hello and welcome to inside politics. i m john king in washington. thank you for sharing your very busy news day with us. call it a biden racy can you. the federal government swoops in to pay back depositors after a bank goes under. he promises 2023 will not look like 2008. the bottom line is this. americans can rest assured our banking system is safe, our deposits are safe. plus mike pence says president trump was reckless on january 6th. a big question now, whether pence repeats it when he s with gop voters in iowa, new hampshire and beyond. and president biden green lights a giant oil project in alaska. progressives are mad again. the drilling project suggests an early move to the middle with an eye on 2024. up first for us, though, a pair of bank failures and a white house emergency plan the president says will protect the economy but not at your expense. president biden speaking this morning before u.s. financial markets opened for trading and before most banks o
of bank failures and a white house emergency plan the president says will protect the economy but not at your expense. president biden speaking this morning before u.s. financial markets opened for trading and before most banks opened for business. his goal, make the case to wall street and, yes, to main street that he and his team are on top of things and you should be confident your money and the overall economy is safe. americans can have confidence that the banking system is safe. your deposits will be there when you need them. every american should feel confident their deposits will be there if and when they need them. the speech capping a 36-hour sprint of behind-the-scenes biden administration deliberations. regulators in control of silicon valley bank. they put federal guarantees behind a promise they ll pay
from the president remember, 2008, barack obama and joe biden running for the presidency. the obama administration inherits the fallout. when the president says taxpayers will not pay for this and the people at these banks will be fired. the people out on main street, if you think back to 2008, if you ask 20 americans on the street, say the bankers played with monopoly money and i got the bill. i think the president is trying to say we re not bailing this bank out, but if your deposits are there, you re safe. as gina was saying, there s certainly a reisk that people ae identifying it could have grown faster if they hadn t gone in last night. to your point about fdic insurance, i think that will come up on capitol hill, whether $250,000 is too low. even though the fed is saying
situation it will be pushed up to the globe. now we re considering the i.m.s. recommendation on the global taxation level. it is the opposite that needs to happen. here we are staring directly into the face of economic collapse. and rather than returning to the principles, faith, hope, charity, self-reliance, accountability, instead of relying on those things that made us the most prosperous country on earth in the history of mankind, we re headed the opposite direction with giant government structure. right into socialism. the opposite direction, taxes and government intervention. culture of irresponsibility, took root from wall street to washington, to main street. regulatory regime basically crafted in the wake of a 20th century economic crisis, the great depression, was overwhelmed by the speed, scope and sophistication of a 21st century global economy.
be such an out-of-control situation it will be pushed up to the globe. now we re considering the i.m.s. recommendation on the global taxation level. it is the opposite that needs to happen. here we are staring directly into the face of economic collapse. and rather than returning to the principles, faith, hope, charity, self-reliance, accountability, instead of relying on those things that made us the most prosperous country on earth in the history of mankind, we re headed the opposite direction with giant government structure. right into socialism. the opposite direction, taxes and government intervention. culture of irresponsibility, took root from wall street to washington, to main street. regulatory regime basically crafted in the wake of a 20th century economic crisis, the great depression, was overwhelmed by the speed, scope and sophistication of a 21st century global economy.