President Joe Biden has now officially delivered public remarks about the collapse of Silicon Valley Bank,hidden lesbian sex videos offering a stark contrast between the venture capitalists who fear mongered in the days after its failure.
"Americans can have confidence that the banking system is safe," Biden saidon Monday, three days after the largest bank collapse since 2008. "Your deposits will be there when you need them."
Biden echoed the guarantee that the Treasury Department, Federal Reserve and FDIC made on Sunday: All of Silicon Valley Bank's depositors will be made whole and have access to all their money, even what's beyond the FDIC-insured $250,000. Basically, any individual customer or business client of the bank will have full access to the entirety of their funds.
In addition, the president said that the money for depositors would not be funded by the taxpayer.
"No losses will be born by the taxpayers," he said. "Instead the money will come from the fees that banks pay into the Deposit Insurance Fund."
As for bank shareholders and investors, Biden emphasized that there would be no bailout for them.
"Investors in the banks will not be protected," the president said. "They knowingly took a risk and when the risk didn't pay off, investors lose their money. That's how capitalism works."
Silicon Valley Bank's issues began after announcing the company needed to raise billions of dollars in capital on Wednesday. The announcement caused panic in the tech industry. Founders and VCs who were customers of the bank eventually sparked a bank run with tens of billions of dollars being withdrawn from the bank.
Biden offered a stark contrast to the apocalyptic scenarios that some tech VCs were posting about on social media over the past few days.
This Tweet is currently unavailable. It might be loading or has been removed.
"Where is Powell? Where is Yellen?" venture capitalist and Elon Musk associate David Sacks postedon Friday, referring to Federal Reserve chair Jerome Powell and U.S. Secretary of treasury Janet Yellen. "Stop this crisis NOW. Announce that all depositors will be safe. Place SVB with a Top 4 bank. Do this before Monday open or there will be contagion and the crisis will spread."
This Tweet is currently unavailable. It might be loading or has been removed.
"YOU SHOULD BE ABSOLUTELY TERRIFIED RIGHT NOW — THAT IS THE PROPER REACTION TO A BANK RUN & CONTAGION," tweetedJason Calacanis, a VC and Sacks' podcast co-host. "@POTUS & @SecYellen MUST GET ON TV TOMORROW AND GUARANTEE ALL DEPOSITS UP TO $10M OR THIS WILL SPIRAL INTO CHAOS."
Some pointed to recent bank closures like Silvergate and Signature Bank, which was taken over by regulators on Sunday, as proof of a spreading problem.
However, Silvergate shut down days before Silicon Valley Bank. In addition, both Silvergate and Signature Bank had well-known, lingering issues for months related to the cryptocurrency-friendly nature of those two now-failed banks. And, according to Biden, depositors from those banks will be made whole as well.
Bank stocks plunged on the market on Monday. However, some of the hardest hit on the stock market, like First Republic Bank, told CNBCthat they are just not seeing that many depositors withdraw their funds.
While the dust has far from settled, one thing we haven't seen: Everyday Americans lining up at their local banks, trying to withdraw all of their money as some VCs warned.
This Tweet is currently unavailable. It might be loading or has been removed.
According to the Federal Reserve, the medianaccount balance for the average household in the U.S. is $5,300 – well within the up to $250,000 insured by the FDIC.
Topics Cryptocurrency Joe Biden Politics
Cerritos Hosts Students from Kakamigahara
OKX Lists FLOKI For Spot Trading
‘Stay Melty’ Book
YES WORLD Reaches a Milestone of 100K Token Holders
APIDC Celebrates Youth Leadership Institute Graduation
Minima Public Presale Launches February 2023
Sharing the Joy of Music
‘Fast and Furious: Tokyo Drift’ at JANM
Bridging Communities
WhiteBIT Launches 50,000 USDT Futures Competition
Over 2,500 ‘Save First Street North’ Petition Signatures Submitted to Council District 14
Kine Protocol Launches Zero
WhiteBIT Became Official Crypto Exchange Partner of FC Barcelona
Kenneth Choi to Play Judge Ito in ‘People v. O.J. Simpson’
JCCSC Installation/Awards Luncheon on Jan. 28
Affyn Unveils Singapore as First Nexus World Metaverse City
Shopping.io Integrates DINO LFG Enabling Dino for E
Pendle Introduces V2 as the One
JANM Condemns ‘Cruel’ Family Separation Policy
INTO THE NEXT STAGE: Taylor Wily Finally Proves He’s a Good Actor
J.J. Abrams couldn't get Disney to release the original Star Wars cuts'Frozen 2' is now Disney's sixth billion dollar movie of 20192019's best musical moments in film and televisionChromecasts aren't the best streaming gift for everyoneBaby Yoda is the Being of the DecadeFirst reactions to 'Star Wars: The Rise of Skywalker' suggest that it's... a lotStudy on narcissism finds Boomers are more sensitive than MillennialsChromecasts aren't the best streaming gift for everyoneWhat to know before seeing 'Star Wars: The Rise of Skywalker'8 gifts to get for the person you just started dating Ken Jennings may have botched his chance at hosting 'Jeopardy!' Photos of New Year's Eve 2019 are a real gut punch compared to pictures from today You don't have to celebrate New Year's Eve this year How to cast Oculus Quest to TV How to force quit on Mac Bitcoin is worth more than $30,000 for the first time ever How to clear your cache on Mac How Big Tech failed to stop misinformation in 2020 Our 10 picks for the best 'Saturday Night Live' sketches of 2020 Is this Tesla's new Model S?
0.1759s , 12246.59375 kb
Copyright © 2025 Powered by 【hidden lesbian sex videos】Enter to watch online.Biden addresses nation as tech VCs fear monger over Silicon Valley Bank’s collapse,Global Perspective Monitoring
