Posted on 03/12/2023 6:10:21 PM PDT by ChicagoConservative27
Treasury Secretary Janet Yellen said Sunday on CBS’s “Face the Nation” that the U.S. banking system was strong after the collapse of Silicon Valley Bank last week.
Partial transcript as follows:
MARGARET BRENNAN: I want to get straight to it because the markets will soon reopen for trading. Does the government need to intervene and take emergency measures because of SVB’s failure?
YELLEN: Well, let me say America’s economy relies on a safe and sound banking system that can provide for the credit needs of our households and businesses. So whenever a bank, especially one, like Silicon Valley Bank with billions of dollars in deposits fails, it’s clearly a concern. From the standpoint of depositors, many of which may be small businesses, they rely on access to their funds, to be able to pay the bills that they have, and they employ tens of thousands of people across the country. We’ve been hearing from those depositors and other concerned people this weekend. So let me say that I’ve been working all weekend with our banking regulators to design appropriate policies to address this situation. I can’t really provide further details at this time. But what I do want to do is emphasize that the American banking system is really safe and well-capitalized, it’s resilient. In the aftermath of the 2008 financial crisis. New controls were put in place better capital and liquidity supervision, and was tested during the early days of the pandemic, and proved its resilience so Americans can have confidence in the safety and soundness of our banking system.
(Excerpt) Read more at breitbart.com ...
For some reason, Hunter Biden is not worried.
To quote Laz “We are SO screwed”
Beat me to it.
“My mind flashed to Baghdad Bob as I read that headline.”
I’m thinking more in line with the ROTC guy in Animal House.
We are so screwed
Is the economy said to be “fundamentally sound”?
Well, then, buy a lot of canned goods and a shotgun. Build a wall around your house. Prosperity is right around the corner with its gang and a battering ram.
Yeh, sure it is. 🙄
Wonder how much of the Silicon Valley Bank money ended up in the Ukraine?.
I think she’s hoping people won’t remember her saying well putting all this money in the system going to cause inflation. She has a track record of being wrong
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