This week, Silicon Valley Bank (SVB) was seized by federal regulators after its stock price collapsed due to rising interest rates.
SVB is the second largest banking institution to collapse in the history of the United States, with the only larger collapse occurring in the midst of the 2008 Great Recession.
While the Biden administration has attempted to reassure investors and American citizens that the collapse is a one-off incident that will be contained, other politicians, talking heads, and investors have already sounded the alarm about the spillover effects that the failure of SVB will have.
The failure already is causing a Great Depression-esque bank run, where tellers were forced to call the police on patrons attempting to get their money out of accounts after hearing of the banks failure.
FOX News host Tucker Carlson offered alarming advice to viewers on Friday on Tucker Carlson Tonight, telling them that it is time to ‘buy gold’ and to stock up food.
“This could be very, very, very serious. We hope it’s not,” Carlson said. “We hope it ends today in an isolated story.”
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The Daily Caller Reports–
Fox News host Tucker Carlson said Friday that the collapse of Silicon Valley Bank was similar to a “bank run” from 1929 and the collapse of the cryptocurrency exchange FTX.
“We’re starting to get a better, more precise sense of what it means when Joe Biden brags about the strongest and most equitable economic recovery in history,” Carlson, a co-founder of the Daily Caller News Foundation, said. “What it means is it could be time to buy gold and stockpile food.”
“Some of the biggest banks in this country, Wells Fargo, Bank of America, J.P. Morgan, Morgan Stanley collectively lost more than $50 billion in market value in one day. That’s quite a hit. On the other hand, those banks still exist,” Carlson added. “You can’t say that for Silicon Valley Bank. As of this morning, Silicon Valley Bank, or SVB, has gone under completely. That makes the second biggest bank failure in the history of this country.”
Federal regulators shut down Silicon Valley Bank Friday after its stock price collapsed and customers began a bank run.