President Biden on the NON Banking Crisis - Biden Era

White House: Statement by President on the failure of two banks in the US and the reaction by the Government, " Remarks by President Biden on Maintaining a Resilient Banking System and Protecting our Historic Economic Recovery....THE PRESIDENT:  Good morning, everyone.  Before I leave for California, I want to briefly speak about what’s happening to Silicon Valley Bank and Signature Bank. 

 

Today, thanks to the quick action of my administration over the past few days, Americans can have confidence that the banking system is safe.  Your deposits will be there when you need them. 

 

Small businesses across the country that had 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. 

 

Last week, when we learned of the problems of the banks and the impact they could have on jobs, some small businesses, and the banking system overall, I instructed my team to act quickly to protect these interests.  They have done that.  They have done that.

 

On Friday, the government regulator in charge, the FDIC, took control of Silicon Valley Bank’s assets.  And over the weekend, it took control of Signature Bank’s assets. 

 

Treasury Secretary Yellen and a team of banking regulators have taken action — immediate action.  And here are the highlights:

 

First, all customers who had deposits in these banks can rest assured — I want to — rest assured they’ll be protected and they’ll have access to their money as of today.  That includes small businesses across the country that banked there and need to make payroll, pay their bills, and stay open for business. 

 

No losses will be — and I want — this is an important point — no losses will be borne by the taxpayers.  Let me repeat that: No losses will be borne by the taxpayers.  Instead, the money will come from the fees that banks pay into the Deposit Insurance Fund. 

 

Because of the actions of that — because of the actions that our regulators have already taken, every American should feel confident that their deposits will be there if and when they need them. 

 

Second, the management of these banks will be fired.  If the bank is taken over by FDIC, the people running the bank should not work there anymore. 

 

Third, investors in the banks will not be protected.  They knowingly took a risk and when the risk didn’t pay off, investors lose their money.  That’s how capitalism works. 

 

And fourth, there are important questions of how these banks got into these circumstances in the first place.  We must get the full accounting of what happened and why those responsible can be held accountable.  In my administration, no one, in my view — no one is above the law. 

 

And finally, we must reduce the risks of this happening again.  During the Obama-Biden administration, we put in place tough requirements on banks like Silicon Valley Bank and Signature Bank, including the Dodd-Frank Law, to make sure the crisis we saw in 2008 would not happen again. 

 

Unfortunately, the last administration rolled back some of these requirements.  I’m going to ask Congress and the banking regulators to strengthen the rules for banks to make it less likely that this kind of bank failure will happen again and to protect American jobs and small businesses. 

 

Look, the bottom line is this: Americans can rest assured that our banking system is safe.  Your deposits are safe. 

 

Let me also assure you: We will not stop at this.  We’ll do whatever is needed on top of all this.  "

Lets Get Real:

This is not the 2007/08 near banking collapse, rumours should be seen as rumours, the US and the West has regulated the banks and the markets since then.   President Biden is running for re-election, thus he will make sure that people can get to the cash in their banks.   Thus individual and business accounts are safe, this is not and I repeat it, there is no danger to YOUR MONEY. Wall Street is just reacting to the news, and share holders in banks are getting worried, there is no need to worry.  POTUS would lose re-election if he messed this up, so he wont, the Democrats on the Hill will back POTUS, they have no choice, he is their candidate in 2024. 

Two Banks Collapse in the US and the After shocks - Biden Era

BBC News - Live Blog: Reports in its 5.46pm post the following, " US markets relatively calm....Financial markets in the US have been jittery for months and the collapse of SVB led to big falls on the main stock indexes last week.  But in the US the main indexes remain relatively calm at the moment...That could be a sign that many investors expect this crisis to remain contained.  "

Lets Get Real:

This is not the near banking collapse of 2007/08, the US and Western economies reformed the banking system after the near cliff fall. Already POTUS has stated that people will get their money, and this is important as SVB dealt with start up companies in silicon valley.  There will be rumours of other banks, that is natural, but they are rumours.  The people should not worry, their personal money is safe and also the accounts of different companies.    This shows that you need tough regulation when it comes to the banks and the markets, no one is to big to fail.  Already the President has stated that those that run SVB will be out of job and the government will run them.   There will be no economic collapse, its just the markets doing what they do, buy and sell shares in banks.  Thus do not trust the internet, any one can make up a rumour, always go with the facts. 

