Don’t look now, but there’s something funny going on over there at the bank, George.
Something funny is definitely going on at Silicon Valley Bank, but not funny ha-ha, that’s for sure. In the largest bank failure since the 2008 crisis, SVB—the 16th largest commercial bank in the United States—was shut down Friday after a dramatic, two-day collapse.
The Biden White House assured the American people that their savings are safe. So, naturally, those who haven’t been living under a rock are rushing to move everything they’ve got in SVB out.
I popped on over to the Wellesley location to get a sense of the atmosphere. Now, if I were at risk of losing everything I own, I might appear a little antsy waiting out in the forty-degree weather to collect all of my savings.
While it had all the earmarks of being a run, no one seemed particularly worried.
The line, snaking down the stairs and wrapping around the parking lot, barely moved in the half-hour I was there. One resourceful woman brought a camping chair to drag along the makeshift parking lot route.
Some of the Wellesley folk were huddled in groups of three or four listening to a local finance guru explain the latest from the FDIC. Unfortunately, no one was willing to share his astute insight and keen expertise with a lowly reporter from the Howie Carr Show.
There were also a few standing far from the rest, donning surgical masks and unwilling to fraternize over finances. Normally, wearing a mask and walking into a bank with a large bag to demand large sums of cash would be considered a different activity altogether. But remember, it’s Wellesley, so wearing a mask means you’re guilty of virtue-signaling—not robbery.
I saw only one woman exit the bank. She carried a tote full of something and scurried across the adjacent street.
I wasn’t the only one struggling to gain some scoop. WCVB had a news truck and camera crew, Boston Business Journal had a representative there, and another, unmarked squadron was snapping pictures left and right.
Silicon Valley Bank customers were less-than-friendly. I’d certainly be bashful to talk, but perhaps for a different reason.
I’d be embarrassed my bluer-than-blue town time and again chooses our nation’s leaders because of how intersectional they are, how much climate they promise to change, or how much “equity” they’ll shell out for the little guy. Guess what? The fiasco in the banks will trickle down, and the little guy will feel it most.
Under this administration, inflation is soaring, interest rates are rising, and there’s zero confidence in the banks.
Still, Wellesley went 77.8% for Biden in the 2020 election. The liberal elites can afford Biden—the little guy can’t.
They should be embarrassed.
