FOX Business host Charles Payne, host of 'Making Money,' joined 'Life, Liberty & Levin' to sound off on Silicon Valley Bank's collapse earlier this week.
FOX Business host Charles Payne sounds off on 'Life, Liberty & Levin' after blame flies around for Silicon Valley Bank's failure.
The ensuing inflation became the purview of Chairman Jay Powell and the Federal Reserve, he said, adding that Powell has been trying to slow the economy to put out the inflationary fire."He's raising rates up, and as he does this, it changes the dynamics of the investing world," he said."On the side, we've got… the ultimate elites on the West Coast. In fact, they have their own modern-day Roman Empire in Silicon Valley.
Payne noted the bond market had one of its worst years in history in 2021, which crushed the bank's balance sheets."On paper, they had losses, they couldn't meet their obligations, hence they were bailed out, not the bank. Technically, the bank was allowed to go out of business. Technically, Silicon Valley was bailed out again after ripping off the American public for the last 20 years with overvalued IPOs and so-called SPACs.
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