“Biden’s Spending, Leads to the Biden Inflation, That Leads to the Biden Bonds, that Leads to the Biden Banks” – Steve Bannon Puts Entire Blame for Massive Financial Crisis We Are In Today on Biden
Note – this article was cross-posted at TGP
Steve Bannan and Phillip Patrick discussed the failure of the banking system all caused by Biden. These people are destroying America and the American way of life.
Patrick and Bannon began by noting that this week set a record for the largest amount of emergency loans given to banks in US history. This blew away the 2008 record from before as we reported earlier in the day.
BIDEN ECONOMY: Emergency Loans to US Banks Reach Highest Level Ever This Week – Smashing 2008 Record
Patrick says “we’re getting all of the downsides with none of the upsides.” Basically, the American people are bailing out the banks.
Patrick also says that if “every bank marked their treasury reserves to market prices there would be at least a $620 billion hole in the balance sheet.”
This too was reported earlier in the week as well.
BIDEN CRISIS: Moody’s Downgrades Banking Segment to “Negative”, Assets in US Banks Are $2 Trillion LESS than Their Balances
Patrick says, “10% of US banks have bigger unrealized losses than SVB… This could be an unmitigated disaster”.
Steve Bannon went on to say,
“This is my point. This is not recoverable. We’re living in a fantasy. These Treasuries could be worth a third of their value. This is because of Joe Biden. This ain’t woke. This is dumb.”
“This is what we told you. The spending – Biden’s spending, leads to the Biden inflation, that leads to the Biden bonds, that leads to the Biden banks. This is where we are, this Biden, Biden, Biden and Biden.”
Watch the entire interview below.