Atlanta, GA –On Friday, Silicon Valley Bank (SVB) was closed by regulators following a $1.8 billion loss in asset sales and its failure to secure additional capital. Since then, two additional major banks have also collapsed. In response, Tea Party Patriots Action Honorary Chairman Jenny Beth Martin released the following statement:

“When Biden took office, the nation was poised for recovery. All he had to do was keep the ship on a steady course. Instead, Biden and Democrats swiftly enacted a government spending spree, driving up inflation and forcing the Federal Reserve to continually hike interest rates to cool down Biden’s inflationary-fueled economy in recession. Those same interest rate hikes brought about by Bidenflation are part of what caused the collapse of SVB, turning their multitude of higher-yielding bonds into a massive investment flop. Now Biden wants to bail out the banks on the taxpayer dime, furthering his tax-and-spend agenda. 

“The Biden administration has proved that its agenda works for no one, not for hardworking Americans and not for investors and the banks. Bluntly put, the Biden economy is an unmitigated disaster. The Wall Street bailout of 2008 was the genesis of the Tea Party movement, fueling grassroots outrage that spilled over into the early Obama era. The socialistic 2008 bailout was a mistake, one that we must not repeat now with SVB or any other bank.”
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