US banking system is safe says President Biden following SVB collapse

U.S. President Joe Biden addressed the banking crisis on Monday (March13) that led U.S. regulators to step in with a series of emergency measures after the collapses of Silicon Valley Bank SIVB.O and Signature Bank SNBY.O threatened to trigger a broader systemic crisis.

Biden on Sunday hinted at new regulation of big banks after the biggest U.S. bank failure since the 2008 financial crisis, but faces a divided Congress unlikely to approve tougher new rules.

His economic team worked with regulators over the weekend on the measures, which included guaranteeing deposits in both banks, setting up a new facility to give banks access to emergency funds and making it easier for banks to borrow from the Federal Reserve in emergencies.

The moves sent waves of relief through Silicon Valley and made stock futures rally, but the crisis is testing confidence in the U.S. financial system and fears remained the fallout would roil global markets in the week to come.

Biden would give remarks on Monday morning on additional plans to keep the economy on track amid a crisis sparked by the sudden collapse of Silicon Valley Bank (SVB) last week, he added.

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[SlavaKalibru]

it's more like a meme about a dog in a burning house drinking coffee and saying - this is fine

[shanemac]

Everything he says, the opposite happens.

[bthome]

I had confidence in the banking system until Biden told me to have confidence in the banking system

[Arthur_King_of_the_Britons]

Privatize the profits, and socialize the losses. Government and corporations working hand-in-glove

[muckraker]

Oh this is bringing back so many memories. Of 2008. Except this time it’s not mortgages, but tech companies. Last go-round we had truck drivers buying mansions. This time we have equity firms buying tech companies (and mismanaging them into bankruptcy).

[jaymac]

You need to vote for Trump America! An actual business man rather than a crooked politician. This man has been the worst president you ever had!

[TartarSauceIsNotDead]

Just remember when things are this bad when they're telling the truth, they are actually lying.

[MarvelousCards]

Call me crazy but for some reason I don’t trust sock puppet Brandon. 😂

[karlbesser]

It's good that the speculators fall over for their money.

[antonioszytulskyj]

Want to be SAFE. Keep the combination to yourself and (don't trust Joe)

[leeyhong]

Start with balloon phobia then tiktok phobia and now 🤣🤣🤣

[kbkk]

petro dollar finish
now come petro Rubble

[juliamuniz]

EUA ESTADOS UNIDOS🇺🇸TEM FORÇA E VERDADE E TRABALHA BEMMM PARABÉNS, Capacidade inteligência.
GLÓRIA A DEUS.

[SlavaKalibru]

I believe it's necessary to conduct a special military operation to isolate this character from the government of the country

[richardsanders]

Russia using "Joe's" image on Dementia Care Poster's ..😂🤣😂🇷🇺👍

[asbestatze]

2008 repeats itself and it gets much worse

[juliamuniz]

DOUTORES ESPIRITUAIS de DEUS Trabalham Bemmm Parabéns.
O FIM da querra na UCRÂNIA.
GLÓRIA A DEUS.

[OlgaS]

Reminds Eltsin in 1998 before the Default of everything in August 1998. 😂, who also convinced people that everything is good 😌✊👍

[OlgaS]

Я думала опять скажет: Это Россия виновата и кризис из-за России. 😂

[autobug]

I don't accept Gramp's word for anything--he's too much of a pathalogical LIAR.