GOP Rep. Exposes Fed’s Role In SVB Fallout

America’s continued economic turmoil is causing widespread panic among consumers and depositors, and U.S. Rep. Thomas Massie (R-KY) took to Twitter to expose the government’s blundering hand in causing the “malfeasance” and “failure” of Silicon Valley Bank, thanks to the Federal Reserve’s shenanigans.

Massie criticized the Fed’s role as “Santa Claus” by continuously setting low interest rates for years. This allowed for economic growth and encouraged those with cash to invest into venture capital, thus creating a need for an institution like Silicon Valley Bank.

The congressman then explained how the Fed acted like an “arsonist” by creating $5 trillion out of thin air and putting it into Congress’ pockets, which now only serves to harm America’s economy.

Massie also expressed his disdain for the Fed’s “firefighter” stance, wherein it rapidly increased interest rates to combat inflation, drastically slowing down startup deposits to Silicon Valley Bank while the institution’s assets plummeted in value.

He claimed that the Fed is likely to put their “Santa” hat back on and play the role of “trauma doctor,” leading to the same destructive results.

Massie argued that the Federal Reserve Bank should not exist as it socializes risks for insiders while damaging America’s economy and devaluing its currency. Americans would be better off without it.

Written by Staff Reports

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