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Vivek Ramaswamy thinks that President Joe Biden is ‘pandering’ to drifting Democrats by intervening to help depositors at the crisis-stricken Silicon Valley Bank and said it was absolutely a ‘bailout’.

The 2024 Republican presidential hopeful, who is a biotech company and investment firm founder, told DailyMail.com that the Federal Reserve is trying to ‘play God.’

He also vowed if he’s elected that he will fire 90 percent of the Fed’s staff to downsize the federal government’s involvement in the economy.

Ramaswamy told former New York City Mayor Rudy Giuliani in a recording of his syndicated radio show WABC, which will air later Tuesday afternoon, that the Fed is a ‘cancer’ that needs gutting.

GOP presidential hopeful Vivek Ramaswamy says Joe Biden is 'pandering' to rich Democrats by 'bailing out' Silicon Valley Bank and told DailyMail.com that if he's elected, he would cut the staff by 90 percent

GOP presidential hopeful Vivek Ramaswamy says Joe Biden is ‘pandering’ to rich Democrats by ‘bailing out’ Silicon Valley Bank and told DailyMail.com that if he’s elected, he would cut the staff by 90 percent

President Biden announced that the Federal Reserve and FDIC is ensuring depositors of the crisis-stricken Silicon Valley Bank that they could withdraw their funds in an effort to avoid a bigger panic and financial crisis

President Biden announced that the Federal Reserve and FDIC is ensuring depositors of the crisis-stricken Silicon Valley Bank that they could withdraw their funds in an effort to avoid a bigger panic and financial crisis

President Biden tried during four-minute remarks on Monday to project calm amid fears of a financial meltdown and a run on the banks after the second-largest banking collapse in U.S. history.

Biden’s administration, including Treasury Secretary Janet Yellen, have repeatedly said that they will not ‘bailout’ SVB like what was done with banks and financial institutions during the 2008 Great Recession.

But Ramaswamy says that their move to ensure depositors access to their funds is a bailout.

‘It is absolutely, cut and dry, 100% down the fairway bailout. This is a textbook bailout,’ Ramawamy told DailyMail.com in a phone interview on Tuesday. ‘But it’s not a bailout of the bank, it’s a bailout of Silicon Valley itself.’

‘I sort of termed this – the way this should be remembered in history is the Silicon Valley Bailout.’

‘That’s what this is, because who did they bail out? They bailed out tech companies that made disastrous financial decisions, thinking that they didn’t have any responsibility to exercise financial prudence,’ he explained. 

‘And you know what, the Biden administration vindicated them. And they were coddled into that though the tech startup were.’

SVB shuttered on Friday after a run-on the bank following a massive drop in shares

SVB shuttered on Friday after a run-on the bank following a massive drop in shares

Ramaswamy is one of the few Republicans who have entered the 2024 presidential race so far – along with some other small-name long-shot candidates; former President Donald Trump; and his ex-Ambassador to the U.N. and former South Carolina Governor Nikki Haley.

The multi-millionaire entrepreneur said that the bailout was because Biden wanted to pander to Democratic voters in Silicon Valley who are starting to see the appeal of more centrists and right-leaning candidates.

‘In Biden’s case, this is a big part of where the donor base of the Democratic Party comes from,’ Ramaswamy said. ‘And so if you’re already seeing some drift and shakiness in Silicon Valley for Democratic donors, well, I think this is a great way to shore it up because policy disagreements be damned.’

‘The first thing that matters is how much you take care of my wallet, and my bottom line, and that was the rule in the playbook they followed here,’ he said of the thinking from the administration.

Ramaswamy told Rudy Giuliani on his radio show that the Federal Reserve is a 'cancer'

Ramaswamy told Rudy Giuliani on his radio show that the Federal Reserve is a ‘cancer’

Biden defended his response, claimed executives at Silicon Valley Bank should be fired and pointed the finger at Donald Trump for rolling back regulations.

‘Americans can have confidence that the banking system is safe,’ he said from the Roosevelt Room before a trip to California on Monday morning. ‘Your deposits will be there when you need them.’

After SVB shuttered on Friday, New York’s Signature Bank also closed its door on Sunday following a panic that led to a massive increase in withdraws.

‘Look, the deeper problem here is the cancer of the Federal Reserve in our country,’ Ramaswamy told Giuliani during the show airing Tuesday. ‘The Federal Reserve has been playing financial god for the last 25 years trying to balance inflation and unemployment.’

‘They haven’t even done a very good job of it, right?’ he added. ‘But it’s those gyrations that create these bank failures.’

The once personal attorney to Trump hosts that daily radio show as well as a nightly live stream called America’s Mayor Live.

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This post first appeared on Daily mail