The Biden Budget - The 1st shot of the 2024 Campaign - 2024 Presidential Election/2024 Candidate

Guardian: Reports " Biden unveils ‘blue-collar’ budget plan with tax hikes for America’s wealthiest....Blueprint – unlikely to pass given Republicans’ control of House of Representatives – frames president’s aspirations for re-election  "

Lets Get Real:

The Biden Budget is dead on the Hill even before it arrives, it will not pass the Republican House, and even a few Democrats Senators up for re-election will not vote for it, they like their cushy number to much and if Biden does win re - election, he will be gone after four years.   Thus President Biden should use his skills to sell the budget to the American people, the Republicans will call it a tax hike budget and a increase in welfare, the typical Democrat wish list for the base.  The increase in the defence budget should be an easy sell, the Russians, China, North Korea and Iran, they are all a threat to the US national security.  The question is does Biden have the ability to sell anything, the support for the Ukraine  has gone down over the last few months, the old enemy is on the march and the American people, well a small majority wants to allow them to win.  Let's face the Donkey in the room, Biden is no Reagan, do you trust Biden for another 4 years with the security of the West, if you do I have a bridge in Brooklyn to sell to you.  If could be another re-match, Biden vs.  Trump, there is now way I will give up drinking if that is the case.

The Importance of Bakhmut - Ukraine - Russian War - Biden Era

Sky News - Live Blog: Reports in its 4.50pm post the following, " Ukrainian commander has warning about Bakhmut....Colonel General Oleksandr Syrskyi said that if Moscow's forces managed to capture the embattled town, it would give it renewed resources to launch a "large-scale offensive".  "

Lets Get Real:

Thus the reason that Bakhmut has become more important, its a meat grinder for Russian mercenaries, as long as the ex convicts are fighting there and meeting their maker there,  they cannot be fighting anywhere else in the Ukraine and the Ukraine can reinforce its own forces after Bakhmut.  One does hope that the CIA and MI6 are helping the Kyiv Forces with intelligence on Russian movements and that NSA and GCHQ are breaking Russian codes and listening to Russian Soldiers on their mobiles.  It seems that the Russian communication for soldiers to talk to their families does not exist, thus use of mobiles, not the most secure way to get information home.   Ukraine intelligence must be wary that the Russians do not use this as away to give false information to the Kyiv Government and change strategy.   Bakhmut most be held  at ALL COST, no matter the consequences, the Russians cannot be allowed to win this ruined city.  

The importance of Bakhmut - Ukraine - Russian War - Biden Era

BBC News: Reports " Why Bakhmut matters for Russia and Ukraine "

Lets Get Real:

As noted yesterday by this blog and by other reporters, there is no military strategic value to Bakhmut, it has made itself important, as the article notes to Ukraine as a symbol and the killing of Russians, those Russians that could be fighting somewhere else in the Ukraine, also its causing frictions in the Russian Forces, the mercenary leader is complaining that his men are not getting the support of other Russian Forces, there is a lack of ammunition, that fact that Russia is using mercenaries  is a very great tell, Putin is afraid that they might have become a THREAT to him, thus it could be one reason for the lack of ammo and the distrust of the Russian Army.   Also the Kremlin wants to keep the Russian Armed Forces happy, Putin does not want them asking question and taking a real hard look at the Russian losses in a operation that was meant to last only a few weeks.  The West must send it tanks to the Ukraine, the Kyiv Government might to hurry its offensive, this is an excellent time to strike the Russians hard.  Also the West needs to consider giving the Kyiv Government the F-16  fighter jets that it has requested, what about getting former Western fighter pilots  to fight the Russians, then the West would have some control over where they fight and when. 

IRAN sending secret ammunition to Russia - Ukraine - Russia - Biden Era

Sky News ( TV News ) exclusive reports that Iran has sent millions of ammunition to Russia in January.

Let's Get Real:

This is not a shocking or surprising, Russian Forces are firing more ammunition that it has, there are reports that IRAN has sent suicide Drones to Russia and that North Korea has also shipped millions of ammunition to Russia.  The Axis of Evil supports one another, one has to ask why Western Navies have not prevented such shipments.   This is the time for firm action from the West, let's prevent WW3 before it happens, let's learn the lessons of history.  Let's STOP Iran now, inspect their cargo ships.

Bakhmut could fall in Days - NATO Secretary General - Ukraine - Russian War - Biden Era

Guardian - Live Blog: Reports in its 12.38pm post the following, " Bakhmut could fall within days says Nato secretary general....The Nato secretary general said it may fall into Russian hands in the coming days. “What we see is that Russia is throwing more troops, more forces and what Russia lacks in quality they try to make up in quantity.  "

Lets Get Real:

The one thing Russian has is enough men to throw in to the hell that is the Bakhmut battle, as stated by many reporters the City of  Bakhmut has no strategy value but is a symbol for both the Ukraine and Russia, a Russia win would be seen as a positive and supporting the Special Military Operation of President Putin, while in the Ukraine the taking of the city would allow the Russians to have a deeper offensive in to the Ukraine as noted by the President of the Ukraine.  As noted in previous post the tanks promised by the West will start to turn up at the end of this month, thus the Kyiv Government can start to push the Russians back, therefor the West must move fast to send their tanks, this might save Bakhmut, and the save the lives of Ukrainian forces.   The West also must send Western Fighter Jets to the Ukraine, this would be a game changer, Ukraine must not lose this battle or this WAR.