The recent collapse of Silicon Valley Bank has been blamed on former President Donald J. Trump by many liberals, despite the fact that he has been out of office for nearly two and a half years. Robert Reich, who served as labor secretary under former President Bill Clinton, took to Twitter to place the blame on Trump for signing a bipartisan bill in 2018 that rolled back elements of Dodd-Frank. Other left-wingers, such as journalists Ed Krassenstein and David Sirota, echoed Reich’s sentiment.
Liberals blame Trump for Silicon Valley Bank collapse citing 2018 bipartisan bill https://t.co/QFaVoikhzZ
— FOX Business (@FoxBusiness) March 12, 2023
This is yet another example of the left trying to shift the blame for any economic failures onto Trump and away from their own party’s leader, President Joe Biden. This is nothing new; when Trump was in office, any economic failure was blamed on him, but any success was credited to Obama. Now, the same thing is happening with Biden.
In 2018 President Trump signed a bill that rolled back Dodd-Frank regulations on banks like Silicon Valley Bank.
Prior to the bill, the threshold for which banks were required to submit resolution plans for their rapid and orderly resolution to the FDIC was set at $50 billion… https://t.co/qKhkQQ607m
— Ed Krassenstein (@EdKrassen) March 11, 2023
50 Republican senators and 17 Democratic senators voted to ignore warnings and weaken risk regulations for Silicon Valley Bank.
Donald Trump signed the bill into law.
And now the bank is the 2nd biggest bank collapse in American history. https://t.co/a8XEifQidA
— David Sirota (@davidsirota) March 11, 2023
Donald Trump slashed rail regulations and a toxic train derailed. Donald Trump slashed banking regulations and a major bank failed. if only we could find some common thread linking these events
— Jeff Tiedrich (@itsJeffTiedrich) March 11, 2023
Good time to reup this from 2018. https://t.co/CqK7qFLGdF
— Ron Filipkowski 🇺🇦 (@RonFilipkowski) March 11, 2023
It is clear that the left is trying to use this tragedy as an opportunity to score political points against Trump. However, they are ignoring the facts and reality of the situation. The truth is that Silicon Valley Bank’s collapse was due to their own bad investments and wrong choices, not Trump’s policies. It is a shame that liberals are using this disaster to push their own political agenda instead of focusing on the real issues at hand.
It is time for the left to take responsibility for their own actions and stop blaming Trump for their own failings. The American people deserve better than this kind of partisan politics. We need to focus on finding solutions to our economic problems, not playing the blame game.