Biden Admin. Bank Bailout Effectively “Guaranteed the Entire Deposit Base of the US Financial System”

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In a joint statement on Sunday, the Treasury Department, Federal Reserve and Federal Deposit Insurance Corp. said they were taking action “that fully protects all depositors” at SVB and Signature Bank. Roger Altman, the former deputy treasury secretary under Bill Clinton, told CNN that “What the authorities did over the weekend was absolutely profound. They guaranteed the depositors – all of them – at Silicon Valley Bank,” he said. “And what that really means – and they won’t say this – is that they have guaranteed the entire deposit base of the U.S. financial system.” He said that because all SVB deposits were protected, deposits in other banks are also guaranteed. He stated, “So, this is a breathtaking step which effectively nationalizes, or federalizes, the deposit base of the U.S. financial system.”

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Summary by JW WIlliams

In a joint statement on Sunday, the Treasury Department, Federal Reserve and Federal Deposit Insurance Corp. said they were taking action “that fully protects all depositors” at SVB, that did business with tech startups and another shuttered firm, Signature Bank in New York, that served the cryptocurrency industry.

The extraordinary rescue would allow all depositors at the banks to have access to all of their money, even if it exceeded FDIC limits of $250,000. The feds said that “no losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.” However, the cost of bailing out two banks that catered to the tech industry will likely be paid by average Americans in the former of more fees, less service and potentially higher taxes.

While the holdings of impacted depositors will have their money guaranteed, Biden noted that “investors in the banks will not be protected” because they “knowingly took a risk” by pouring cash into SVB.

Critics said that bailouts were given to SVB and Signature banks because its client base, as 98% of all political contributions from tech workers went to Democrats, and that if a bank that served other industries failed, those would not have been bailed out.
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Roger Altman, the former deputy treasury secretary under Bill Clinton, told CNN that “What the authorities did over the weekend was absolutely profound. They guaranteed the depositors – all of them – at Silicon Valley Bank,” he said. “And what that really means – and they won’t say this – is that they have guaranteed the entire deposit base of the U.S. financial system.” He said that because all SVB deposits were protected, deposits in other banks are also guaranteed. He stated, “So, this is a breathtaking step which effectively nationalizes, or federalizes, the deposit base of the U.S. financial system.”

Real Clear Politics:   https://www.realclearpolitics.com/video/2023/03/15/former_treasury_official_bailout_is_in_the_eye_of_the_beholder_but_biden_is_effectively_nationalizing_the_banks.html

CNN Transcript with Roger Altman:    https://prod.transcripts.cnn.com/show/ctmo/date/2023-03-14/segment/05

NY Post:    https://nypost.com/2023/03/13/biden-defends-stability-of-us-banking-system-after-silicon-valley-banks-stunning-collapse/

NY Post:    https://nypost.com/2023/03/13/how-silicon-valley-bank-bailout-will-hurt-us-bank-customers/

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Milton Farrow
Milton Farrow
5 days ago

This is the beginning of the end of the Federal Reserve and the “private Banking system” that has mismanaged it’s member banks, and in general make the absolute most wrong move at the wrong time- THERE IS NO WAY THAT EVEN IF THE PRINTING PRESSES ROARED 24/7-THAT THEY CAN COVER THE BANKS THAT ARE FAILING EN MASSE- THIS IS A CONTINUATION OF 2008F AT THAT TIME HANK PAULSON BLACKMAILED THE FINANCIAL INSTITUTIONS IN MAKING GOOD ” BAD EQUITIES ” THAT WERE INFLATED 100X’S THEIR VALUES CAUGHT BY OUR TRADING PARTNERS AND THEIR BANKS, WHO IN EFFECT SAID ” PLAY THESE… Read more »