Bipartisan Finger Pointing Says Populism Is To Blame for Big Bank Failures

( – Analysts have reasoned the political finger-pointing is, in part, to blame for the collapse of two major banks earlier in March, The New York Times reported.

Following the collapse of Silicon Valley Bank and Signature bank, political banter about the U.S. economic crisis heated up.

In the aftermath, political leadership has been both hotly critical and echoing similar tones across the political aisle. Democratic socialist Senator Bernie Sanders and former Vice President Mike Pence have echoed “remarkably similar tones” about what processes should follow in the aftermath, the Associated Press reported on March 15.

Pence reportedly commented that we presently “live in a world” where certain businesses have politically favored support. The former vice president stated that the government will bail out and prop up these businesses based on political interests. Sanders echoed a similar complaint, saying that the U.S. could not continue down a road where there was “more socialism for the rich” while there was “rugged individualism” for everyone else, the Associated Press reported.

While the sentiment of populism’s fault echoed across the aisle, Republicans and Democrats were quick to blame one another for the outcome. Sanders claimed that a bill signed by Donald Trump to relax the Dodd-Frank regulations was to blame for the SVB bank failure, Business Insider reported. President Joe Biden echoed this sentiment, The Los Angeles Times reported on March 13.

Meanwhile, Republicans claimed that the promotion of “wokeism” and initiatives such as environmental and social governance was to blame for SVB’s collapse, The Tampa Bay Times reported.

Media analysts reasoned that the financial crisis of 2008 has since fueled populist politics surrounding the banking system. The analysts reasoned that Pence and Sanders’ sentiments echoed a certain “populism” that has “flowed” through the United States for the 15 years since the market crash of 2008, PBS NewsHour reported. Reportedly, the 2008 crisis created a political realignment that rejected the concepts of a political elite and an establishment-based wealth system.

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