Biden on Silicon Valley Bank collapse: ‘That’s how capitalism works’ #Shorts

Addressing the collapse of Silicon Valley Bank and Signature Bank of New York, President Biden promised Americans' deposits would be safe.

RELATED: President Joe Biden responds to Silicon Valley Bank collapse

President Joe Biden attempted to calm market and taxpayer jitters on Monday morning, saying that Americans can have "confidence" in the banking system after the collapse of Silicon Valley Bank.

"Americans can have confidence that the banking system is safe," Biden said at the White House. "Your deposits will be there when you need them." Biden said "no losses" would be born by taxpayers, and the money would come from the fees that banks pay into the Deposit Insurance Fund.

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    1. @Chef Big Dee We have zero control of what our great ancestors did before our time. This man is currently living in our time, and he is making the cost of living, a fortune in the U.S. After Trump left office, the economy has been going in a downward spiral since…

    2. @Chef Big Dee let’s just pretend no other country has taken over land and enslaved people. (Almost every single country has done this.)

  1. Hilarious…the companies borrowed from the banks and now the banks are borrowing from the companies.

  2. “I want to make clear, these bailouts will not be your taxpayer dollars. They will be with some other peoples’ money. There is no problem until we run out of other peoples’ money.”

  3. I am 31 and this is going to be the 3rd financial crisis I have experienced as an adult, I have no confidence in this system and I am livid that people in power are still getting away with this. It’s time to reign in businesses and allow FAILURE to those who have been beating Capitalisms drum for the last centuryz

    1. Bailing out financial institutions isn’t capitalism, its socialism. Capitalism isn’t the issue. The issues are in legislation that’s written by bribed politicians.

    2. i highly doubt this will lead to a financial crisis, the businesses using these banks were almost exclusively in the tech industry. while relatively large, these banks dont have enough pull to bring everything down

    3. I’m 32, there hasn’t been 3 financial crises since we have been adults. 2008 we would have been in high school.

  4. If we want to live in 20 years you guys should sign a petition to help stop the willow project kinda random but I thought about it because he approved it

  5. Let the wealth gap widen some more. I say let the depositers loose everything. We need to eliminate the middle class.

  6. Whats unraveling here is the Democrat funding machine, it started with Sam Bankman-Fried, if it smells like a rat, there’s a Democrat. . .

  7. In the US there are a couple banks that fail every year, five or so. So far in 2023 two banks have failed. It’s not a big deal.

  8. government setting roots in the digital financial sector. Step aside and let the man come thru. Outdated political manipulation between a 2 party system. There’s a new 2 party system that runs on 1s and 0s, that has no need for political devide.

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