Posted on 03/13/2023 6:28:44 AM PDT by Red Badger
March 13 (UPI) -- President Joe Biden will deliver remarks about the banking industry on Monday morning after federal officials closed two banks, one tied closely to tech startups, over the past three days.
Biden is set to speak on how his administration "will maintain a resilient banking system to protect our historic economic recovery," he said in a statement on Sunday.
"I am firmly committed to holding those responsible for this mess fully accountable and to continuing our efforts to strengthen oversight and regulation of larger banks so that we are not in this position again," Biden said.
Biden is expected to speak at about 9 a.m., EDT.
Regulators shut down New York's Signature Bank on Sunday on the heels of closing Silicon Valley Bank on Friday.
Silicon Valley Bank, a tech startup lender, became the first major bank to fail in more than two years.
A statement over the weekend by the Treasury Department, Federal Reserve and Federal Deposit Insurance Corporation announced that taxpayer money would not be used to protect depositors but that they will be "made whole."
The administration took the rare step of allowing all depositors to have full access to their funds. Usually, the FDIC guarantees deposit up to $250,000 but the majority of the bank depositors had funds well in excess of that.
"The American people and American businesses can have confidence that their bank deposits will be there when they need them," Biden said.
Biden's comments come before Wall Street markets open on Monday to calm investors' fears that the closures could trigger wider concerns over the U.S. banking industry.
Market futures were mixed Monday morning before the Opening Bell, with the Dow down 0.45% with the S&P falling 0.16%. The Nasdaq futures remained up at 0.66%.
Several banks, though, took a premarket beating, including San Francisco's First Republic Bank, which saw its futures fall 65%, followed by West Alliance's loss of 61% and PacWest Bancorp tumbling of 24%.
Lookner live
Live Bank Stocks Price Crash - LIVE Breaking News Coverage (First Republic Bank, Western Alliance & More)
https://rumble.com/v2cxb72-bank-stocks-price-crash-live-breaking-news-coverage-first-republic-bank-wes.html?mref=kkgl3&mc=3chow
He’s going downhill FAST!.......................
What the hell could he say that would help?
He ignores the border, inflation, fentanyl, crime, the growing deficit...
Yet he thinks he can talk about this? Is he going to revive “Too big to fail”?
“I am firmly committed to holding those responsible for this mess fully accountable and to continuing our efforts to strengthen oversight and regulation of larger banks so that we are not in this position again, unless they donate to my cause election campaign.”
Lie of the day. We know that the little guy will bail out the banksters and the corrupt management gets their cash and look for their next vacation home.
“To a Democrat, saying something about a problem is the SAME AS SOLVING THE PROBLEM.” - George Stephanopoulos
Kind of like during Da Year of Da Covid when Powell said it's "not QE" even while announcing that the FOMC had decided to raise its balance sheet.
“What the hell could he say that would help?”
Well, he certainly knows a lot about money laundering and offshore banking, so I suppose that qualifies him.
Blamed Trump, turned his back, walked away without answering a single question. Dodd - Frank failure.
The dominoes are tumbling...
Breaking: stock trading in many banks are now halted - market not even open 10 minutes.
I just watched a few minutes from that link, Fasten your seat belts kids, it looks like rough weather ahead...
Don’t worry, they will do everything they can to shore up the Ponzi Scheme known as US Banks, with YOUR MONEY!!!
My mantra: Let it fail!
Business failure is an integral part of capitalism or a market economy.
Without it, innovation would cease, and markets would stagnant.
Supply and demand is the yardstick that a business must use to measure their success. If they cannot meet a demand, either through shoddy work or the need just isn’t present, or the supply is already excessive, then they fail.
Ipso facto.
Watch for the market to tank even more while the CCP puppet is speaking!
Did George really say that??
It would be more believable if it were attributed to Rush.
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