US President Joe Biden spoke about the bankruptcy of Silicon Valley Bank and Signature Bank.
US President Joe Biden said, “That’s what capitalism is.” He said that investors in banks would not be protected and they would lose their money.
The two most important US banks, Silicon Valley Bank and Signature Bank, went bankrupt one after the other. Concerned about the fate of investors and clients, President Biden made a remarkable statement. Saying that the depositors in the bank will not be protected and they will lose their money, Biden said that capitalism is such a thing. Biden said the main problem was how the banks went bankrupt and said those responsible would be investigated.
Expressing that they learned about the problem with the banks last week, Biden said he had instructed the authorities to quickly deal with the matter.
Claiming that the US Federal Deposit Insurance Corporation (FDIC) controlled the assets of Silicon Valley Bank and Signature Bank last Friday and over the weekend, Biden said: “U.S. Treasury Secretary Janet Yellen and the authorities acted quickly. Firstly, all customers who have deposits in these banks can feel comfortable. I want to tell clients that they will be safe and have access to their money. No losses, this is a very important point. Every US citizen should be sure that his deposits will be paid to him when he needs it.
“THIS IS SUCH TO CAPITALISM”
US President Biden added that if the banks were turned over to the FDIC, the administration would be fired. Saying that the depositors in the bank will not be protected and they will lose their money, Biden said that capitalism is such a thing.
Biden said the main problem was how the banks went bankrupt and said those responsible would be investigated.
Finally, Biden said that all risks must be eliminated and said: “We have made significant economic progress over the past 2 years. We have created more than 12 million new jobs, which no other president has done in his four-year term. In addition, unemployment has been below 4 percent for 14 months. We see new record numbers. Over the past 2 years, more than 10 million people have opened a new business. We are currently trying to secure the continuation of this program. “Together we must protect the banking system, savers, economic growth for the people of the United States,” he said.
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