Joe Biden’s speech on SVB, Signature Bank collapse lasts for 3 minutes, walks away without taking questions, internet reacts
- Silicon Valley Bank (SIVB.O) and Signature Bank (SBNY.O) collapsed forcing U.S. regulators to step in, fearing a broader crisis
- President Joe Biden attempted to address the concerns of the public in a speech on Monday
- However, after delivering a three-minute speech on the ongoing crisis where he vowed that U.S. banking was safe, he walked out of the room without taking any questions
After Silicon Valley Bank (SIVB.O) and Signature Bank (SBNY.O) collapses forced U.S. regulators to step in, fearing a broader crisis, President Joe Biden attempted to address the concerns of the public in a speech on Monday.
He assured the public that the US banking system was “safe” and vowed stiffer bank regulation. “Americans can have confidence that the banking system is safe. Your deposits will be there when you need them,” Biden said. He also added that the managers of the banks will be fired and investors will lose money. “They knowingly took a risk, and when the risk didn’t pay off his adjusters lost their money. That’s how capitalism works,” he said.
⚡Biden did not answer any of the journalists' questions and left in a hurry mmediately after the end of the emergency press conference. Bruh #Bankcollapse pic.twitter.com/F1dcFmbRKx
— Earth Updates (@a_newschannel)
Also Read | List of companies impacted by Silicon Valley Bank collapse
This was the biggest U.S. bank failure since the 2008 financial crisis, which was also recognized by Biden, who promised to rectify the same. “I’m going to ask Congress and the banking regulators to strengthen the rules for banks to make it less likely this kind of bank failure will happen again, and to protect American jobs as a small business,” he said.
However, after delivering the speech, which lasted for three minutes, Biden left the podium without taking any of the press questions, which prompted a number of reactions on the internet, most of them not in his favor.
Also Read | What is happening with Silicon Valley Bank? Why did it fall?
The nightmare is only beginning
— tabitha hickman (@tabithahickman) March 13, 2023
And here…we…go
— Chris (@TheChrisDuden) March 13, 2023
This what 81 million people voted for
— Wealth Turtle 💰🐢 (@wealth_turtle) March 13, 2023
Biden’s economy
— ГІПζLΞГ ⁴⁷ 🇦🇷🇺🇸🔴⚪️ (@rinzler_47) March 13, 2023
I’m so confused on what’s happening
— JohnnyYTWestbruh19 (@westbruh19) March 13, 2023
tumblin' down tumblin' dooown pic.twitter.com/cdDcjSktCB
— internet troublemaker (@fucking_moron69) March 13, 2023
As depositors rushed to withdraw their funds all at once, U.S. regulators closed the Silicon Valley Bank on Friday after it experienced a traditional bank run. The regulators announced, shortly after, that New York-based Signature Bank had also failed.
Silicon Valley Bank had more than $200 billion in assets and cater to tech startups, venture capital firms, and well-paid technology workers. U.S. regulators also worked through the weekend to find a buyer for the bank but failed. However, officials assured all of the bank’s customers that they would be able to access their money on Monday.
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