While the GOP was traditionally aligned with business, its ascendant populist wing seems more interested in punishing corporations on the wrong side of the culture wars than stabilizing the industry — at least while the party is out of power.
, conservatives are seizing on the rescue as a “Biden bailout” for a “woke” bank that caters to Democratic donors in"Big Tech."
“Republicans will likely frame this bankruptcy and subsequent bailout as class warfare. It’s East Palestine versus Silicon Valley,” said Sam Geduldig, a Republican lobbyist, referring to the site of a recent train crash in Ohio that Republicans accused the Biden administration of ignoring. “We can’t get into a situation where there’s red banks and blue banks, and unfortunately, that’s exactly where we are.
But Silicon Valley Bank was uniquely positioned to spark a political firestorm, given its centrality to the tech sector. It’s the biggest bank failure since the 2008 financial crisis, when government bailouts sparked the right-wing tea party revolt — history President Joe Biden seems to be trying to avoid repeating by, this time, sayingBut Republican presidential candidate Nikki Haley still called it a “Biden bailout,” warning that while a pot of money that banks pay into may cover costs for now, taxpayers would be on the hook if it runs dry. “Joe Biden is pretending this isn’t a bailout. It is,” she said.
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