‘Umm, The Banks Are Melting’: Musk Blasts Biden’s Misplaced Priorities As White House Tweets About Climate Change

Elon Musk rebuked the White House for announcing newly protected natural resources and touting efforts to fight climate change as the nation contends with a banking crisis.

On Wednesday, President Joe Biden announced on social media that he would advise Commerce Secretary Gina Raimondo to think about designating Hawaii’s Pacific Ocean, which is 777,000 square miles, as a national marine shelter. The commander-in-chief remarked,” That’s an area larger than Alaska and Colorado combined and three times the size of Texas.”

Biden continued,” My administration has made the largest expense in the nation’s history to combat climate change.” Musk retorted,” Umm, the banks are melting ,” receiving more than nine years the love and five times as many reposts as the original Biden posting.

However, Biden’s comments on conservation and environmental protection come not long after Silicon Valley Bank failed, forcing the Federal Deposit Insurance Corporation to maintain the capital of account balances whose accounts exceeded the$ 250, 000 threshold often insured by the government-backed corporation. Since then, monetary regime like Treasury Secretary Janet Yellen have hurried to convince markets that the banking system is sound and that bank plays would be effectively avoided by the Biden administration.

Silicon Valley Bank complied with withdrawal calls by selling a long-term bond investment whose value had significantly decreased in response to Federal Reserve actions to raise interest rates. In order to beat the report inflation seen in the two decades since Biden took office, monetary policymakers have been forced to take a downturn danger by raising interest rates. According to a study from National Bureau of Economic Research analysts, the rollback in monetary stimulus has caused assets in the banking system to be$ 2 trillion less valuable than their book value.

Musk, the CEO of Tesla, SpaceX, and Twitter, has generally criticized the Biden administration for what appears to be a disregard for efficient economic efficiency. In response to the news that the Federal Reserve’s last vice chair would be chosen with diversity considerations, he issued a proclamation that” affects the lives of everyone.” ” Maximum skill with monetary policy is extremely important in this role ,” he continued.

In order to ensure that national workforces are sufficiently broad, the Biden administration reportedly mandated that older officials form” company equity teams.” The administration follows a” whole-of-government approach to racial equity and support for underprivileged communities.” According to Musk and other opponents of the practice, which ignores efforts to only hire the most qualified candidates, weighing racial and sexual majority level in hiring processes results in a decrease in overall competence.

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Companies that support the economic, social, and business management movement, also known as ESG, which holds that businesses have a responsibility to follow social good in addition to merely providing goods and services that enhance the lives of their customers, usually adopt diversity quotas. The richest man in the world, Musk, retorted that” the S in ESG stands for Satanic” in response to a social media post describing the use of the S requirements by financial professionals at the World Economic Forum.

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