Vivek Ramaswamy thinks President Joe Biden is “bowing” to adrift Democrats by stepping in to help struggling Silicon Valley Bank depositors and said it was absolutely a “bailout.”
The Republican presidential hopeful of 2024, founder of a biotechnology company and an investment firm, told DailyMail.com that the Federal Reserve was trying to “play God”.
He has also vowed if elected that he will lay off 90% of Fed 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 airs later Tuesday afternoon, that the Fed is a “cancer” that needs to be gutted.
GOP presidential hopeful Vivek Ramaswamy says Joe Biden is ‘pleasing’ wealthy Democrats by ‘bailing out’ Silicon Valley Bank and told DailyMail.com that if elected he would cut staff by 90 %
President Biden announced that the Federal Reserve and FDIC are assuring depositors at the crisis-hit Silicon Valley Bank that they could withdraw their funds to avert a greater panic and financial crisis.
President Biden tried in four-minute remarks on Monday to project calm amid fears of a financial collapse and a run on banks after the second-largest banking meltdown in US history. .
Biden’s administration, including Treasury Secretary Janet Yellen, has repeatedly said it will not “rescue” SVB like what was done with banks and financial institutions during the Great Recession of 2008.
But Ramaswamy says their decision to ensure depositors have access to their funds is a lifesaver.
“It’s absolutely, 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 of the bank, it’s a bailout of Silicon Valley itself.”
“I kind of called it – the way it should be remembered in history is the Silicon Valley bailout.”
‘That’s it, because who did they bail out? They bailed out tech companies that made disastrous financial decisions, thinking they had no responsibility to exercise financial prudence,” he explained.
“And you know what, the Biden administration vindicated them. And they were pampered in that even though the tech startup was.
SVB closed on Friday after a run on the bank following a massive drop in shares
Ramaswamy is one of the few Republicans to have entered the 2024 presidential race so far – along with other longtime, small-name candidates; former President Donald Trump; and his ex-ambassador to the UN and former governor of South Carolina, Nikki Haley.
The multi-millionaire entrepreneur said the bailout was because Biden wanted to flatter Democratic voters in Silicon Valley who are beginning to see the appeal of more centrists and right-wing candidates.
“In Biden’s case, it’s a big part of where the Democratic Party’s donor base comes from,” Ramaswamy said. “And so, if you’re already seeing drift and tremors in Silicon Valley for Democratic donors, well, I think that’s a great way to shore it up, because political disagreements are damned.”
“The first thing that matters is how well you take care of my portfolio and my results, and that was the playbook rule that they followed here,” he said of of the administration’s thinking.
Ramaswamy told Rudy Giuliani on his radio show that the Federal Reserve was a ‘cancer’
Biden defended his response, claimed Silicon Valley Bank executives should be fired and pointed the finger at Donald Trump for rolling back the regulations.
“Americans can have confidence in the security of the banking system,” he said from the Roosevelt Room ahead of a trip to California on Monday morning. “Your deposits will be there when you need them.”
After SVB closed on Friday, Signature Bank in New York also closed on Sunday following a panic that led to a massive increase in withdrawals.
“Look, the deepest problem here is the cancer of the Federal Reserve in our country,” Ramaswamy told Giuliani on the show that aired Tuesday. “The Federal Reserve has been playing the role of financial god for 25 years trying to balance inflation and unemployment.”
“They didn’t even do a very good job, did they?” he added. “But it’s these fluctuations that create these bank failures.”
Trump’s former personal lawyer hosts this daily radio show as well as a nightly live stream called America’s Mayor Live.