During Thursday's episode of Human Events Daily, host Jack Posobiec and guest Richard Baris broke down the failure of Silicon Valley Bank and the root causes of its demise, mainstream media outlets appear to be ignoring.
Baris, director of Big Data Poll, spoke about a New York Times "fact check" article that attempted to absolve wokeness of any role in the bank's failure. Posobiec defined wokeness as the belief that disparate outcomes in society and the world are due solely to racism, bigotry, and oppression. Those who subscribe to wokeness are "woke truthers," who attempt to shape society through money and identity-based awards rather than understanding reality as it is.
"It's at its heart a conspiracy theory that disparate impact and outcomes in society and the world are the results of racism, bigotry and oppression, that these are the only factors and the they are system factors that lead to disparate outcomes, and people who believe in wokeness are woke truthers, who then turn to try to shape society through money, through advancement, through the handing of titles and awards to people based on their identity... That's how they've tried to shape reality rather than understanding reality for what it is," Posobiec said before refocusing on the Times.
Baris argued that the Times is trying to shift blame away from wokeness and instead focus on whether bad loans were issued to bad investments. He blamed a mindset that has led to bad policies, which have created conditions that make it ripe for bank failures. This same mindset has also contributed to inflation, as policymakers believe they can print money without consequence and spend trillions of dollars on a pandemic without causing inflation.
"Bad bets in environmental groups, community projects that are going out on these crusades, because they believe exactly what you articulated perfectly."
Baris blamed a system and mindset that has led to bad policy that has created conditions "that make it perfectly ripe for bank failures," he continued, adding that the problem is rooted in a willingness to trade box-checking for confidence and reality for fantasy. He warned that this mindset will have consequences, as evidenced by the failure of Silicon Valley Bank.
"This is what leads to inflation, when you have this mindset, you really think that you can print money hand over first, increase the supply of money in the system, and not have inflation as a consequence. You can't continue to spend ridiculous amounts of money on a pandemic that's endemic, and put all your ideological goodies into that bill, trillions of dollars we don't have, debt through the roof and it doesn't have inflation consequences. It goes on and on," he continued.