Silicon Valley Bank collapsed because of bad decisions by senior management, but the historic failure was helped along by the Biden administration’s disastrous handling of the economy, Ben Shapiro said on his podcast Monday.
Deficit spending that drove inflation and prompted interest rate hikes by the Federal Reserve, combined with poor investment strategy by the bank caused the collapse, according to Shapiro, the best-selling author and Daily Wire editor emeritus. SVB had $200 billion in deposits at the end of the first quarter of 2022, a jump from $60 billion in 2020, which Shapiro attributed to more money being injected into the U.S. economy than at any time in history.
“A lot of that money went to firms that didn’t know where to put the money and so
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