Biden says 'US banking is safe' as shares plummet up to 74% in pre-market trading despite president's guarantee scheme for SVB and Signature Bank - amid fears of a rout when stock market opens at 9.30am

Daily Mail UK ^ | UPDATED: 10:01 EDT, 13 March 2023 | By ROSS IBBETSON

[Red Badger]

Biden spoke shortly before the market opened at 9.30am in attempt to shore up trust in the banking sector amid amid fears of a rout after the collapse of SVB

'Our actions should give Americans confidence that the US banking system is safe,' the president told the press conference

But investors are smelling blood in the water. First Republic Bank saw its shares crash 74 percent to $21.50 from a high of $81.76 in premarket trading

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Trading has been halted in First Republic Bank this morning after shares by a record 67 percent before the market opened after Joe Biden claimed 'US banking safe'.

The San-Francisco based bank, whose clientele include Mark Zuckerberg saw its share price plunge to $27.08 from $81.76 as fears of a contagion in the sector spooked traders after the collapse of Silicon Valley Bank.

Western Alliance Bancorp dropped nearly 75 percent as the opening bell sounded while shares in PacWest Bancorp dropped more than 35 percent.

Biden moved to shore up trust before Wall Street opened after the White House yesterday promised SVB customers would be 'made whole' and that 'no losses will be borne by the taxpayer.'

'Americans can have confidence that the banking system is safe,' the president told a press conference. But he warned that those who backed the failed bank 'knowingly took a risk and when the risk didn't pay off, investors lose their money. That's how capitalism works.'

[Red Badger]

[americas.best.days...]

I won’t be reassured until I hear from Senator Fettermam.

[mewzilla]

You read my mind!!!!

[Kaiser8408a]

Treasury yields are collapsing as Fed plans to drop rates today. I blame this on Biden and Congress. https://www.linkedin.com/posts/activity-7041048142192001024-c2ra?utm_source=post_nba&utm_medium=member_desktop&utm_campaign=copy

[SaveFerris]

[Biden says ‘US banking is safe’ as shares plummet up to 74% in pre-market trading despite president’s guarantee scheme for SVB and Signature Bank - amid fears of a rout when stock market opens at 9.30am]

Yeah, when Joe says something, I tend to believe the opposite is actually the truth.

safe AND effective

Two weeks to flatten the curve

Just saying......we heard those last two, three years ago...

[COBOL2Java]

In Joe's mind, everything is honky-dorky - and he's the honky in charge!

[lgjhn23]

“..I won’t be reassured until I hear from Senator Fettermam....”

Indeed!
He needs to hold an immediate public press conference, like right now, explaining his position/solution on this critical issue. The nation fearfully awaits in the balance!!! /s

[momincombatboots]

Interestingly, the states are getting a “pass it now” bill that redefines currency. The UCC bill lets the central bank define digital currency. uniform commercial code. In other words, they get to rid the world of bitcoin.
Coincidence, I think not.

[Red Badger]

I can’t decide if this looks more like 1929, 1987 or 2008.................

[SaveFerris]

I think 2008 with a side of 1929..............

Buddy, can you spare a $10,000?

[chajin]

I should check the stock price of my credit unions—oh wait a minute...

[Red Badger]

Bill Gates/WEF wants a ‘cashless society’.

Destroy the banks and that’s is what you have.................

[Red Badger]

I use a credit union, as well................

[srmanuel]

Republic Bank shares are down over 60% today and trading was halted due to the volatility of the stock.

Charles Schwab is also getting hammered to reports they are having liquidity problems.

If another large bank shuts down in the next 7-10 days, all hell could break loose.

[chajin]

explaining his position

His position is most likely supine, or to be more diverse and inclusive, siouxpine.

[FlingWingFlyer]

Biden also has a bridge in Brooklyn he’d like to sell to you.

[Tell It Right]

I think 2008 with a side of 1929

I'm thinking today is more of a love child of 2000 and 2008. Particularly with the tech industry playing a major role in this meltdown like in 2000.

[FlingWingFlyer]

We should have seen this crap coming when braindead juries started awarding a billion dollars to lawsuit lottery players. This country wasn’t this greedy prior to socialism and communism taking over.

[Red Badger]