President Joe Biden appeared for just a few minutes Monday, entering the Roosevelt Room, slamming a door shut, and then ridiculously claiming that Americans’ money is safe, vowing to fire the managers of SVB who were already out of a job, and saying it was former President Trump’s fault, right on cue.
(Video Credit: CNBC Television)
With a straight face and with rhetoric straight out of a South Park segment, the president assured nervous taxpayers that they won’t foot the bill for the FDIC bailing out Silicon Valley Bank and Signature Bank after both collapsed in the last few days. Those affected by the two banks are said to have full access to all of their funds today.
“No losses will be borne by the taxpayers,” Biden declared. “Instead, the money will come from the fees that banks pay into the deposit insurance fund. Because of the actions that our regulators have already taken, every American should feel confident that their deposits will be there if and when they need them.”
“Americans can have confidence that the banking system is safe,” the president asserted, spewing contrived propaganda. “Your deposits will be there when you need them. Small businesses across the country that deposit accounts at these banks can breathe easier knowing they’ll be able to pay their workers and pay their bills, and their hard-working employees can breathe easier as well.”
Fears of a financial meltdown are raging after a run on the bank occurred at SVB Friday resulting in the FDIC shuttering it. Stock shares for SVB and Signature Bank plummeted 74% in pre-market trading, according to the Daily Mail. SVB was the second-biggest bank collapse in US history. It was the nation’s 16th-largest bank.
This is now happening in real time. #Bankcollapse pic.twitter.com/c6z4uDV41u
— Ian Miles Cheong (@stillgray) March 13, 2023
They really think Americans are stupid enough to buy this BS. Biden is bailing out these banks to help his donor friends in Silicon Valley & Wall Street.
We all know that if a small community bank failed in a place like East Palestine, they would never get a bailout!!! https://t.co/ZP4mUR9CRC
— Donald Trump Jr. (@DonaldJTrumpJr) March 13, 2023
And in what can only be seen as an orchestrated applause of Biden riding in to save the day, the markets are shockingly up today. Fiction was never better written.
In telltale fashion, Biden turned on his heel after his brief address and left, refusing to answer any questions as he departed for his trip to California.
Biden leaves the press conference without taking any questions about the banking crisis. This inspires confidence. This is what a true leader looks like. pic.twitter.com/2YGI9j10fi
— Ian Miles Cheong (@stillgray) March 13, 2023
This sums up this dude's entire presidency. pic.twitter.com/xvNnUdtxDw
— Stephen L. Miller (@redsteeze) March 13, 2023
While making his facetious remarks, Biden noted that depositors will be protected but investors won’t, stating, “That’s how capitalism works.” Most of those depositors are venture capital-funded companies which sort of puts fire to that claim.
“No losses will be borne by the taxpayers,” he disingenuously claimed. “Instead, the money will come from the fees the banks pay into the deposit insurance fund. Because of the actions that our regulators have already taken, every American should feel confident that their deposits will be there if and when they need them.”
No one knows if the FDIC itself is solvent or not. In the end, even though the left claims the banks will foot the bill, that cost will almost assuredly be passed on to Americans.
The president says he is calling on Congress and regulators to strengthen rules for banks to ensure this type of failure doesn’t happen again in a slap at former President Trump whom the left is blaming for the collapse because of deregulation. They are still miffed over the Dodd-Frank Act that dealt with the derivatives market being repealed.
Thanks to actions we've taken over the past few days to protect depositors from Silicon Valley and Signature Banks, Americans can have confidence that our system is safe.
People’s deposits will be there when they need them – at no cost to the taxpayer.
— President Biden (@POTUS) March 13, 2023
I don’t remember banks collapsing under Trump… but don’t worry guys it’s only a matter of time till Biden/media blames him for that too. It has nothing to do with high interest rates / fed rate hikes necessitated by record inflation caused by his out of control spending.
— Donald Trump Jr. (@DonaldJTrumpJr) March 12, 2023
Treasury Department Secretary Janet Yellen said on Sunday that the federal government would not bail out banks and then promptly turned around and bailed out SVB and Signature. They just aren’t calling it that.
Before the bounce-back today, PacWest Bancorp’s stock tumbled 41 percent, Western Alliance Bancorp’s shares slid 33 percent, and Bank of America’s stock fell 4 percent, according to the Daily Mail.
The Federal Reserve is now creating a Bank Term Funding Program that will focus on safeguarding institutions affected by the market instability and shockwaves made by the SVB failure.
Florida Gov. Ron DeSantis (R) believes the collapse was due to institutions’ increased diversity, equity, and inclusion goals.
(Video Credit: Fox News)
“This bank, they’re so concerned with DEI and politics and all kinds of stuff, I think that really diverted from them focusing on their core mission,” he charged during an interview on Fox News’s “Sunday Morning Futures.”
“We have such a morass of federal regulations,” he said, alluding to it as a failure of federal regulators. “We have a massive federal bureaucracy, and yet they never seem to be able to be there when we need them to prevent something like this.”
Former South Carolina governor and United Nations ambassador Nikki Haley joined a rising chorus of calls from Republicans for no taxpayer exposure to SVB’s failure.
“Taxpayers should absolutely not bail out Silicon Valley Bank,” she remarked in a statement. “Private investors can purchase the bank and its assets. It is not the responsibility of the American taxpayer to step in. The era of big government and corporate bailouts must end.”
Fellow 2024 Republican presidential candidate Vivek Ramaswamy also argued against a bailout.
(Video Credit: CNN)
“Silicon Valley Bank made some uniquely bad management decisions,” he commented on Sunday in an interview with CNN. “I do not think we should reward that kind of bad behavior, that kind of bad mismanagement.”
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