RUSH TRANSCRIPT Me now ░░░░░░░░ discuss what this means ░░░░░░░░ you your investments and ░░░░░░░░ portfolio and how you ░░░░░░░░ protect yourself is chief ░░░░░░░░ for the America first ░░░░░░░░ institute and former U ░░░░░░░░ treasury Official Michael hawkins ░░░░░░░░ welcome Michael Going to ░░░░░░░░ with your Biden Biden ░░░░░░░░ our banking system is ░░░░░░░░ and then he ran ░░░░░░░░ and dodged Questions from ░░░░░░░░ is in It s ░░░░░░░░ it is safe Your ░░░░░░░░ on this financial crisis ░░░░░░░░ I mean the federal ░░░░░░░░ has come in and ░░░░░░░░ that all deposits are ░░░░░░░░ to be ensured irrespective ░░░░░░░░ whether they re below ░░░░░░░░ above the two hundred ░░░░░░░░ thousand dollar threshold That ░░░░░░░░ to this day don ░░░░░░░░ understand what authorities secretary ░░░░░░░░ who s calling upon ░░░░░░░░ have extended deposit insurance ░░░░░░░░ eligible depositors But yes ░░░░░░░░ who have money on ░░░░░░░░ in that think irrespective ░░░░░░░░ whether their companies or ░░░░░░░░ their deposits or or ░░░░░░░░ going to be accessible ░░░░░░░░ the entire amount based ░░░░░░░░ what the Treasury Department ░░░░░░░░ over the weekend No ░░░░░░░░ to saying this is ░░░░░░░░ a bailout yelling you ░░░░░░░░ heard her say this ░░░░░░░░ in a bail out ░░░░░░░░ tomato This looks like ░░░░░░░░ bail out That s ░░░░░░░░ I mean when they ░░░░░░░░ it s not going ░░░░░░░░ be a bail out ░░░░░░░░ they re really saying ░░░░░░░░ that taxpayers aren t ░░░░░░░░ to directly cover the ░░░░░░░░ that these particularly uninsured ░░░░░░░░ are Now having bailed ░░░░░░░░ instead what s going ░░░░░░░░ happen Is that they ░░░░░░░░ going to raise the ░░░░░░░░ that they charged the ░░░░░░░░ of the banking industry ░░░░░░░░ means that anybody who ░░░░░░░░ and accounted any bank ░░░░░░░░ our nation is going ░░░░░░░░ see lower rates of ░░░░░░░░ on their savings Because ░░░░░░░░ money has gotta be ░░░░░░░░ to the FDA I ░░░░░░░░ to read up the ░░░░░░░░ of money that is ░░░░░░░░ the FBI sees fund ░░░░░░░░ when banks fail so ░░░░░░░░ ultimately the American people ░░░░░░░░ America or going to ░░░░░░░░ exactly so whether you ░░░░░░░░ them taxpayers or you ░░░░░░░░ them depositors It is ░░░░░░░░ American people that are ░░░░░░░░ for it Silicon Valley ░░░░░░░░ was America sixteenth largest ░░░░░░░░ with three hundred nine ░░░░░░░░ dollars in assets What ░░░░░░░░ the domino effect that ░░░░░░░░ see coming from all ░░░░░░░░ this Will they be ░░░░░░░░ to contain this fall ░░░░░░░░ I will we hear ░░░░░░░░ word contagion often Yeah ░░░░░░░░ the fundamental issue was ░░░░░░░░ per se that Silicon ░░░░░░░░ bank happened to lend ░░░░░░░░ lot of money into ░░░░░░░░ companies What happened was ░░░░░░░░ they were primarily sitting ░░░░░░░░ long term treasury bonds ░░░░░░░░ their largest asset because ░░░░░░░░ the out of control ░░░░░░░░ that was caused by ░░░░░░░░ excessive spending and regulatory ░░░░░░░░ of the by administration ░░░░░░░░ it came into office ░░░░░░░░ saw inflation had a ░░░░░░░░ year high and so ░░░░░░░░ Fed is had to ░░░░░░░░ rates well beyond what ░░░░░░░░ market had previously anticipated ░░░░░░░░ higher interest rate environment ░░░░░░░░ that those bonds that ░░░░░░░░ was so was sitting ░░░░░░░░ are now worth a ░░░░░░░░ less and in order ░░░░░░░░ make these two depositors ░░░░░░░░ in order to gain ░░░░░░░░ to the amount of ░░░░░░░░ they have on deposit ░░░░░░░░ we be as having ░░░░░░░░ sell those bonds at ░░░░░░░░ losses But again why ░░░░░░░░ the bonds go down ░░░░░░░░ value It was because ░░░░░░░░ the excessive inflation that ░░░░░░░░ been caused by this ░░░░░░░░ and so more than ░░░░░░░░ else What is going ░░░░░░░░ here is the administration ░░░░░░░░ the Fed are not ░░░░░░░░ hunting the depositors to ░░░░░░░░ losses that resulted from ░░░░░░░░ out of control inflation ░░░░░░░░ thank you so much ░░░░░░░░ hawkins are for breaking ░░░░░░░░ down for us Thank ░░░░░░░░