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LEARN MORE ABOUT: Bank Failures

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As if the economic fallout from the ongoing COVID-19 pandemic wasn’t enough, US taxpayers are now on the hook for yet another bank bailout. And to add to the insult, President Biden didn’t even tell the truth about it in his recent speech.

JPMorgan Chase, the largest bank in the US, recently announced a loss of $4.4 billion due to a failed bet on a hedge fund. Now, the Federal Reserve has given the bank the green light to use its own funds to cover the loss, rather than bailing it out with taxpayer money.

However, just days before the announcement, President Biden made a speech claiming that his administration is “not bailing out anybody,” in reference to large corporations. This statement is demonstrably false, as JP Morgan clearly had the potential to receive a bailout prior to the Federal Reserve’s decision.

But JPMorgan Chase isn’t the only bank that may receive taxpayer assistance in the near future. Many other banks are still reeling from losses suffered during the pandemic, and more bailouts are likely to be on the horizon.

This is a concerning trend for taxpayers, who may feel like their hard-earned money is being used to prop up large corporations rather than being put towards programs that benefit individuals and families. The 2008 financial crisis already took its toll on the American people, with many losing their jobs, homes, and savings. Another bank bailout is hardly a welcome prospect.

Moreover, the fact that President Biden lied about the situation in his speech raises questions about his transparency and honesty. If he is willing to misrepresent the truth about something as significant as a potential bank bailout, what other important issues may he be distorting?

It’s clear that further regulatory measures need to be put in place to prevent banks from making risky investments and making the American people responsible for their losses. Additionally, politicians must be honest with the public about their actions and intentions, rather than trying to deflect criticism with false statements.

Taxpayers deserve better than to be made to foot the bill for another bank bailout. It’s time for accountability and transparency from both banks and politicians alike.