“Why do All politicians lie. Why does the President of the United States lie the most?
The record shows” according to Professor Harold Goldenshalf “ is the biggest liar of them all”. Biden falsely stated ::
"Americans can have confidence that the banking system is safe,” Biden said at the White House before heading out to California for a meeting with foreign leaders and a political fundraiser.
“The American banking system is anything but safe” according to Goldenshalf..
“Your deposits will be there when you need them,” Biden said, referring to customers who had deposits in Silicon Valley Bank, which collapsed last week. People who had deposits in SVB and Signature Bank in New York, which failed over the weekend, will be guaranteed their money back, the Federal Reserve, the Treasury Department and the Federal Deposit Insurance Corporation (FDIC) announced over the weekend.
The same protections will not extend to the executives who ran the bank and the financiers who invested in the bank, Biden said.
"The people running the bank should not work there anymore,” Biden said. As for the investors in the failed bank, they're out of luck and out of their investments, he said.
“They knowingly took a risk” Biden said. “And when the risk didn’t pay off, investors lose their money. That’s how capitalism works.”
And the money used to ensure depositors are made whole will come from an FDIC account paid for through bank fees, Biden noted.
Two banks failed. The FIDA covers deposits up to $250,000. “For Biden to give the the Depositor’s any more than the $250,000 for their loses after the banks failed is a travesty” Goldenshalf said, .
The failure of the Banks should have costs the Depositors everything over $250,000 which was insured. According to Goldenshalf,
"No losses will be borne by the taxpayers," Biden said. “The money to protect depositors was a gift from the White House right out of the pockets of the American people, a gift to the rich.” According to Goldenshalf..
“There is not sufficient funds from the Banks fees paid to insure deposits to cover the loses of the two banks so the tax payers will have to be grouched to accommodate the rich”, according to Professor Harold Goldenshalf.
The banks, Warren argued in an op-ed for The New York Times, "suffered from a toxic mix of risky management and weak supervision," allowing executives to take advantage of Trump-era rollbacks in banking regulations to the detriment of depositors who trusted the institution's stability.