent like drunken sailors. It's mismatched energy policy, where the Biden administration wants to have a war on energy. And his labor policies allow far too many people to find themselves on the sidelines."
  • America First Policy Institute's Mike Faulkender also tied Biden to the recent collapses, saying: "When Biden came into office and carried out the massive amount of spending with the American Rescue Plan, we saw inflation start to take off in March of 2021 ... it hit more than 9% inflation last year. And the result of that is that the Fed has had to aggressively raise interest rates."

Why This Matters:

  • Silicon Valley Bank had a history of making donations to powerful Democrats in Washington. Rep. Maxine Waters has publicly promised to return large donations they gave her before they collapsed.
  • Signature Bank was also the very same bank that closed Donald Trump's accounts in an act of cancel culture. 
  • If Joe Biden's same "woke" economic policies are tied to these failed banks, it could be a disaster as he heads into the 2024 presidential election.
  • Former President Donald Trump famously predicted that an economic crisis would happen under Joe Biden's watch. If this proves to be true, it could give Trump ammo heading into the 2024 race.