Biden will address Silicon Valley Bank collapse at 8 a.m. ET

[brooklynite]

Source: CNN

President Joe Biden said he will address the developing situation in the US banking system on Monday morning.

"Yes. I'll talk to you tomorrow morning," he told reporters in response to a question about addressing the situation as he boarded Air Force One to return to the White House.

Later, the White House released a daily guidance for Monday, noting that Biden is scheduled to make remarks on the banking system at 8 a.m. ET before departing for San Diego where he is scheduled to meet the prime ministers of the United Kingdom and Australia.

Read more: https://www.cnn.com/business/live-news/silicon-valley-bank-collapse-updates-03-13-23/h_f5c066507f05fb3780c26d3aa6779558

[BumRushDaShow]

1. Apparently moved to 9 am ET

[LetMyPeopleVote]

2. Here is President Biden's statement

Link to tweet

[SWBTATTReg]

3. He's already said what needs to be said. I suspect republicans are crying and moaning, and trying

to cast Pres. Biden as the boogeyman here, that caused these bank failures. Don't play into their hands. Most people losing money, if any, have significant assets to handle losses (not covered over certain dollar amounts), but perhaps run-of-the-mill small depositors, should be covered.

Thing here is to try and avoid a cascading effect, that is, assets held by one entity collapses in value, causing that entity to suffer, thus causing them stress when their assets are lower in value as a result of these collapses.