candidates running for congress is shocking, all we expected, not at all what republicans on capitol hill are saying. more evidence there is a disconnect between republicans in washington and everyone else. it has been 15 years since the global financial crisis since 2018, a long time but it hadn t gone away. consequences still define our world. why is u.s. government so deeply in-depth. how did wall street get so much money. why are housing prices so high? leaders stoke racial conflict. why so many americans conclude the system is so rigged. the answer to those questions the same, it all began in 2008. 2008 and aftermath is a complex story. let s sum up in the broadest possible terms what happened. big financial institutions took foolish risks and nearly blew up the u.s. entire economy. nobody was ever punished. the rec press bankers responsible got off, so did the politicians encouraged to be reckless. no one was banished from the industry. some of the wrong doers dot their
race for the white house coming in. bottom line. business as usual. all transactions are fully functional. thank you all. sandra: we begin with president biden today scrambling to restore confidence in america s banking system after the swift and sudden collapse of two banks that pumped in fears of a wider economic crisis, and a lot is unfolding at this hour. hello and welcome, everyone. i am sandra smith. grateful to start another week with you. john. john: it seems like every week there is something new. i m john roberts in washington. this is america reports. the president addressing the nation before the stock market open, assuring that their deposits are safe. taking emergency measures to contain the damage from two of america s largest firms. sandra: while the president blames bank executives and republicans for the failure of silicon value bank and signature bank, critics say about the aggressive rate hikes meant to rain and rampant inflation inflation ar
-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.
crisis that we ve seen this kind of stunning bank collapse. that s why when president biden before the market came on the airwaves and told the nation that the government would be stepping in. watch. no losses this is important important. no losses will be borne by the taxpayers. let me repeat that. no losses will be borne by the taxpayers. instead, the money will come from the fees that banks pay in to the deposit insurance fund. martha: is that accurate? let s bring in david asman and fox business correspondent susan li. the market sold off a lot early on. bounced back. now it s up 163 points. i want to ask you why in just a moment. first of all, this idea that the taxpayer is not on the hook in any way for this. let s play this janet yellen sound bite. during the financial crisis, there were investors and owners of systemic large banks that were bailed out and were certainly not looking and the reforms that have been put in place means that we re not going to do th
next question at white house correspondent peter doocy is traveling with the president. good evening, peter. good evening, president biden helping to prevent a run on the banks by signaling to consumers that wealthy banking negatives are out of luck but every day folks with money in bank accounts can be guaranteed their money is safe. they are very careful to avoid using the b-word, bailout. see you in california. the plan to talk about training sailors to work out of a new joint nuclear sub base in australia to counter threats in the indo-pacific. these subs indo-pacific. the subs are powered, not nuclear armed subs, nuclear power, not nuclear armed. the president s trip not the biggest story, that s the collapse of the silicon valley bank. your deposits will be there when you need them. they will come to the deposit insurance fund. no losses will be borne by the taxpayers. job losses are coming for those president believes that took advantage of regulati