The country saw the second-largest failure of a financial institution in US history Friday. The Silicon Valley Bank, whose customers are among the rich and famous, faced capital crisis as it collapsed for 48 hours.
SVB was one of America’s largest commercial banks. The US Federal Deposit Insurance Corporation has now taken control after the bank became unable to pay back customer’s deposits. A real It’s A Wonderful Life moment.
In order to keep the masses calm, the White House thought it’d be a good idea to send out the big guy to reassure the American people.
President Biden said on Monday that the country can have complete confidence in US banking- even though they don’t know what happened, it’s probably Trump’s fault, and oh, that’s just capitalism.
Biden starts off by implying, but also denying a bailout is in place for the bank. He stated all customers who had deposits with SVB are protected, the money will come from the Deposit Insurance Fund. The administration says they are using the emergency measures so that “no losses will be borne by the taxpayers.”
He then attempted his ‘tough guy’ act by saying investors should’ve known their risks…because capitalism.
“Investors in the banks will not be protected. They knowingly took a risk and when the risk didn’t pay off, investors lose their money. That’s how capitalism works. “
The president claimed they are unsure what happened to cause the bank’s collapse.
“There are important questions of how these banks got into these circumstances in the first place. We must get the full accounting of what happened and why those responsible can be held accountable.”
But don’t you worry, he did say exactly who is to blame.
“During the Obama-Biden administration, we put in place tough requirements on banks like Silicon Valley Bank and Signature Bank, including the Dodd-Frank Law, to make sure the crisis we saw in 2008 would not happen again. Unfortunately, the last administration rolled back some of these requirements.”
Signature Bank in New York also collapsed this weekend. They too will be bailed out by the Biden Administration.
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