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 ...
He’s collapsing the Dollar instead..................
He also reassured us that the Afghan national troops would hold the line against the Taliban, and that the US embassy would not have a Saigon-like rooftop evacuation, and he would not leave Americans or Afghan allies behind. Whatever reassurance he gives about anything is bunko.
My stocks recovered some value today, bigly.
For now deal coming down the pike $$$$$$$$$$$$$$$$$
aka crisis control
Bonus round Look at how I save the investors money J.B..
*APPLAUSE* I haven’t looked at my IRA statement in a while. Ugh!
The guy went into a mental institution and that's the last anyone has heard from him.
“...He also reassured us that the Afghan national troops would hold the line against the Taliban, and that the US embassy would not have a Saigon-like rooftop evacuation, and he would not leave Americans or Afghan allies behind. Whatever reassurance he gives about anything is bunko....”
The installed pedoPIG is better known as the “LIAR EN THIEF”.
That’s all it’s been its whole life: lie, steal, cheat.....just like it’s “big daddy”.
Even the CDC has more credibility than pedoPIG, and they have absolutely NONE!
pedoPIG is about as popular as a a freshly-dropped dog turd in a wedding’s punch bowl.
So whatever he says, the opposite is usually true.
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