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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

Posted on 03/13/2023 7:11:22 AM PDT by 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

*********************************************************************************

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.'

(Excerpt) Read more at dailymail.co.uk ...


TOPICS: Breaking News; Business/Economy; Constitution/Conservatism; Crime/Corruption; Government; Politics/Elections
KEYWORDS: biden; braking; chat; homosexualagenda; isnews; karencantread; keywordkarenabuse; newsforumabuse; notkaren; notnews; sidebarabuse; sidebarkaren; svb
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To: COBOL2Java

Dow is now up 240 point. Thanks, Brandon.


61 posted on 03/13/2023 8:05:06 AM PDT by griswold3 (Truth, Beauty and Goodness ; Quos Deus vult perdere, prius dementat)
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To: americas.best.days...

Post of the day!


62 posted on 03/13/2023 8:12:38 AM PDT by plain talk
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To: Red Badger

Sheesh..... Demeneted Unca Joe’s underpants aren’t even ‘safe’ from his constant sharts. How can he stand up there and say he knows the banks are safe. Go change your drawers, Skidmark.


63 posted on 03/13/2023 8:13:08 AM PDT by Gaffer
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To: americas.best.days...
Fetterman and Biden discussing the banking crisis.


64 posted on 03/13/2023 8:16:56 AM PDT by Major Matt Mason (To solve the Democrat problem, the RINO problem must first be solved.)
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To: Red Badger

True, and maybe the rest of the market is thinking the problems in the banking sector put pressure on the Fed to back off on interest rate hikes. One of those deals where bad news is good news.


65 posted on 03/13/2023 8:27:43 AM PDT by Yardstick
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To: Red Badger; ClearCase_guy

What happened to post #16?


66 posted on 03/13/2023 8:28:53 AM PDT by WildHighlander57 ((the more you tighten your grip, the more star systems will slip through your fingers.) )
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To: WildHighlander57

Dunno!..................


67 posted on 03/13/2023 8:30:19 AM PDT by Red Badger (Homeless veterans camp in the streets while illegal aliens are put up in hotels.....................)
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To: Red Badger; FRiends
"I can't can’t decide if this looks more like 1929, 1987 or 2008..."

No, it's definitely, '1984.'


68 posted on 03/13/2023 8:32:46 AM PDT by Diana in Wisconsin (I don't have, 'Hobbies.' I'm developing a robust Post-Apocalyptic skill set. )
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To: WildHighlander57

My bad. I quoted a movie and the quote did contain some bad language. I should have cleaned it up.


69 posted on 03/13/2023 8:33:00 AM PDT by ClearCase_guy (“You want it one way, but it's the other way”)
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To: Tell It Right

Also true


70 posted on 03/13/2023 8:37:29 AM PDT by SaveFerris (Luke 17:28 ... as it was in the days of Lot; they did eat, they drank, they bought, they sold ......)
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To: Diana in Wisconsin

True dat!......................


71 posted on 03/13/2023 8:37:53 AM PDT by Red Badger (Homeless veterans camp in the streets while illegal aliens are put up in hotels.....................)
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To: Red Badger

When Biden talks….people panic.


72 posted on 03/13/2023 8:38:48 AM PDT by right way right (May we remain sober over mere men, for God really is our only true hope. )
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To: right way right

He’s the antithesis of EF HUTTON...............


73 posted on 03/13/2023 8:43:01 AM PDT by Red Badger (Homeless veterans camp in the streets while illegal aliens are put up in hotels.....................)
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To: Red Badger

perhaps someone needs to establish an “Inverse Biden Tracking ETF” like was done for Jim Cramer and Cathie Wood ...


74 posted on 03/13/2023 8:51:47 AM PDT by catnipman (In a post-covid world, ALL "science" is now political science: stolen elections have consequences)
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To: Red Badger

Whatever happened to winners and losers and risk management? Let those who failed fail, instead of arbitrarily propping them up. Those startups with good business plans and diversified banking can survive, those with good business plans and poor banking diversification can go back to their venture capitalists and plead for more funding, and they’d get it because they have a good model. Those with shitty business models should’ve been allowed to fail, instead we’ve artificially propped them up by bailing out SVB so that the champagne can continue in the Democratic Party donor tech world.


75 posted on 03/13/2023 9:21:55 AM PDT by Mozzafiato
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To: Red Badger

After years of fraud and abuse at the FBI, DOJ, FISA, DHS and other branches of the FedGov, I don’t trust anything coming from them - or the media to properly investigate what’s really going on.


76 posted on 03/13/2023 9:22:38 AM PDT by Oldeconomybuyer (The problem with socialism is that you eventually run out of other people's money)
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To: Red Badger

Yeah the banking industry is as safe as his daughter in the shower..notice he blamed Trump..gee what else is knew..lets have ourselves a good think shall we..how many banks failed under Donald Trump..oh I know I know..ZERO..how many failed under rapist Joe Biden, oh I know I know..TWO SO FAR


77 posted on 03/13/2023 9:23:07 AM PDT by Sarah Barracuda
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To: Sarah Barracuda

https://www.fdic.gov/bank/historical/bank/


78 posted on 03/13/2023 9:26:36 AM PDT by Red Badger (Homeless veterans camp in the streets while illegal aliens are put up in hotels.....................)
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To: Mozzafiato

Never put all your baskets in one egg. It might be Humpty-Dumpty.......................


79 posted on 03/13/2023 9:30:35 AM PDT by Red Badger (Homeless veterans camp in the streets while illegal aliens are put up in hotels.....................)
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To: Red Badger

So much for Brandon’s Wile E. Coyote plan to collapse the Ruble.


80 posted on 03/13/2023 10:52:11 AM PDT by FlyingEagle
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