President Biden delivers remarks following the collapse of Silicon Valley Bank. For access to live and exclusive video from CNBC subscribe to CNBC PRO:
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LEARN MORE ABOUT: Bank Failures
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President Joe Biden recently addressed the fallout surrounding Silicon Valley Bank’s (SVB) losses due to the collapse of Archegos Capital Management, stating that American taxpayers would not bear any losses related to the incident.
For those unfamiliar with the situation, SVB became embroiled in the Archegos scandal after the hedge fund defaulted on margin calls, leaving banks with billions of dollars in losses. SVB reportedly lost around $150 million in the debacle.
Despite this setback, President Biden expressed confidence in the strength of the American financial system, stating that “our banks are among the most sound and well-capitalized institutions in the world” and that he was “not concerned about the systemic impact” of the Archegos fallout.
Furthermore, the President emphasized that taxpayers would not be affected by any losses incurred by SVB or other banks involved in the scandal. This assurance is likely to be a relief to many Americans who have suffered economic hardship in the wake of the COVID-19 pandemic.
Overall, President Biden’s statements regarding the SVB fallout demonstrate his commitment to protecting American taxpayers from financial risks and ensuring the stability of the country’s financial system. While SVB’s losses are undoubtedly a blow to the bank and its investors, it’s reassuring to know that the broader impact on the economy will be relatively limited.
No he will just print the money which will cause higher inflation a "hidden tax" on the American tax payers.
Great video and some excellent tips ! This is scary time for new investors but the best thing you can do is not to make a decision based on emotions.
Does that old man really believe the Americans fall for that? If you do, you must be really ignorant. The people/citizens/taxpayers are ALWAYS the ones who get hurt eventually.
The very idea of bailing out SVB, Signature Bank and others, without costing taxpayers, doesn’t even pass the smell test," said EJ Antoni, research fellow in regional economics with The Heritage Foundation’s Center for Data Analysis.
"The government is spending taxpayer dollars. By definition, that costs the taxpayer," Antoni said.
If you think taxpayers are going to pay for that you're higher than a two-peckered billy go
How much yall wanna bet this took him 50 tries without stuttering and mastering the script he's obviously been given
They all fall in a trap that's make by administration of bangladesh.they use there power for own political moves not for country.why so many a big countable people don't want them.
Why did you cut out the end where the reporters are asking questions and he just keeps walking?
An absolute lie,why taxpayers must back Newsome and Oprah's bad investment?lip smacking is on of his tells,talking is another,blame Trump is his go to.
The FDIC doesn’t exist in capitalism. There is no bailout and no national take over of banks in capitalism.
This is fascism.
I’m sure the tax payers now have to cover this cost – despite the lying Biden –
"… Hunter is the smartest man I know."
Lol easy sell… who want to hold stocks that fed can seize and take it to zero… the great reset. They’ll eventually own all banks.
1:37 you're welcome
The best president in the world. Point
Good!
it had bipartisan support and barney frank was on the board of svb and in congress lobbying for the lessening of regulations so as usual yall both has a hand in it
Massive bailout
Believing a guy that can't even read a script written by….
Lying again, like he did about taxing Americans. This guy is a hand puppet. Tax payers will pay of course.
Magic money since when was a billion dollar company a small business lol remember full bailout for them no means testing and you might get 10k for your federal backed student loans if you make under $150k lmfaoooooo suckers they wanted this and now we have to bail them out again but not you