TV News LIES

Monday, May 29th

Last update06:28:55 AM GMT

You are here News Economy Biden tells US to have confidence in banks after 2 collapse, including NY bank

Biden tells US to have confidence in banks after 2 collapse, including NY bank

E-mail Print PDF
President talks about bank failuresPresident Joe Biden insisted Monday that the nation’s banking system was safe, seeking to project calm after the collapse of two banks stirred fears of a broader upheaval and prompted regulators to offer emergency loans to banks to stave off additional failures.

“Your deposits will be there when you need them,” Biden said.

Despite the message from the White House, investors continued to dump shares in bank stocks. Shares of First Republic Bank plunged more than 70% even after the bank said it was accessing emergency funding from the Federal Reserve as well as additional funds from JPMorgan Chase.

U.S. regulators closed the Silicon Valley Bank on Friday after depositors rushed to withdraw their funds all at once. It was the second largest bank failure in U.S. history, behind only the 2008 failure of Washington Mutual. New York-based Signature Bank also failed Sunday.

More...

 


Most Recent Related Stories...


'Inflation is cooling': Grocery costs slow, curbing stubbornly high consumer prices

Inflation easesInflation slowed for a tenth straight month in April as another drop in grocery bills offset...

First Republic secures $30 billion rescue from large banks

First Republic BankFirst Republic Bank, facing a crisis of confidence from investors and customers, is set to receive...

Homeware giant Bed Bath & Beyond has filed for bankruptcy

BB&B files fo bankruptsy The -dominant home goods retailer Bed Bath & Beyond has filed for bankruptcy protection after months...

Zuckerberg’s Meta to lay off another 10,000 employees

Mark ZuckerbergMark Zuckerberg’s Meta is laying off another 10,000 people and instituting a further hiring freeze as...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!