banking collapse since the 2008 financial disaster. the trouble for silicone valley bank began last wednesday when it sold securities at a major loss. that created panic and the stock stumbled. on friday federal regulators shut down the bank and they closed a second lender new york s signature bank. both failures the last of largest since the great recession. they could have a huge ripple effect on the economy. that s what the president is try to guard again. president biden speaking minutes before the stock market opened defending the stability of our banking system trying to reassure americans our money is safe. thanks to the quick action from my administration america can have confidence that the banking system is safe. all customers will have access to their money. this is an important point. no losses bourne by the taxpayers. let s start there. [laughing]. david, how will they pay for this? this is the fdic. up to 250. yes, a little bit of money that banks
-what happened friday when silicon valley bank fell. svb, a top choice for tech start-ups, with more than $2 hundred billion in assets at the time. that makes it the second largest bank failure in american history behind the washington mutual meltdown in 2008. we had a great recession then. the president now keeps saying we re not headed for a recession. a host of companies affected include household names like etsy and fit bit. all deposits at the failed bank will be available today. investors knew the risk and should not be protected. yes, the fdic is up to $250,000. if you invested in the banking institutions you just lost your cash. when biden was vice president, taxpayers were on the hook for bank bail-outs. they used our cash to bail out the big guys. the administration may be looking to avoid backlash for doing that this time. president biden: customers can rest assured that he will be protected and accessed to their money. no losses will be borne by the taxpayers.
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