President Joe Biden has now officially delivered public remarks about the collapse of Silicon Valley Bank,tengok video lucah semasa berpuasa 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 Founders and VCs who were customers of the bank eventually sparked a bank run with tens of billions of dollars being withdrawn from the bank.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
Nanka Yamaguchi Kenjinkai to Celebrate New Year
Best Apple deal: Save $19 on AirTag 4
HBO Max is brutally roasting itself on X
Universal allows artists back to TikTok under a new deal · TechNode
Local Temples to Commemorate Buddha’s Birth
Temu aims to triple sales to $60 billion globally in 2024: report · TechNode
Best Peacock deal: Save over $50 on 12
Temu aims to triple sales to $60 billion globally in 2024: report · TechNode
Canine Cinema
Best gaming deal: Preorder Elden Ring Nightreign for just $31.99 at Newegg
Bokashi Composting Workshop at JACCC
Alibaba Cloud to support free training based on Llama 3 for a certain period · TechNode
Mars' 2 weird moons began as 1 large moon, study suggests
Li Auto launches its smallest plug
UnitOne and Miyake Taiko at Armstrong Theatre
Mars' 2 weird moons began as 1 large moon, study suggests
Blizzard Chinese server restores data, takes new reservations · TechNode
Chinese government offers new subsidies to rev up auto demand · TechNode
Roll Over, Pol Pot
Tencent to release a mobile version of Dungeon and Fighter in May · TechNode
A Reddit poster claimed to be a juror in the Darrell Brooks trial. It was a fake.'Ticket to Paradise' review: Julia Roberts and George Clooney take a trip with classic romHow to download all your tweets from Twitter'Aftersun' review: Paul Mescal stars in a moving fatherNext years iPhone may have very different buttonsDiscord voice chat on PS5 appears to leak'Quordle' today: See each 'Quordle' answer and hints for October 28Wordle today: Here's the answer, hints for October 27Discord voice chat on PS5 appears to leakWhatsApp is down globally Best earbuds deal: Save $30 on Bose QuietComfort Earbuds Zombie storm Paulette, a past hurricane, reforms in the Atlantic ocean China’s Dongfeng starts pre A couple met, then married, in 'Minecraft' The Long Arm of the Law Money Is an Iron: Oscar Movies, 2020 Pod Save Antarctica Xiaomi set to begin mass producing first EV in February · TechNode Wordle today: The answer and hints for May 9, 2025 Bird Buddy's new nature camera smashes Kickstarter goal
0.465s , 10024.1875 kb
Copyright © 2025 Powered by 【tengok video lucah semasa berpuasa】Biden addresses nation as tech VCs fear monger over Silicon Valley Bank’s collapse,Global Hot Topic Analysis
