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President Biden assures SVB fallout will not cost American taxpayers any losses.


President Biden delivers remarks following the collapse of Silicon Valley Bank. For access to live and exclusive video from CNBC subscribe to CNBC PRO: » Subscribe to CNBC TV: » Subscribe to CNBC: Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. Connect with CNBC News Online Get the latest news: Follow CNBC on LinkedIn: Follow CNBC News on Facebook: Follow CNBC News on Twitter: Follow CNBC News on Instagram: #CNBC #CNBCTV ...(read more)


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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. https://inflationprotection.org/president-biden-assures-svb-fallout-will-not-cost-american-taxpayers-any-losses/?feed_id=95033&_unique_id=6456fbb96ca58 #Inflation #Retirement #GoldIRA #Wealth #Investing #breakingnews #businessnews #cable #cablenews #CNBC #financenews #financestock #financialnews #money #moneytips #newschannel #newsstation #SquawkontheStreet #stockmarket #stockmarketnews #Stocks #usnews #worldnews #BankFailures #breakingnews #businessnews #cable #cablenews #CNBC #financenews #financestock #financialnews #money #moneytips #newschannel #newsstation #SquawkontheStreet #stockmarket #stockmarketnews #Stocks #usnews #worldnews
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