Biden claims "Funds are SAFU", meanwhile continuing
to claim that outright stealing 50% of your income under
threat of prison and death is "legitimate taxation", and that
inflating your purchasing power away by printing money
for GovPol power excess and pocketing at 35% every
10 years is OK... lol...
Billion of activist via bitcoin, crypto, and gold fix this...
Biden Insists "The Banking System Is Safe"
US President Joe Biden attempted to calm the markets in a Monday
morning speech, where he insisted that "Americans can have confidence
that the banking system is safe," and that US bank regulators and
Treasury Secretary Janet Yellen took "immediate" action to stop
contagion among small and medium-sized banks following the Friday
collapse of Silicon Valley Bank.
"Americans can rest assured that our banking system is safe," he reiterated.
Biden made clear that investors in the failed banks will not be protected.
"They knowingly took a risk, and when the risk didn’t pay off,
investors lose their money," he said, adding that the people running
the troubled banks should be fired.
When asked by reporters if there would be a ripple effect, and whether
he could explain how and why this happened, Biden ignored the
questions.
Watch:
* * *
With bank stocks - most notably small/medium-sized banks - deeply in
the red, it appears at first glance that The Fed/TSY/FDIC cunning plan
to implicitly backstop every deposit is not stemming the contagion's
tide.
However, don't let that 'fact' get in the way of some good politics as
President Biden readies to deliver remarks that 'you have nothing to
fear but fear itself' as he explains how his admin will maintain a
resilient banking system.
"Tomorrow morning, I will deliver remarks on how we will maintain
a resilient banking system to protect our historic economic recovery,"
Biden was cited in the White House statement
Is he really going to maintain the narrative that the economy is
'strong as hell' amid a systemic financial crisis?
White House statements claimed Biden had directed US Treasury
Secretary Janet Yellen and National Economic Council Director to work
with banking regulators to address problems at Silicon Valley Bank and
Signature Bank.
“I’m pleased they reached a solution that protects workers, small
businesses, taxpayers, and our financial system,” he added.
He also assured action against “those responsible for the mess”.
“I’m firmly committed to holding those responsible for this mess
fully accountable and to continuing our efforts to strengthen
oversight and regulation of larger banks so that we are not in this
position again,” he tweeted.
The messaging will be clear:
1) This is not 2008 (correct, this is a good old-fashioned
traditional bank run at the speed of light with mobile banking)
2) This is not a bailout (except that it 100% bails out all the VC
and startup depositors everywhere all at once)
3) Someone will take the blame (Barney Frank already blamed
crypto, the 'woke' risk managers didn't hedge rate risk, and The Fed
was the main regulator and also caused the hole in SVB's balance sheet
via rate-hikes)
'Mission Accomplished'?
