Biden Blame Shifting Bank Failures
Well, Joe Biden gave himself a big pat on the back this week after claiming that he did something wonderful by saving the money of hard working people after their bank collapsed. In reality, he didn’t actually do anything. This is what FDIC insurance does. It protects the money of failed banks. This took effect after the Great Depression to try and protect people from losing all of their money again.
On the flip side of the coin though, Biden is actually blaming President Trump for the banks failing.
“Your deposits will be there when you need them. Small businesses across the country that deposit accounts at these banks can breathe easier knowing they’ll be able to pay their workers and pay their bills,” Biden said. “And their hardworking employees can breathe easier as well.”
Biden said he was focused on reducing the risk of other financial institutions collapsing. “During the Obama-Biden administration, we put in place tough requirements on banks like Silicon Valley Bank and Signature Bank, including the Dodd-Frank law to make sure the crisis we saw in 2008 would not happen again,” he said. “Unfortunately, the last administration rolled back some of these requirements.”
But you know what, Trump is possibly the cause of at least one of the banks failing. I’m talking about Signature Bank and how they went woke and told President Trump that he couldn’t keep his money there.
But hey, maybe that was all for the best. Maybe they were going to squander it all away anyways by overleveraging their assets just like they did.
One thing that nobody is talking about though in regards to the Silicon Valley Bank failure is that while FDIC insurance is protecting people, it only protects them up to $250,000. So, as long as their account has less than that, they’re okay.
The bad news is that more than 97% of the accounts at Silicon Valley Bank had more than $250,000 in them. What’s Joe Biden going to do about that? They said that there won’t be any bailouts, so are they going to do anything about that money?