The former deputy treasury secretary for Bill Clinton was on CNN this morning and explained how Biden has effectively nationalized the banking system.
Roger Altman notes that this nationalization isn’t technically true, but he says Biden is verging on that being true.
Former deputy Treasury secretary, Roger Altman, admits: With SVB, Biden Admin "effectively nationalize[d] … the deposit base of the U.S. financial system … Technically speaking, they haven’t [nationalized the banking system], but in a broad sense, they are verging on that." pic.twitter.com/SBn9SfY3Xm
— Tom Elliott (@tomselliott) March 14, 2023
Altman says you can’t guarantee the entire deposit base of one bank and not do the same for another.
Therefore he argues that by guaranteeing the entire deposit base of Silicon Valley Bank, and by extension the entire deposit base of the US financial system, that Biden has effectively nationalized the banks.
That’s a damn scary notion because that puts us another step closer to government socialism.