Just hearing the President of the United States SAY the banks are safe is NOT gonna work I believe….
Biden did say ‘He will do ‘Whatever has to be done’…..
But this morning ANOTHER bank (First Republican) went in the tank today…..
ALL the bank stocks are DOWN….
The word FINALLY is the Fed is NOT gonna RAISE rates AGAIN…..
Which IS what the Market people are HAPPY about…
And THAT IS actually helping things…..
There is NO bank that is up to buy the Sillicon Bank right now….
Biden says the banks that would buy SVB wouldn’t have Govt. protection?
(The Govt. IS actually going to be setting up a ‘fund’ for this?…With Federal Money, eh?)
If the Fed’s can’t find a bank?
WTF is making money availabe for bank customers to pay the payrolls?
Isn’t it the Federal money in the ‘fund’…..
Yes folks …
This sure looks like a’bail out’ WITH Federal money….
During his remarks from the White House on Monday, President Biden said that managers would be replaced at Silicon Valley Bank and any others taken over by the Federal Deposit Insurance Corporation.
“The people running the bank should not work there anymore,” Biden said.
He also noted that while customers would still have access to their money, bank investors would not be protected.
“They knowingly took a risk” Biden said. “And when the risk didn’t pay off, investors lose their money. That’s how capitalism works.”
Biden departed without taking questions from reporters….
Right now it does not seem there is gonna be large bank runnoff’s …..
Joe Biden DOES seem to be pissed to have to ‘bail out’ banks that have gambled with their deposits….
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