Conservatives Point to ‘Bidenflation’ as Cause of Silicon Valley Bank Closure; Gaetz Vows to Stand Against Bailout

People line up outside of the shuttered Silicon Valley Bank (SVB) headquarters on March 10
Justin Sullivan/Lev Radin/Pacific Press/LightRocket via Getty Images
Nick Gilbertson

Prominent conservatives throughout politics and media reacted to the sudden closure of the Silicon Valley Bank (SVB) on Friday. Rep. Matt Gaetz (R-FL) is already standing firm against bailouts for the bank, and many are pointing to “Bidenflation” as a driver of the implosion.

Gaetz appeared on Steve Bannon’s War Room where Bannon asserted that the closure was “100 percent because of Biden’s policies.”

He predicted the federal government would be pressured for a bailout next week and asked Gaetz how he would respond.

“If there is an effort to use taxpayer money to bail out Silicon Valley Bank, the American people can count on the fact that I will be there leading the fight against such a bailout,” he said. “The financial arm of Silicon Valley has just been severed before our very eyes.”

SVB played a critical role in the San Francisco start-up company economy, Breitbart News Economics Editor John Carney noted.

Journalist Jack Pososbiec is also calling for the federal government not to bail out SVB.

“Hold them accountable – NO BAILOUTS FOR SILICON VALLEY,” he tweeted. “GO BROKE STAY BROKE.”

Greg Price, the communications director for the State Freedom Caucus Network, laid the blame directly on “Bidenflation,” tweeting:

The biggest reason Silicon Valley Bank collapsed is they invested their customer deposits in treasury bonds, which are very sensitive to interest rates, which have been hiked up massively over the last year due to inflation. Bideninflation=the largest bank collapse since 2008.

Steve Cortes tweeted that “very few in Corporate Media will cite the key driver of the failure of Silicon Valley Bank: massive Bond market losses due to Biden’s Inflation.”

Vivek Ramaswamy, an anti-woke Republican entrepreneur who is running for president, shared his belief that SVB used progressive Environmental, Social, and Governance (ESG) factors in credit scoring.

“Since one else has yet, I’ll ask the obvious: were ‘ESG factors’ part of Silicon Valley Bank’s credit score calculations? I have a funny feeling the answer is yes,” he tweeted Friday night. “I suggest Senate & House Republicans take a serious look.”

He then tagged a number of lawmakers, calling for them to “get to the bottom of it.” Rep. Jim Banks (R-IN) retweeted the presidential candidate.

Turning Point USA Founder and President Charlie Kirk and conservative author and filmmaker Dines D’Souza shared similar sentiments. They both tweeted an image that purportedly shows SVB’s diversity, equity, and inclusion policies.

“It is a mystery why Silicon Valley Bank collapsed,” quipped Kirk. 

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