July 21, 2024

Banks collapsing in the United States, even as Biden reassures Americans

President Joe Biden delivers remarks on budget reconciliation and the “Inflation Reduction Act of 2022”, Thursday, July 28, 2022, in the State Dining Room of the White House. (Official White House Photo by Adam Schultz)

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.

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