Fox News hosts have also blamed 'woke Biden banks' for the failures.ABC NewsBy Libby CatheyMarch 14, 2023A growing number of conservative Republicans are blaming what they call "woke" policies for the failures of two big banks this past weekend -- but what exactly are they talking about?
None of the critics has provided evidence to prove the Silicon Valley Bank's policies on diversity and "ESG" -- so-called environmental, social and governance investing -- led directly to its collapse, with most experts pointing instead to a cash crunch due to surging interest rates.
Yet, that hasn't stopped Republicans from seizing on the "woke Biden bank" line as a convenient political talking point -- one they've been using to attack the administration and Democratic-supported policies on issues across the board.
The former Vice President Pence blames it on,
"Banks make foolish decisions enabled by imprudent government policies and the American people pay the price," Pence wrote, calling Biden "disingenuous" for saying taxpayers won't now see higher fees in the fallout.
Very true! But…
They would never have made those risky investments without Trump making those changes in the banking regulations!
Florida Gov. Ron DeSantis, who appears to be preparing a run for president in 2024, in an appearance on Fox News on Sunday, also raised the prospect of Silicon Valley Bank being "so concerned with DEI and politics," referring to diversity, equity, and inclusion, that it "really diverted from them focusing on their core mission."
Smoke and mirrors, just like in the Wizard of Oz they don’t want you to look behind the curtain.
In another ABC News article…
Experts told ABC News regulators missed "red flags" before the collapse.ByAlexandra HutzlerMarch 15, 2023The collapse of Silicon Valley Bank is putting deregulatory reforms implemented under former President Donald Trump back in the spotlight.
The abrupt implosion of the country's 16th-largest bank last week resulted in swift finger-pointing in Washington.
President Joe Biden and many progressive Democrats have blamed, in part, a 2018 law that rolled back some of the Dodd-Frank Act -- a series of federal regulations passed in the wake of the 2008 financial crisis. Republicans, on the other hand, are decrying so-called "woke" practices at the bank as well as government spending and inflation as the culprits.
The Dodd-Frank Act passed as a result of the banking failures under the Nixon administration. You remember those bank collapses… Lehman Brothers and AIG!
What is the Dodd-Frank Act?
One of its major provisions was designating any bank with more than $50 billion in assets a "systemically important" financial institution -- or "too big to fail" -- and thus subject to enhanced prudential standards, such as "stress tests" and certain capital planning and liquidity requirements.
"Dodd-Frank massively empowered the Federal Reserve to more forcefully regulate banks, including those where it wasn't the direct bank regulator," Klein said.
And that my readers was the preliminary cause of the Silicon Valley Bank collapse, the stress of the Federal Reserve raising interest rates. The bank wasn’t prepared for the increase which the Republicans are trying to hide behind their charges of “WOKE.”
More on Wokeism down in where else the leader of wokeism Florida.
By Miami Herald Editorial BoardMarch 16, 2023<The Republican Party traditionally has been the party of Big Business, its protector, its benefactor. And it has let Big Business go about its business however it saw fit, staying out of the way.
But, no more, at least in Florida. Gov. Ron DeSantis has changed the game. He has vowed to fight what he calls “woke corporations.”
Last year, after pressure from its employees and some public protests, Disney spoke out against the Parental Rights in Education bill, commonly — and derisively — known as ‘Don’t Say Gay.’
The governor says that we live in the free state of Florida, yet he punishes private entities for their speech. But, we also know that corporations are becoming more vocal about their stances on politics. Should they quiet down and go back to business as usual? Or should Florida lawmakers mind their own business when it comes to private entities? We’ll wrestle with these questions on this week’s “Woke Wars.”
Anyone notice yet that Florida is hopping around on one foot?
The Republican party shot itself in the foot with this. The Republican were palsy walsy with big business but now big business is wondering who they are in bed with. Now the Republicans are telling businesses how to run their business and they just woke up to fact that the Republicans are strange bedfellows. A Washington Post article from last year…
Many Republican leaders are threatening to punish companies, alleging that these firms should be more supportive of a conservative agendaBy Todd C. FrankelApril 21, 2022Six years ago, then-Indiana Gov. Mike Pence scrambled to change a “religious freedom” bill he had just signed into law because corporate America objected.
Apple and Salesforce opposed the bill, which seemed to allow businesses to discriminate against gay men and lesbians. Eli Lilly, a big employer in the state, called it “bad for Indiana and for business.” Indiana’s Chamber of Commerce said the law was “entirely unnecessary.”
Last year, the GOP attacked entities such as Delta Air Lines and Major League Baseball for standing against Georgia’s restrictive voting law. Citigroup was threatened for taking action seen as opposing Texas’s recent abortion law. And Disney’s complaints about Florida’s new law limiting classroom discussion of sexual identity has led to Republicans targeting the Magic Kingdom’s perks. On Thursday, the GOP-controlled Florida legislature passed a bill that would eliminate Disney’s special district status, sending it to the governor. The implications of this major change remain unclear.
Companies look to hire the best and the brightest.
Now suppose you are a brand newly minted college graduate student out looking for the perfect job and this Fortune 500 company comes a courting, puts their arm around you and says we want you! We have a fantastic job that just waiting for you… in Florida!
You stop and think one of two things, one is no way, those people are nuts downs there! Or you are like minded and wallow in the MAGA and WOKE movements.
Now suppose you are a business and you start to realize that you are not getting the best and the brightest because some of them are refusing to move to Florida and you worry about federal Title VII discrimination lawsuit and you value diversity are you going to have second thoughts about opening a new office in Florida or Texas? You also realize that Republican policy is selecting who accept your job offers, that you are only getting right-wing recruits, now some businesses might want that but the more savvy businesses might recognize the trap for what it is.
They might remember how the very conservative IBM back in the 70s shot itself in the foot when these two hippies came up with their idea, and the idea of a desk top computer was shot down.
And businesses recognize WOKE for what it is, an attempt to control their businesses.
And now Florida and the Republican party shot themselves in the foot and don’t know it yet. Their cash cows are having second thoughts.
Remember only you can stop this madness! VOTE!