Simon Ateba is Chief White House Correspondent for Today News Africa covering President Joe Biden, Vice President Kamala Harris, U.S. government, UN, IMF, World Bank and other financial and international institutions in Washington and New York.
Silicon Valley Bank and Signature Bank have already collapsed in the United States and their assets have been taken over by regulators. And while President Joseph R. Biden Jr. was speaking from the White House on Monday morning to reassure Americans that the banking sector is safe, Western Alliance Bancorp dropped lower.
Some Americans are already blaming Biden. However, the President said that there should be no panic as depositors would get their money in full and that the bank managers will be fired and investors will not be protected.
Still, this is the worst collapse since 2008. Investors may soon be asking for a bailout from taxpayers who have nothing to do with it.
