Brian Kilmeade: Every time there's a tragedy, this administration blames Trump
'Fox & Friends' co-hosts discuss fallout from the Silicon Valley Bank collapse.
‘Fox & Friends’ co-host Brian Kilmeade criticized President Biden and his administration for consistently blaming former President Trump for emerging problems. Most recently, liberals claimed the Silicon Valley Bank collapse was a result of Trump-era regulations, an argument economists like Larry Kudlow have rejected.
BRIAN KILMEADE: It's amazing the way this administration, every time there's a tragedy, blame Trump. The train derails? ‘Oh it was Trump and the braking system.’ Even the Washington Post said total crap. Then they talk about the balloons floating over the country: 'Well, it happened a couple of times. Trump didn't even, didn't even detect it.' Wait a second. What are you talking about?
AINSLEY EARHARDT: Russia invades Ukraine during the Biden administration, and they blame Trump.
KILMEADE: Blame Trump. It's nonstop. And then again, here we go again. Blame Trump. I just hope people can see that. By the way, it's terrible leadership to sit there in the middle of a possible regional bank collapse that could crash the economy, ‘I just want to tell you that we had it settled when Obama was in office, but then they came in and they ruined it all.’
WASHINGTON, DC - JULY 12: U.S. President Joe Biden hosts a meeting about reducing gun violence in the Roosevelt Room at the White House on July 12, 2021 in Washington, DC. PHOENIX, ARIZONA - JULY 24: Former U.S. President Donald Trump prepares to speak at the Rally To Protect Our Elections conference on July 24, 2021 in Phoenix, Arizona. (Brandon Bell/Getty Images; Chip Somodevilla/Getty Images)
"Unfortunately, the last administration rolled back regulations," Biden said on Monday, adding he will ask Congress to restore rules put in place during the Obama administration following the 2008 financial crisis.
Biden said Americans should "feel confident" in their banking system after his administration's response to the collapse of Silicon Valley Bank (SVB) and Signature Bank last week.
Biden reiterated a statement from the FDIC (Federal Deposit Insurance Corporation) and Treasury Department during public remarks Monday morning, telling reporters that the federal government would guarantee depositors at the banks access to their funds. He added that no such protection is being offered to the banks' investors, however. His administration has also fired the leadership at both banks.
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"No losses will be borne by the taxpayers," Biden said. "Instead, the money will come from the fees that banks pay into the deposit insurance fund. Because of the actions that our regulators have already taken, every American should feel confident that their deposits will be there if and when they need them."
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