Don Surber posted an article at Substack today about the cost of the ‘woke’ culture. Please follow the link to read the entire article. I will post a few highlights here.
The article notes:
As I watched the sudden collapse of the Silicon Valley Bank, I marveled once again at how a geezer’s administration run by tokens of diversity can wreck the economy by turning mundane functions — say, unloading transport ships — into extraordinary catastrophes, such as a supply chain backlog.
Train wrecks happen, sure, but it takes a special innate incompetence to have the EPA set fire to the toxic contents spilled over the tracks in East Palestine, Ohio, sending a black cloud into the air that was seen for miles around as it spread the danger over hundreds of square miles.
I am awestruck by the ineptitude of a Department of Transportation that spends billions of dollars not to build roads but to destroy them in the name of fighting racism.
The return of inflation after a 40-year hiatus tops the list of Biden’s calamities. Thus far the administration’s answer is to keep borrowing and spending as if there is no tomorrow in the fervent and erroneous belief that this will make it go away, when in fact all it does is fuel inflation.
No idea is too kooky for these Ivy League-educated idiots. The Los Angeles Times reported, “How white and affluent drivers are polluting the air breathed by L.A.’s people of color.”
The story said, “Angelenos who drive less tend to be exposed to more pollution.
“It may sound like a paradox, but it’s not. It’s a function of the racism that shaped this city and its suburbs, and continues to influence our daily lives — and a stark reminder of the need for climate solutions that benefit everyone.”
The people who live near freeways are poor and the LA Times presumes they all are people of color. Look for Biden and his Band of Bimbos to destroy freeways in Southern California in his second term and turn them into more camps for the homeless. This will continue until liberals decide that because most homeless people are white that homelessness is white privilege and start destroying the camps.
Behind every disaster, of course, is a token that Biden appointed to be the first fill-in-the-blank.
The article points out:
The money poured into SVB (Silicon Valley Bank) like it did to Studio 54 in the coke-craven 1970s and 1980s. Unlike that New York disco, the money was legal and not kept in garbage bags, but the amounts deposited were outside the FDIC’s coverage.
97% of its deposits were uninsured. As the big banks spin this as the fault of the FDIC, remember they seek insurance coverage of money they did not insure. SVB paid insurance premiums for only 3% of its deposits. That is all the money it is entitled to. These are the rules the banks wanted because if the banks wanted the coverage, they would have gotten Congress to cover them.
If you go uninsured and you wreck your car, you pay to fix it. The same should be true with bank deposits. I get that the feds limit their insurance to the first $250,000 of each depositor’s money. But why isn’t there a secondary insurer? Why don’t the Aflac duck and the Geico gecko get together and provide insurance for deposits above $250,000? They could hire Flo to pitch their insurance.
The article concludes:
Zero Hedge pointed out that as it died, SVB still pushed DEI — diversity, equity and inclusion. Zero Hedge said, “You see, SVB believes ‘inclusion ignites innovation,’ although I guess liquidity wasn’t part of the ethos.”
Go woke. Go broke. Have the Fed bail you out.
This situation is the son of the $700 billion bailout from 2008-2009.
Pundits say the bankers learned nothing from that debacle but they learned plenty — mainly that they can ignore the rules because Uncle Sam will always bail them out.
This time, the bailout did not include taxpayer money. Instead, the Fed will print up another $25 billion to feed the fires of inflation. Next time, taxpayer money will be needed because all those banks that are Too Big To Fail are not big enough to cover Biden’s many, many calamities.
And no one will be held accountable.