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CNN CNN Newsroom July 6, 2024

hello, everyone. welcome to cnn newsroom. and i m john berman. victor is off this froop. and we begin with president biden s dramatic overnight move to dparnguarantee the money is e bank. this comes after the failure of two banks. today the president announced regulators are taking them over, but unlike what was seen in 2008 the u.s. will cover only bank customers not bank investors. all customers who had deposits in these banks can rest assured that we protect it, and they ll have access to their money as of today. that includes small businesses across the country that bank there and need to make payroll, pay their bills and stay open for business. investors in the banks will not be protected. they knowingly took a risk, and when the risk didn t pay off, investors lose their money. that s how capitalism works. svb s small businesses are thankthal for president biden s decision. i am quite relieved from what i heard from president biden. i think the administra ....

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CNN CNN Newsroom June 4, 2024 18:04:00

Both are those are critical to ensuring depositorvise confidence deposits are safe and trying to calm things down. but also a very different set of circumstances than 2008. no losses will be borne by the taxpayers. let me repeat that. no losses will be borne by the taxpayers. implicit in what the president is trying to do there is a balancing act. and differentiating this moment from the moment we saw throughout the fall of 2008 is absolutely critical. what the president said is true. the fdic deposit assurance fund is funded through bank reserves. ....

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