President Joe Biden has now officially delivered public remarks about the collapse of Silicon Valley Bank,homemade videos amature couples having sex 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 Founders and VCs who were customers of the bank eventually sparked a bank run with tens of billions of dollars being withdrawn from the bank.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
Shady meme says 'stop talking sh*t' and proceeds to talk sh*t
Android users could finally be able to screen share on WhatsApp
Memes are the latest love language, Hinge says
Twitter will now put Community Notes 'fact checks' on images
Уже не скромница — косплей на Хинату из ?Наруто?
'Platonic' review: Seth Rogen and Rose Byrne deliver the best comedy of the summer
Apple might launch some very powerful Macs at WWDC
It's time to bring back 'Trial and Error'
2024 SAG Awards nominations: See the full list
Elon Musk accused of manipulating Dogecoin price
This asteroid won't strike Earth. Here's why NASA is still watching.
'Black Mirror' Season 6 trailer: All the Easter eggs you may have missed
Reddit's new API pricing could kill its most popular app
Wordle today: Here's the answer and hints for June 1
Amazon Fire Max 11 tablet deal
Android users could finally be able to screen share on WhatsApp
'Ted Lasso': 5 burning questions we have for the series finale
What not to share with ChatGPT if you use it for work
Adekvat высказался об игре PARIVISION на FISSURE Universe: Episode 5
Elon Musk accused of manipulating Dogecoin price
MANAA Demands KFI Suspend Bill Handel for Perpetuating StereotypesState Sen. Nguyen Returns to OC Board of Supervisors‘Hokusai’s Daughter’ Tells the Story of a Girl with GritLazy Summer Protocol Launches AIStakeholders Debate Merits of Fourth & Central ProjectOkaeri Matsuri 2024MEXC Unveils 300x Leverage on Futures PairsL.A. Times Publisher Blocks Endorsement of Harris; Editorial Board Members ResignAnother Birthday Celebration with Buddhahead Breakfast ClubJANM Exhibit Peers into Soul of Photojournalist Mario Reyes Gardena Day of Remembrance Addresses Today’s Immigration Issues Alzheimer’s Association Workshops at GVJCI Chiang Launches Elect AAPI Political Action Committee Communications Expert Glenn Osaki Selected for USC’s Senior Leadership Team After the Fire: Ikkyu Strong Wakamatsu Colony : A Sharing of Family Stories L.A. Harbor International Film Fest to Screen ‘Rebel with a Cause’ JACL: Citizenship Question Has No Place on 2020 Census Nanka Hiroshima Kenjin Jim Matsuoka to Receive 2019 Sue Kunitomi Embrey Legacy Award
0.1784s , 14398.734375 kb
Copyright © 2025 Powered by 【homemade videos amature couples having sex】Enter to watch online.Biden addresses nation as tech VCs fear monger over Silicon Valley Bank’s collapse,
