Vivek Ramaswamy tells DailyMail.com Biden has intervened at SVB to support wealthy donors

Vivek Ramaswamy believes President Joe Biden is “pandering” the drifting Democrat by intervening to help depositors at the troubled Silicon Valley bank, saying it’s absolutely a “bailout.”

The 2024 Republican presidential nominee, who is a biotech company and founder of an investment firm, told DailyMail.com that the Federal Reserve is trying to “play God”.

He also pledged that if elected, he would lay off 90 percent of the Fed’s staff to reduce the federal government’s involvement in the economy.

Ramaswamy told former New York City Mayor Rudy Giuliani in a recording of his syndicated radio show WABC, which will air later Tuesday afternoon, that the Fed is a “cancer” that needs to be gutted.

Presidential hopeful Vivek Ramaswamy says Joe Biden is “pandering” the wealthy Democrat by “bailout” the Silicon Valley bank and told DailyMail.com he would cut staff by 90 percent if elected

President Biden announced that the Federal Reserve and FDIC are reassuring depositors at the troubled Silicon Valley bank that they can withdraw their funds to avoid a major panic and financial crisis

President Biden tried to exude calm during a four-minute speech on Monday amid fears of a financial crisis and a bank run after the second-largest bank collapse in US history.

Biden’s administration, including Treasury Secretary Janet Yellen, has repeatedly said they will not “bail out” SVB as they did with banks and financial institutions during the Great Recession of 2008.

But Ramaswamy says her move to ensure depositors have access to their funds is a bailout.

“It’s absolute, cut and dry, 100% on the fairway bailout. This is a textbook bailout,” Ramawamy told DailyMail.com in a phone interview on Tuesday. “But it’s not a bailout for the bank, it’s a bailout for Silicon Valley itself.”

“I sort of called it that — the way this should be remembered in history is the Silicon Valley bailout.”

“It is, because who did they save? They rescued tech companies that made disastrous financial decisions because they felt they had no responsibility to exercise financial prudence,” he explained.

“And guess what, the Biden administration confirmed them. And they were spoiled in it, even though it was the tech startup.

SVB closed on Friday after a bank run following a massive drop in shares

Ramaswamy is one of the few Republicans to have contested the 2024 presidential campaign so far — along with a few other small-name candidates. former President Donald Trump; and his ex-ambassador to the United Nations and former governor of South Carolina, Nikki Haley.

The multimillionaire entrepreneur said the bailout came as Biden wanted to give way to Silicon Valley Democratic voters who are beginning to see the appeal of more centrist and right-leaning candidates.

“In Biden’s case, that’s a big part of where the Democratic Party’s donor base comes from,” Ramaswamy said. “And if you’re already seeing some drift and wobble in Silicon Valley for Democratic donors, well I think this is a great way to shore that up, because political disagreements be damned.”

“The first thing that matters is how much you care about my wallet and my bottom line and that was the rule in the playbook they followed here,” he said of the administration’s considerations.

Ramaswamy told Rudy Giuliani on his radio show that the Federal Reserve is a “cancer.”

Biden defended his response, calling for Silicon Valley bank executives to be fired and pointing the finger at Donald Trump for rolling back regulations.

“Americans can have confidence that the banking system is safe,” he said in the Roosevelt Room ahead of a trip to California Monday morning. ‘Your deposits are there when you need them.’

After SVB closed on Friday, New York’s Signature Bank also closed on Sunday after a panic that led to a massive surge in withdrawals.

“You see, the deeper issue here is the Federal Reserve’s cancer in our country,” Ramaswamy told Giuliani during the program, which aired Tuesday. “The Federal Reserve has played the finance god for the past 25 years, trying to balance inflation and unemployment.”

“You didn’t even do very well, did you?” he added. “But it’s these fluctuations that cause these bank failures.”

Trump’s once personal attorney hosts this daily radio show as well as a nightly live stream called America’s Mayor Live.

The program features interviews with many high-profile guests, including former President Trump.

Source: | This article originally belongs to Dailymail.co.uk