Trump economist Steve Moore calls out President Biden for bank crisis costing American taxpayers
Steve Moore said that he's against bailing out big banks because it only makes them stronger and takes away value from the smaller banks
Former Trump economist Steve Moore says that in the midst of the banking crisis, the average American is suffering while the top dogs get bailed out.
"We seem to be bailing out everybody, except the average American," Moore said on the Tuesday edition of the "Just the News, No Noise" TV show. "And I've got to tell you, the president wasn't being very truthful yesterday, when he said, 'Don't worry. This isn't going to cost the taxpayer a penny.'"
"Of course it is," he continued. "Who else would pay for it? The man on the moon? I mean, of course this is gonna come out of taxpayers."
President Joe Biden received backlash after saying that the "banking system is safe" the day after the government had to intervene in failures of two massive banks.
The Biden administration also said that people who had deposits in Signature Bank, which failed Sunday, and Silicon Valley Bank, which failed Friday, would be able to access their money starting Monday.
Moore said that he is against bailing out big banks because it only makes them stronger and takes away value from the smaller banks.
"We're seeing a big, big decline in the stock values of the smaller banks," Moore explained. "So when Uncle Sam steps in to do these bailouts, which it looks like they're going to do it, it only makes the big banks stronger. And when they talk about more regulation, it just concentrates more of the power in the big banks."
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