Biden Debunks Trump For Rampant Lying As Blue Wave Rises Ahead Of 2024

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Amid concern originating with the rhetorical collapse of Silicon Valley Bank, which was followed by authorities shutting down a second financial institution, Signature Bank, President Joe Biden is seeking to assuage concerns — like the utter nonsense Trump was posting on Truth Social, his knock-off social media site.

“Americans can have confidence that the banking system is safe,” Biden said in brief comments on Monday, citing action by his team. “Your deposits will be there when you need them. Small businesses across the country that have deposit accounts at these banks can breathe easier knowing they’ll be able to pay their workers and pay their bills. And their hardworking employees can breathe easier as well… Let me also assure you. We will not stop at this. We’ll do whatever is needed… We’ve made strong economic progress in the past two years. We’ve created more than 12 million new jobs — more jobs in two years than any president has ever created in a single four-year term. Unemployment is below four percent for 14 straight months. Take-home pay for workers is going up, especially for lower and middle-income workers.”

That all sounds reasonable, right? Protecting the small businesses and other depositors whose assets remained connected to Silicon Valley Bank when it went metaphorically under so the economic machine can keep going, etc. Well, Trump’s take, to which Biden’s comments functioned as an adept fact-check, was predictably delusional: “With what is happening to our economy, and with the proposals being made on the LARGEST AND DUMBEST TAX INCREASE IN THE HISTORY OF THE USA, TIMES FIVE, JOE BIDEN WILL GO DOWN AS THE HERBERT HOOVER OF THE MODRRN AGE. WE WILL HAVE A GREAT DEPRESSION FAR BIGGER AND MORE POWERFUL THAN THAT OF 1929. AS PROOF, THE BANKS ARE ALREADY STARTING TO COLLAPSE!!!” It’s been two banks, and it’s not as though this hasn’t happened before. Similar financial institutions also met their corporate demise as they stood while Trump was in office.

Elsewhere, Biden also said that investors in Silicon Valley Bank will not be covered by the government assistance in recovering their assets made available to depositors, and he also explained in the same Monday remarks how the funds to support these efforts won’t be taken from general government cash. Instead, the money comes from fees previously paid by financial institutions in support of the government insurance system for deposits. Among the issues preceding Silicon Valley Bank ending up under government control were evidently losses and an inability to provide for withdrawal requests made by customers in tandem with drops in value of some of what the bank did hold. “Why were these banks allowed to take on assets when they should have been backing their deposits?” analyst Keith Fitz-Gerald remarked to CNBC in recent days.