ABOUT THIS EPISODE
The Rich Zeoli Show- Full Episode (03/13/2023):
3:05pm- Following the collapse of Silicon Valley Bank and Signature Bank, the Treasury Department, the Federal Reserve, and the Federal Deposit Insurance Corporation announced they will guarantee all customer deposits—even those exceeding the FDIC’s standard $250,000 per depositor guarantee. According to The Wall Street Journal, “[a] senior Treasury official said the steps didn’t constitute a bailout because stock and bondholders in SVB and Signature wouldn’t be protected.” Silicon Valley Bank had been the 16th largest bank in America with an estimated $175 billion in deposits, but after losing billions investing in long-term assets, customers attempted to withdraw an estimated $42 billion in deposits resulting in the bank’s ultimate collapse. Read more about SVB’s collapse here: https://www.wsj.com/articles/federal-reserve-rolls-out-emergency-measures-to-prevent-banking-crisis-ba4d7f98
3:30pm- Reason’s Elizabeth Nolan Brown critiques the U.S. government’s decision to guarantee all deposits with no limit—writing, “[f]or one thing, banks are themselves taxpayers. And in situations like this, the many institutions who act responsibly must bear the burden of bank fees in order to inoculate less responsible actors. Besides, these fees assessed on banks don't exist in a vacuum that only burdens big businesses; banks pass on the costs of regulatory compliance to customers in a number of ways. So, the idea that the government's bailout funds come from some sort of magical pool of consequence-free money is silly.” You can read Brown’s editorial here: https://reason.com/2023/03/13/everyone-is-learning-the-wrong-lessons-from-the-silicon-valley-bank-collapse/
3:40pm- Who is to blame for the collapse of Silicon Valley Bank and Signature Bank? On Monday, President Joe Biden blamed the Trump Administration for “rolling back” the Dodd-Frank Wall Street Reform and Consumer Protection Act, a federal law designed to regulate the nation’s financial services industry. However, The New York Post notes that Barney Frank—the former Congressman for whom the bill is named—was a member of the Board of Directors at Signature Bank when it collapsed over the weekend.
4:00pm- While appearing on Fox News with Maria Bartiromo, Congressman James Comer (R-KY) suggested that Silicon Valley Bank’s “quest for ESG [Environment, Social, and Governance] policies” may have played a role in its collapse.
4:10pm- On Monday, President Joe Biden called the U.S. banking system “safe” and credited his administration’s decisions—specifically guaranteeing all deposits at Silicon Valley Bank—for avoiding the contagion-like collapse of multiple banks. But didn’t the Federal Reserve ultimately decide to bailout depositors?
4:30pm- During her acceptance speech at Sunday’s 95th Annual Academy Awards, Best Actress in a Leading Role Michelle Yeoh took a shot at CNN’s Don Lemon for his comments about women of a certain age being “past their prime.”
4:45pm- Dr. EJ Antoni—Research Fellow for Regional Economics in the Center for Data Analysis at The Heritage Foundation—joins The Rich Zeoli Show to explain the collapse of Silicon Valley Bank and Signature Bank. Dr. Antoni debunks the Biden Administration’s narrative that the Treasury Department, the Federal Reserve, and the Federal Deposit Insurance Corporation are not bailing out depositors with taxpayer dollars. Will the decision to bailout SVB’s “gross fiscal mismanagement” encourage other banks to take on risky investments, operating under the assumption that if things go wrong the federal government will step in and save the day?
5:00pm- The Drive at 5: Dave McCormick—Veteran and former Republican candidate for U.S. Senate in Pennsylvania—joins The Rich Zeoli Show to discuss his new book, “Superpower in Peril: A Battle Plan to Renew America.” How do we decouple from China and assure American hegemony? PLUS is McCormick planning to challenge three-term Senator Bob Casey Jr. (D-PA) in 2024? McCormick’s book releases March 14th: https://www.amazon.com/Superpower-Peril-Battle-Renew-America/dp/1546001956
5:20pm- During his acceptance speech at Sunday’s 95th Annual Academy Awards, Best Supporting Actor Ke Huy Quan told his amazing life story—from refugee to Hollywood star, exclaiming, “This is the American Dream!”
5:40pm- WHYY reporter Cherri Gregg accused Fox 29 reporter Steve Keely’s crime coverage in Philadelphia of being “very harmful” and claims it “scares people.” Is even reporting on unmitigated violence now problematic? And with over 500 homicides in Philadelphia in 2022, isn’t the city inherently scary? Read more about Victor Fiorillo’s editorial here:https://www.phillymag.com/news/2023/03/10/steve-keeley-fox-29/
6:05pm- Andy Bloom—President of Andy Bloom Communications—joins The Rich Zeoli Show to discuss his latest editorial at Broad + Liberty, “Biden Plays the Blame Game.” Bloom documents the Biden Administration’s instance to fault Donald Trump for everything that goes wrong. Bloom writes, “Biden has consistently blamed Trump for Covid deaths…Although largely ignored now, the Afghanistan withdrawal is one of Biden’s biggest and deadliest disasters. At the time, Biden explained it was Trump’s fault for making a deal with the Taliban. For some reason, THIS was the one Trump policy Biden was bound to and couldn’t change. Although the last troops withdrew after the negotiated date, Biden still blamed Trump…When the Biden administration had to acknowledge that a Chinese spy balloon had penetrated U.S. airspace, they were quick to add that three prior incidents happened when Trump was president.” You can read Bloom’s article here: https://broadandliberty.com/2023/03/09/andy-bloom-biden-plays-the-blame-game/
6:30pm- While appearing on Fox News with Larry Kudlow, former Chairman of the Council of Economic Advisers Kevin Hassett revealed that buyers were willing to “step in” and purchase Silicon Valley Bank.
6:35pm- While speaking with Senator Mark Warner (D-VA) on ABC’’s This Week, host Martha Raddatz baselessly claimed the Trump Administration was responsible for the collapse of Silicon Valley Bank.
6:45pm- Rep. Eric Swalwell (D-CA), White House Press Secretary Karine Jean-Pierre, and MSNBC Commentator Jen Psaki have all publicly considered the idea of censoring Fox News.
