Trump deregulated railways and banks. He blames Biden for the fallout
W hen a fiery train derailment took place on the Ohio-Pennsylvania border last month, Donald Trump saw an opportunity. The former US president visited East Palestine, accused Joe Biden of ignoring the community – “Get over here!” – and distributed self-branded water before dropping in at a local McDonald’s.Then, when the Silicon Valley Bank last week became the second biggest bank to fail in US history, Trump again lost no time in making political capital.
He predicted that Biden would go down as “the Herbert Hoover of the modrrn [sic] age” and predicted a worse economic crash than the Great Depression.Yet it was Trump himself who, as US president, rolled back regulations intended to make railways safer and banks more secure.
Critics said his attacks on the Biden administration offered a preview of a disingenuous presidential election campaign to come and, not for the first time in Trump’s career, displayed a shameless double standard.“Hypocrisy, thy name is Donald Trump and he sets new standards in a whole bunch of regrettable ways,” said Larry Sabato, director of the Center for Politics at the University of Virginia. “For his true believers, they’re going to take Trump’s word for it and, even if they don’t, it doesn’t affect their support of him.”The collapse of Silicon Valley Bank on 10 March and of New York’s Signature Bank two days later sent shockwaves through the global banking industry and revived bitter memories of the financial crisis that plunged the US into recession about 15 years ago.Fearing contagion in the banking sector, the government moved to protect all the banks’ deposits, even those that exceeded the Federal Deposit Insurance Corporation $250,000 limit for each individual account.
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