White House on bank collapse: ‘It’s not 2008’
- March 13, 2023
- 0
The White House said on Monday that the current situation with the collapse of Silicon Valley Bank (SVB) and Signature Bank is very different from what happened in
The White House said on Monday that the current situation with the collapse of Silicon Valley Bank (SVB) and Signature Bank is very different from what happened in 2008 with the financial crisis resulting from the collapse of the US housing bubble.
“This is not 2008,” the White House press secretary repeated several times. Karine Jean-Pierre speaks to the press aboard Air Force One.
The spokeswoman dismissed criticism from some members of the Republican opposition, such as controversial far-right MP Marjorie Taylor Green, who accused the Joe Biden government of bailing out banks and forgetting about Americans.
Photo: Reuters
However, the leadership of the Republican Party in Congress He did not position himself on the decisions made by the president after the banks closed.
On Sunday evening, the Treasury Departments, the Federal Reserve System (FRS) and the Federal Deposit Insurance Corporation (FDIC) unveiled the Silicon Valley Bank of California and Signature Bank of New York deposit protection plan.
The money that will be used to guarantee the deposits of these institutions will come from a guarantee fund that US banks contribute to and will not be funded by taxpayer money, a White House spokeswoman said.
In response to the 2008 crisis, then-President George W. Bush (2001-2008) approved $700 billion in bailouts for banks and other financial sector services.
(EFE)
Source: Aristegui Noticias
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