On Thursday, Treasure Secretary Janet Yellen, admitted to the U.S. Senate, that the government is choosing winners and losers, in the rigged bank bailout lottery. The losers sure look like the smaller community banks, that it would seem, are those that Democrats, as well as the big banks, would love to see eliminated.
In her interview, Oklahoma Republican Sen. James Lankford asked Yellen a very simple question-
“Will the deposits in every community bank in Oklahoma, regardless of their size, be fully insured now? Are they fully covered, every bank, every community bank in Oklahoma, regardless of the size of the deposit? Will they get the same treatment that SVBP [Silicon Valley Bank] just got or Signature Bank just got?”
-Oklahoma Republican Sen. James Lankford
To which Yellen replied-
“A bank only gets that treatment if a majority of the FDIC board, a super majority of the Fed board and I, in consultation with the president, determine that the failure to protect uninsured depositors, would create systemic risk and significant economic and financial consequences.”
-Treasure Secretary Janet Yellen
Simply put, it would seem that, if the FDIC likes your bank, the depositors are insured. If not, the depositors are not insured over $250,000, which means what? It means that people will withdraw their money from community banks and hand those deposits over to a handful of fascist giant banks.
These are banks, that not only own almost all the banking in the community, but will refuse to do business with you, if you hold certain political opinions they find offensive. These are those members whose political opinions, they find offensive, namely those that are conservative in their opinions.
Lankford who clearly understands this process, of corrupt crony capitalism, followed up with this question-
“So what is your plan to keep large depositors from moving their funds out of community banks into the big banks?”. “We have seen the mergers of banks over the past decade, and I’m concerned you’re about to accelerate that by encouraging anyone who has a large deposit in a community bank to say, ‘We’re not gonna make you whole, but if you go to one of our preferred banks, we will make you whole at that point.’
-Oklahoma Republican Sen. James Lankford
Yellen, apparently realizing the exposure she just opening herself up to, chose to answer this important question by feigning ignorance, abdicating the obvious conclusion, said-
“Look, I mean, that’s certainly not something that we’re encouraging,”
--Treasure Secretary Janet Yellen
Responding with the obvious, Lankford said emphatically-
“That is happening right now!”
--Oklahoma Republican Sen. James Lankford
Yellen continued to avoid the real answer-
"That is happening because depositors are concerned about the bank failures that have happened, and whether or not other banks could also fail…”
---Treasure Secretary Janet Yellen
Again trying to get her to answer the only question with a logical conclusion, Lankford again stated the obvious-
“No, it’s happening because you’re fully insured no matter what the amount is if you’re in a big bank. You’re not fully insured if you’re in a community bank.”
-Oklahoma Republican Sen. James Lankford
The reality is that, by informing the public that their money is only safe in the Democratically approved big banks, that the party favors, everyone will deposit their money in the big banks and effectively force community banks to give up their accounts to the big banks or bankrupt them altogether. It’s a forced plan of exit for the community banks with conservative views.
Then, because the big banks control all the money, they will also control what kind of business you can run, what opinions you can hold, what you can and cannot say on social media, effectively disabling any unwelcome thought in the business community, except those sanctioned by the Democratic machine. It would be hard to find a bank where you could successfully do business with, or process credit card payments – they would not be available to the unwelcome conservative business.
Control through centralized power, is clearly the world the Democrat party seeks, as they now deliberately, are in the process of undermining faith in the community banking industry. This is the world where a mall owner would not be able to rent to a gun store, or where your accounts are closed if you tweet a biological fact like, “Abortion is murder of a human being” or “Trans women are men?”
The Democratic left has made an art form of seeing an opportunity to control the narrative in every crisis that arises. Like Yellen, who continuingly dodged the truth of what is happening, the left, spend volumes of time saying who/what they are not and never admit to the reality of who/what they really are.
“If the truth was important enough for one generation of powerful officials to go to great lengths to hide it, then it should be important for us to search for it now.”
-Jack Weatherford