Steve Bannan and Phillip Patrick discussed the failure of the banking system, all caused by Biden. These people are destroying America and the American way of life.
Patrick and Bannon began by noting that this week set a record for the largest amount of emergency loans issued to banks in US history. This shattered the 2008 record from before, as we reported earlier today.
JUST IN: SVB Financial Group files for Chapter 11 bankruptcy
Patrick says “we get all the downsides without any of the upsides.” Basically, the American people are bailing out the banks.
Patrick also says that if “every bank marked its cash reserves at market prices, there would be at least a $620 billion hole in the balance sheet.”
This too was reported earlier in the week.
Patrick says, “10% of US banks have larger unrealized losses than SVB… This could be an absolute disaster.”
Steve Bannon went on to say,
“That’s my point. It is not recoverable. We live in a fantasy. These treasury bonds could be worth a third of their value. It’s because of Joe Biden. It’s not awake. It’s stupid.
“That’s what we told you. Spending – Biden spending, leads to Biden inflation, which leads to Biden bonds, which leads to Biden banks. That’s where we are, this Biden, Biden, Biden and Biden.
Watch the full interview below.