“Umm, Banks are Melting”: Elon Musk Exposes Biden’s Misplaced Priorities

A war has been raging between Billionaire Elon Musk and President Joe Biden, putting the spotlight on misguided fiscal priorities.
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A war has been raging between Billionaire Elon Musk and President Joe Biden, putting the spotlight on misguided fiscal priorities.

Banks have been melting under inflation, economic uncertainty, and lax regulations – but instead of turning people’s attention to this brewing financial crisis, the Administration is focused on a different kind of war: one centered around climate change initiatives while costs of food and gas rise astronomically.

Daily wire reports, in the midst of a banking crisis, Musk rebuked the White House for announcing newly protected natural resources and promoting climate change initiatives.

Biden said on social media Wednesday that he would direct Commerce Secretary Gina Raimondo to consider designating 777,000 square miles of Pacific Ocean south of Hawaii as a national marine sanctuary.

In reply to Biden’s tweet and statement Elon Musk replied “ UMM…. THE banks are melting”

The remarks from Biden about conservation and environmental protection indeed come shortly after the collapse of Silicon Valley Bank, where the Federal Deposit Insurance Corporation had to guarantee the funds of account holders with balances exceeding the $250,000 threshold typically insured by the government-backed corporation. Since then, financial authorities like Treasury Secretary Janet Yellen have attempted to reassure markets that the banking system remains sound and that the Biden administration will prevent bank runs in a meaningful way.

Silicon Valley Bank fulfilled withdrawal requests by selling a long-term bond portfolio that had declined substantially in value amid Federal Reserve interest rate hikes. To combat the record inflation witnessed since Biden took office, monetary policymakers have been forced to risk a recession by hiking rates. As a result of the rollback in monetary stimulus, bank assets are now $2 trillion lower than their book value, according to a study by analysts at the National Bureau of Economic Research.

Musk, the CEO of Tesla, SpaceX, and Twitter, has frequently criticized the Biden administration for its apparent lack of focus on optimal economic performance. In response to news that the next Federal Reserve vice chair will be appointed with diversity factors in mind, he warned that the nomination decision “affects everyone.” He added that the role requires “maximum knowledge of monetary policy.”

The hypocrisy of the Biden administration has spoken volumes recently, as the battle over inflation rages on. With banks melting under lax regulations and the inflation rate rising to historic levels, Joe Biden has chosen to turn a blind eye by instead pursuing an ambitious agenda of climate change initiatives. Billionaire Elon Musk expressed shock and anger, noting that small business owners and workers are what drives this country forward, not sea life. Not only does this decision reflect an inflationary mentality of neglecting people’s livelihoods for costly climate projects, it also further exacerbates the deepening financial crisis – setting off a chain reaction that could quickly lead to soaring food prices, gas costs, and increased geopolitical tensions. With the economy in disarray and citizens suffering from high inflation, how much more can we continue to put up with before hitting our breaking point?

Next News Network Team

Next News Network Team

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