In addition to Silicon Valley Bank’s collapse last week, there is another bank that failed:
State regulators closed New York-based Signature Bank (SBNY.O) on Sunday, the third largest failure in U.S. banking history, two days after authorities shuttered Silicon Valley Bank (SIVB.O) in a collapse that stranded billions in deposits.
The Federal Deposit Insurance Corporation (FDIC) took control of Signature, which had $110.36 billion in assets and $88.59 billion in deposits at the end of last year, according to New York state’s Department of Financial Services.
Earlier today President Biden spoke for just a couple of minutes about the situation and the government’s response, and his remarks were just long enough to blame Trump and then claim the banks aren’t getting a bailout on the backs of taxpayers. Biden then walked off without taking questions (of course).
Biden also explained that in no way is SVB getting a taxpayer-funded bailout. “No losses will be borne by the taxpayers,” according to the same person who said inflation would be temporary and once helped push the “if you like your doctor you can keep him” lie.
Charles Payne’s BS detector exploded after hearing those kinds of claims:
There is a narrative being pushed that regular folks will assume they wouldn't get their deposits back if billion dollar SVB accounts arent made whole. Its a specious and diabolical attempt to spark fear. Accounts are insured up to $250000 most folks have far less in the bank. pic.twitter.com/MRW1vIHXAR
— Charles V Payne (@cvpayne) March 12, 2023
Biden and many Democrats’ spin is that they had to bail out the bank under the guise that it had to be done to protect “the little guy.”
They used pain and suffering of people that were coveted by FDIC insurance. Interesting the federal reserve was involved in decision-making. Powell knew things like this would happen. https://t.co/Zzr9zCEdA2
— Charles V Payne (@cvpayne) March 13, 2023
Regular folks are covered to 250;000. This was never about them. Wake up the most arrogant folks on the planet keep a corrupt & irresponsible system moving along without penalty. Venture capitalists and their greed machine was bailed out. https://t.co/NxDMSU4bM4
— Charles V Payne (@cvpayne) March 13, 2023
We have been dealing with negative consequences of two trillion in 'free money' the moment president Biden pushed through his 'rescue' plan.
This bank fiasco just the latest but not last chapter.
— Charles V Payne (@cvpayne) March 13, 2023
Payne also had some great questions about the Biden White House prioritizes problems:
Too big to fail?
Too wealthy to fail?
Too politically connected to fail?If the bank was located in East Palestine…
— Charles V Payne (@cvpayne) March 13, 2023
If that last hypothetical was true everybody knows how long it would have taken Biden to respond to it.
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