Fox News host Sean Hannity broke down the Silicon Valley Bank collapse and what's behind it Monday on "Hannity."
SEAN HANNITY: But first, another day, another massive crisis for the reckless, incompetent Joe Biden and his administration. America's banking system and your money is now in peril. This is a very real crisis. There are real fears tonight that this could very well be just the beginning of a massive Biden banking crisis. With Biden billionaire bailouts and worldwide consequences. Two banks now have officially collapsed, nearly two dozen others.
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They were forced to halt trading today amid widespread panic. First Republic Bank stock plummeted a whopping 60%. One hundred billion dollars was wiped out in one single day. At the very core of all of this banking crisis is Joe Biden's record-setting 40-year-plus high of inflation caused by his multitrillion-dollar spending spree. And remember, Biden inherited a very low inflation rate of 1.4% and his horrible economic, horrible energy policies drove inflation to one record high after another. All 40-year record highs and Biden inflation has been anything but "transitory," as they told us.
Now, this followed by, what, 1700 percent increase in the rate increases in terms of the Fed, the first financial institution to fail, the Silicon Valley Bank saw its massive holdings in U.S. treasuries and mortgage securities "hit hard by the Fed's aggressive interest rate hikes" caused by Bidenflation, which still remains uncomfortably high. It is still not under control. But according to Joe Biden, it's not just his fault, it's transitory. Instead, guess who he's blaming?
