A helpful reminder that Warren is a fraud and I don’t just mean in terms of her ancestry
In the wake of the SVB bailout which unilaterally extended protection from the standard FDIC limit of $250K to everyone, Senator Elizabeth Warren, who is a millionaire but claims to be fighting them, is proposing a $10M cap.
“I think that lifting the FDIC insurance cap is a good move,” Senator Elizabeth Warren, a Democrat, said on CBS’s “Face The Nation” program, referring to the Federal Deposit Insurance Corporation’s current $250,000 limit per depositor.
Asked what the new, higher level should be, Warren, a member of the Senate Banking Committee, said: “This is a question we’ve got to work through. Is it $2 million, is it $5 million? Is it $10 million? Small businesses need to be able to count on getting their money to make payroll, to pay the utility bills.”
That’s an interesting position for a politician who built up her cred by claiming to fight capitalism would take. Warren did a whole media tour about SVB only to somehow conclude that we ought to be backing up bank accounts to as much as $10 million.
Some might point that creatures like the Soviet-trained Biden nominee Saule Omarova who wanted to eliminate private banking are products of the Warren stable. If you’re going to eliminate private banking and seize everyone’s money, you could do worse than start out by promising to “protect” it.
The SVB bailout benefited a few companies and investors in the short term while giving socialists more of an argument for ultimately nationalizing people’s finances. And that may be Warren’s angle here.
But then again Elizabeth Warren’s own net worth was last estimated at around $12 million. Much of that would be tied up in her homes and investments, but it still puts those multi-million FDIC caps in her income trajectory.
And that’s always the question with socialists like Bernie Sanders or Elizabeth Warren: how much of it is ideology and how much of it is economic interest?
Warren keeps talking about raising taxes on the rich. Her previous definition of the rich was people with over $50 million. That conveniently leaves her out much as her proposed FDIC cap conveniently protects her.
Socialist class warfare usually works both ways.