"Treasury Secretary Janet Yellen admitted to the U.S. Senate Thursday that the government is choosing winners and losers in the rigged bank bailout lottery. And wouldn’t you know it, the losers sure look like the smaller community banks the big banks (and Democrats) would love to see eliminated," John Nolte writes at Breitbart News.
The essential admission came after Yellen was asked a simple question last week from Sen. James Lankford (R-Okla.) during a Senate hearing.
"Will the deposits in every community bank in Oklahoma, regardless of their size, be fully insured now? Are they fully covered, every bank, every community bank in Oklahoma, regardless of the size of the deposit? Will they get the same treatment that SVBP [Silicon Valley Bank] just got or Signature Bank just got?" he queried.
She then made this horrific admission: "A bank only gets that treatment if a majority of the FDIC board, a super majority of the Fed board and I, in consultation with the president, determine that the failure to protect uninsured depositors, would create systemic risk and significant economic and financial consequences."
Nolte interpreted Yellen's reply:
In other words, if the FDIC likes your bank, the depositors are insured. If not, the depositors are not insured over $250,000, which means what?
It means that people will withdraw their money from community banks and hand those deposits over to a handful of fascist giant banks that not only own almost all the banking but will refuse to do business with you if you hold certain political opinions they find offensive… Oh, and you can bet those political opinions they find offensive will always-always-always be conservative opinions.
Lankford appeared to immediately understand just exactly what Yellen was saying, as he asked in a follow up: "So what is your plan to keep large depositors from moving their funds out of community banks into the big banks?” Lankford asked. “We have seen the mergers of banks over the past decade, and I’m concerned you’re about to accelerate that by encouraging anyone who has a large deposit in a community bank to say, ‘We’re not gonna make you whole, but if you go to one of our preferred banks, we will make you whole at that point.’"
Yellen appeared to catch on to what she admitted. “Look, I mean, that’s certainly not something that we’re encouraging,” she said.
But the Oklahoma Republican responded with the obvious: “That is happening right now!”
"That is happening because depositors are concerned about the bank failures that have happened and whether or not other banks could also fail…" she said.
But Lankford was onto her and the regime now and wouldn't back off.
"No, it’s happening because you’re fully insured no matter what the amount is if you’re in a big bank. You’re not fully insured if you’re in a community bank," he said, summarizing her outrageous admission.
Must watch. Yellen has no idea how to answer the question and admit they’re arbitrarily making it up as they go. Senator Lankford stays pointed and calls it as it is. Truly terrifying.
— Autism Capital ? (@AutismCapital) March 17, 2023
Nolte noted that the end game for the tyrannical left is to be able to control the entire financial ecosystem so that the few banks that are left (and that they can regulate into oblivion if they choose to do so) can impose authoritarian Democrats' agenda:
How would you like to live in a world where a gun store has no place to bank or run a credit card payment?
How would you like to live in a world where a mall owner cannot rent to a gun store?
How would you like to live in a world where your accounts are closed if you tweet a biological fact like, “Trans women are men?”
You might not want to live in that world, but that is the world the Democrat party seeks, so they are in the process of deliberately undermining faith in community banks.
It is always about control through centralized power.
Never let a crisis go to waste.