‘Look In The Mirror’: Former Hardee’s CEO Blasts Biden For Financial Crisis

Andy Puzder was the former CEO at CKE Restaurants, which is the parent company to Hardee’s Jr. and Carls’ Junior. President Biden’s mouth After the collapse Silicon Valley Bank (SVB).

Puzder began his scathing attack on Biden by noting that Biden had stated Monday that the Biden Administration would conduct hold. “accountable” Whoever was responsible for the financial crisis.

“He should first look in the mirror,” Puzder is charged with adding “the collapse of Silicon Valley Bank (SVB) and the ensuing hysteria lies at President Biden’s feet. … make no mistake – he created the conditions for today’s panic.”

Puzder cited Larry Summers, an ex-White House economist for Clinton and Obama, who warned in 2021 that Biden would spend $1.9 “American Rescue Plan” Threatened the economy and the “least responsible” Economic policy in 40 Years. Puzder also cited, ironically, the following “Inflation Reduction Act.”

“It’s also no surprise that SVB was the first bank to fail in this environment,” Puzder made the following statement. “In fact, it is hard to ignore the irony of it. SVB – a west coast regional bank – filled it coffers with the deposits of Silicon Valley entrepreneurs, who were showered in billions of dollars of investments. In Biden’s over-heating economy, capital was easy to come by. But those who live by the sword, die by the sword.”

Puzder pointed to the Federal Reserve “inevitably raised interest rates to cool the economy and tame raging inflation,” SVB’s holdings began to lose value. He mentioned that SVB’s chief risk officer had resigned May 2022. A replacement wasn’t hired until nine more months later. “new deposits for SVB faltered. With no new cash coming in the bank doors, they should have recognized that they had a huge problem. But instead of taking action to correct course, the head of risk management for SVB’s UK branch was launching international equity and inclusion initiatives.”

Puzder then turned to the Biden government, stating that U.S. regulators shouldn’t have been distracted since the Financial Stability Oversight Council had been created following the 2008 crash “to sound the alarm on lurking threats.” The council now includes Janet Yellen, Treasury Secretary, and Jay Powell, Federal Reserve Chair, and Gary Gensler who is the head of Securities and Exchange Commission.

“The council’s last meeting reveals urgent concerns over ‘climate-related financial risks,’ which the group identified as, ‘an emerging threat to U.S. financial stability,'” Puzder observed. “Not on their list of concerns – bank panics fueled by interest-rate driven portfolio losses.”

Puzder mentioned a new Labor Department rule in progress that would “undermine a law that requires fund managers – like those overseeing 401k’s of millions of Americans – to pursue financial returns for their clients above political or social goals.  The Biden rule would – you guessed it – make it easier for fund managers to advance left-wing causes, by insulating them from regulatory action if those investments fail.”

“If you think it’s far-fetched to believe that Biden administration would favor woke political and social imperatives over basic financial common sense – then think again,” He concluded.

“From ‘Look In The Mirror’: Former Hardee’s CEO Blasts Biden For Financial Crisis“

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