![CNBC's Andrew Sorkin questioned Republican Rep. Patrick McHenry on Tuesday as to whether the United States is a nation of bailouts. [Screenshot CNBC]](https://images.dailycaller.com/image/width=960,height=411,fit=cover,f=auto/https://cdn01.dailycaller.com/wp-content/uploads/2023/03/Screenshot-2023-03-14-at-10.32.43-AM-e1678804652893.png "CNBC's Andrew Sorkin questioned Republican Rep. Patrick McHenry on Tuesday as to whether the United States is a nation of bailouts. [Screenshot CNBC]")
CNBC’s Andrew Ross Sorkin questioned Republican North Carolina Rep. Patrick McHenry on Tuesday as to whether the U.S. is becoming a nation of bailouts.
President Joe Biden said Monday morning that customers of Silicon Valley Bank (SVB), which collapsed Friday, would “have access to their money.” The Treasury, Federal Reserve and Federal Deposit Insurance Corporation (FDIC) announced Sunday night that the government would fully protect “all depositors.”
Federal regulators shut down SVB after its stock price collapsed, prompting customers to make a run on the bank following SVB’s disclosure Wednesday that it had a $1.8 billion loss on asset sales due to high interest rates.
Sorkin then questioned whether the U.S. is only good for big bailouts.
“The question is whether we’ve become a bailout nation. And when you hear Ken Griffin’s comments about [how] he’s watching capitalism dissolve, effectively, in front of his eyes, you know, we did it after 9/11, we bailed out everybody after 2008,” Sorkin said.
“The pandemic happens, we bail out the airlines and everybody else, here now we’re bailing out – at some point, should we not do that? And, if we are going to do that, does that change the dynamic with which we think about taxing Americans? Should taxes be considered a form of, effectively, insurance policy for everybody? I mean, how should we think about this?” he continued.
“You know what I think, we should think about, is that we’re in the – what today is. Today is making sure that the American people have confidence in their financial system. We have politicians dancing around in a hackish way, trying to drive their own agenda. We have folks that are opining so they can actually have a greater platform. And what we see is people trying to dine on the bones of America, and I think that’s highly irresponsible,” McHenry responded. (RELATED: Tucker Carlson Wonders What The Federal Gov’t Will Get In Return For ‘Backstopping’ Deposits At Failed Banks)
“In a moment like this, we should understand what these agencies do. The Fed [Federal Reserve] is doing what the Fed is supposed to do. The FDIC is going what the FDIC is supposed to do, in conformance with the law. And I have no partisan grudge about this. I want to convey confidence to the American people that these agencies are doing the right thing as I see it at this moment,” the representative continued.
Daily Caller co-founder and Fox News host Tucker Carlson questioned Monday night what the federal government would get in return for “backstopping” the deposits, adding that “ideologues who used the 2008 bank bailout to kill American meritocracy” created consequences for the rest of America because they “imposed DEI, diversity, equity and inclusion standards on the entire financial sector.”