After the recent collapse of Silicon Valley Bank, Ted Nugent rushed to give his thoughts about what that means for the public on The Nightly Nuge show. He advised Americans to stand their ground, not surrender to what is pushed against them, and stay true to their values and beliefs.
The abrupt collapse of the Silicon Valley Bank became the second biggest bank failure in US history. Problems have been bubbling under the surface since the Federal Reserve started raising rates. When rates rose, the bonds fell in value. It wouldn’t have been a problem if they didn’t have to sell the bonds, but deposits started leaving the bank faster than anticipated and pushed them to sell their bonds and take a massive loss.
When the bank announced that they would raise the capital, the investors immediately withdrew a very large sum in deposits, and soon after, regulators seized the bank. The government announced that there would be a lending facility to ensure that all the deposits of the failed SVB would be compensated effectively.
Even though the government made this statement, Nugent advised his listeners to be cautious and not surrender. He explained that the collapse had affected working families who were doing their part while the bosses at the bank weren’t held accountable.
Ted Nugent’s words encouraging Americans not to give up read:
“What’s going on in Silicon Valley is just another slap in the face of good American families who try to earn their way, save for a rainy day, and live within our means and then the bank system while the bosses at the bank get their golden umbrella I think it’s actually a golden shower umbrella, and they make out like bandits because they’re bandits, but meanwhile the working families are taking it in the ass, so all I can say everybody is yes we can identify all the scourges and all the travesties and all the tragedies, but you’ve got to communicate non-stop.”
He added:
“Most importantly, don’t give up, my friends; do not give up, do not surrender, do not think that they’re winning; it looks like they’re winning, but I see incremental upgrades taking place.”
Amid the bank’s collapse and the government ensuring that they will compensate, Nugent isn’t convinced, which is why he is determined to get the word out that even if it seems like they are winning, don’t obey what you’re being fed and stand up for what you believe is in line with fundamental American values.
