Nancy Pelosi At SXSW: Former House Speaker Hopes Silicon Valley Bank Will Be Bought By Rival Bank; Talks About “Cult” & “Thug” Republican Party
deadline.comAnyone missing their Sunday sermon this morning in Austin, TX, completely heard it in full from the 52nd former Speaker of the House who made a pitstop here at SXSW for The Atlantic session “The Future of Global Democracy”.
Nancy Pelosi canvassed several topics impacting the nation’s democracy and welfare including the collapse of Silicon Valley Bank in her San Francisco backyard, Fox News’ Tucker Carlson, Republicans who prop political violence — and that was just in the first 20 minutes of her hour-long session.
When it comes to the Silicon Valley Bank, Pelosi’s hope after meeting with the FDIC last night is that a rival bank will arise and buy out the damaged financial institution before the market opens Monday, so that it doesn’t fall on the taxpayer’s money. “I don’t think there’s an appetite in the country for bailing out a bank, but we have to honor the depositers,” said Pelosi at the LINE Hotel ballroom today. “Many of the small businesses have accounts at that bank, they have money there so that they can pay the payroll,” explained Pelosi, “So, if this bank fails, we’re concerned about the payroll of the workers in these companies.” “If they can’t pay the payroll or utility bill, this all literally goes down the drain.
There are lots of reasons we should be selectively approaching this, we do not want contagion,” said Pelosi, meaning a domino effect where other banks in the U.S.
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