Fox Business host Charles Payne did not hold back his frustration on Friday’s Outnumbered on Fox News, passionately accusing President Joe Biden of “bailing out billionaires” with his handling of the Silicon Valley Bank failure.
Biden and Treasury Secretary Janet Yellen have come forward to argue the banking system is safe despite recent turmoil, and they have also assured depositors that their money is safely insured. This has led to a number of critics accusing the federal government of essentially bailing out venture capitalists tied to the bank.
Payne accused the administration of bowing to rich political donors and spinning their insurance announcement as a victory for small businesses when it’s not.
“First and foremost, the administration is focused on public relations and twisting words. Listen to me folks out there, all depositors with less than $250,000 in the bank are covered. You were covered before this weekend. You’ve been covered for years. Everyone is covered. What they’re trying to cover is the fact that they bailed out billionaires in Silicon Valley and it has messed everything up. They have blown it,” Payne said.
At one point, Payne pled with “progressives” to listen to him as he broke down the billions of dollars the banks have already received from the Federal Reserve.
“Progressives, please listen to me!” Payne yelled at the screen.
Payne accused Biden of being focused on the “millionaires and billionaires” scared they would lose their deposits, but spinning it like the concern was strictly for small businesses.
“His political donors got out there! Bill Ackman got on Twitter. They called him up and said, ‘you must bail us out. This is Silicon Valley. These are venture capitalists. You know how much money we put in your campaign!?’” Payne shouted.
The Fox Business host admitted covering the bank collapse is “frustrating.”
“They keep talking about going after millionaires and billionaires,” he said about Biden’s administration, “but every chance they get, they save them.” Biden has publicly stated that taxpayers will not be holding the bill for bailouts and that the federal government seizing control of the bank and guaranteeing all depositors was the best option to prevent a wider banking crisis.
Watch above via Fox News.
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