Governments are dashing to reassure citizens that their cash is safe, after the US saw its largest banking collapse since the international monetary emergency. Silicon Valley Bank’s demise was closely followed by that of New York-based Signature Bank. The US insists a repeat of 2008 is not on the cards – but how contagious could the problems be?
US Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg released a joint statement Sunday that they will complete the resolution of the Silicon Valley Bank (SVB) whilst protecting depositors.
“Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer,” they said in a joint statement.
The reason authorities believe the taxpayer will incur no cost is that authorities administrating the bank will be able to use its remaining assets to cover the costs of reimbursing depositors.
The same will also apply to Signature Bank. On Sunday, the New York State Chartering Authority closed down the cryptocurrency-exposed lender that had lost around a third of its share price value in the second half of the week.
President Joe Biden told reporters on Sunday that he would speak at more length on the issue early on Monday.
bidens america 😀
Every day we have a new problem. It’s the new normal. At first we thought it was a crisis, now we know it’s a new normal and we have to adapt. this year will be a year of severe economic pain all over the nation.. what steps can we take to generate more income during quantitative adjustment?I can’t afford my hard-earned $180,000 savings to turn to dust
Me too. I thought about investing in the financial market, I heard that people make millions if you know the tricks of the trade, but I lack good knowledge and a strategy to outperform the market and generate good yields. I have $160,000 but it’s hard to bite the bullet and do it.
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@Ryan Osmond please how do i find this lady you just mentioned
@Ryan Osmond Corinne really seem to know her stuff. I found her website, read through her resume, educational background, qualifications and it was really impressive. She is a fiduciary who will act in my best interest. So, I booked a session with her
We just need to vote for joe Biden 2024 so he has time to fix all trumps f ups
This was already predicted by Michael Burry a year ago.
I guess the supposed biggest and brightest minds running our society can’t seem to get anything right. Crisis after crises year after year, unless of course everything is going according as planned…
I can see Michael Moore already driving to the gastation with his armored van.
They ” the government” can bail out any companies, because all they have to do is call Biden to start his “printer machine” 😉🤑
We knew we would be cleaning up from Trump for a long time. First deregulation of train safety and now deregulation of small banks. What’s next? The bank is suppose to have insurance to cover these losses.
WTF. So if a banks fails. All your money just disappears
So they can fail and you not have your money for days on end but you better pay your taxes on time it’s all bs