CNBC:
“The FDIC on Friday took control of SVB’s assets and over the weekend Signature’s,” Biden said. “All customers who had deposits in these banks can rest assured they will be protected and they’ll have access to the money as of today.
Investors in the banks will not be protected,” Biden said Monday in a White House speech. “They knowingly took a risk and when the risk didn’t pay off, the investors lose their money. That’s how capitalism works.”
On Monday, Joe Biden sought to assure customers of Silicon Valley Bank and Signature Bank that their money was safe — insured by the Deposit Insurance Fund — but said investors in the failed banks’ were SOL because of the risks they took.
The nation’s top bank regulators on Sunday announced the Federal Deposit Insurance Corporation and Federal Reserve would fully cover deposits at both failed banks and rely on Wall Street and large financial institutions — not taxpayers — to foot the bill. Signature Bank in New York, which was shuttered Sunday over similar systemic contagion fears as SVB, had been a popular funding source for cryptocurrency companies.
What Contributed to the Collapse of these Banks?
MAGAt World Rewriting History Again:
About that Herbert Hoover Reference TFG Made…..:
Growth of US economy under Trump was worst since Hoover
The former president’s claim that he created the ‘greatest economy in the world’ is a fantasy
Donald Trump has often touted economic growth during his presidency as evidence that he was a successful president, but a recent revision to GDP dating back to 1999 has suggested his rosy view of the period is a fantasy.
The revisions were part of the US’s gross domestic product report that was released on Thursday by the US Commerce Department‘s Bureau of Economic Analysis.
The revisions revealed that economic growth under Mr Trump was the worst since President Herbert Hoover, who was in the White House from 1929 to 1933, the period of the Wall Street Crash and the onset of the Depression.
Trump will have the worst jobs record in modern U.S. history. It’s not just the pandemic.
No other modern president has left the U.S. with a smaller workforce than it had when they took office. Since the government started keeping track in 1939, no other president has even seen significant job losses during a single presidential term — though job growth during George W. Bush’s first four years in office was essentially flat.
