White House’s Fake Promise To Americans
Biden better be right about this or else we’re all in trouble.
On Monday, President Joe Biden reassured the American public that the nation’s financial systems were secure. This statement was made in response to concerns that arose after the sudden and dramatic collapse of two banks, which had raised fears of a larger financial crisis.
In transcript provided by Newsmax, Biden confidently said, “Your deposits will be there when you need them.”
Last Friday, U.S. regulators were forced to close down the Silicon Valley Bank due to a traditional bank run. This occurred when depositors rushed to withdraw their funds all at once, resulting in the second largest bank failure in U.S. history, surpassed only by the 2008 collapse of Washington Mutual. In addition, Signature Bank, based in New York, also experienced a similar fate. The financial losses were significant and rapid.
Shortly before departing for the West Coast, the President addressed the nation from the White House and pledged to hold those responsible for the recent bank failures accountable. He also emphasized the need for improved oversight and regulation of larger banks. Furthermore, he assured the public that taxpayers would not bear the burden of any resulting losses.
President Biden stated, “We must get the full accounting of what happened. Americans can have confidence that the banking system is safe.”
President Biden further commented that the management of the banks should be fired, stating that those in charge should no longer be employed by the bank if it is taken over by the FDIC. The Federal Deposit Insurance Corp. is the governing agency responsible for ensuring the stability of the banking system.
This is a very scary situation that could affect everyone in America if not properly handled after all of the failures that have happened under Biden since came into office, Americans are worried than ever before. Biden cannot afford to drop the ball on this one. Literally.
