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
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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.'
(Excerpt) Read more at dailymail.co.uk ...
Dow is now up 240 point. Thanks, Brandon.
Post of the day!
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.
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.
What happened to post #16?
Dunno!..................
No, it's definitely, '1984.'
My bad. I quoted a movie and the quote did contain some bad language. I should have cleaned it up.
Also true
True dat!......................
When Biden talks….people panic.
He’s the antithesis of EF HUTTON...............
perhaps someone needs to establish an “Inverse Biden Tracking ETF” like was done for Jim Cramer and Cathie Wood ...
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.
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.
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
Never put all your baskets in one egg. It might be Humpty-Dumpty.......................
So much for Brandon’s Wile E. Coyote plan to collapse the Ruble.
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