Joe Rogan recently interviewed Marc Andreessen, and what the tech investing legend told him was enough to make Rogan gasp.
Dave Rubin plays a clip of a conversation about a right-wing tech entrepreneur being “robbed of his bank account” because of his political views.
“Under current banking regulations, after all the reforms of the past 20 years, there is now a category called ‘politically exposed persons,’ or PEPs. … Financial regulators are calling for a kick. [PEPs] Get it out of the bank,” Andreessen said.
“What?!” Logan gasped. “What would you do if you were politically left-wing?”
“Well, that's fine,” Andreessen explained.
“So no one on the left will have their bank account debited?” Logan asked incredulously.
“I have never heard of a single instance of someone on the left having their bank account debited,” Andreessen said.
He then cited David Horowitz as an example of someone who had his bank account revoked for being a conservative.
“He's pro-Trump. … He was very into anti-Muslim terrorism. He was very concerned about immigration, everything else. And they canceled his bank account because of that.” Andreessen clarified that being debanked means being “kicked out of your bank account” and “not being able to make credit card transactions.”
“Is that legal?” Logan then asked.
Andreessen explained that while there is an amendment that protects free speech, there is no amendment that prevents the government from pressuring banks to cancel the bank accounts of people it doesn't like.
“Private banks are doing what they're expected to do, but the government says, 'We're not doing it, we're not doing it.' It was the private companies that did it.” They can decide what they want to be their customers, and of course they're a private company, so these kinds of tricks happen,” Andreessen told Logan. “This is a privatized sanctions regime that allows bureaucrats to do to the American people what we are doing to Iran.”
Andreessen went on to explain that during the Obama administration, certain legitimate companies were debanked because of their industry. The effort was called “Operation Choke Point 1.0.”
“So what do you think would happen if you were running a medical marijuana dispensary in 2012? You literally wouldn’t be able to get a bank account, so you would do all your business in cash. Get a Visa terminal. You can't process transactions. You can't do direct deposit. You can't get insurance. “You have been sanctioned.”
“after that [the Biden] “The administration has expanded the concept to apply to technology founders, cryptocurrency founders, and political opponents in general,” it added, noting the effort is called “Operation Choke Point 2.0.” did.
“About 30 founders have been debanked in the last four years,” he told Logan, who was stunned and added that this was why he supported Trump.
To hear Dave explain the debankment scandal, watch the clip above.
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