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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 b ....
Out more on that fund than they currently have, the industry would back that. the federal deposit is funded by $25 billion from the treasurely department. however, they recognize here that there is a risk and a political reality that republicans very quickly will be calling this a bailout, john. they will be. so, phil, what s the test? and do administration officials behind the scenes as of now, noon on monday, think what the president said today and what his team did over the weekend will be enough to stop i ll use the word contagion, easier word might be panic. reporter: perception is critical here. if you look at the broader banking sector and the underlying assets at silicon valley bank, it is dramatically different in terms of what they re dealing with. and yet perception drove what we saw on friday. perception threatened many more banks beyond just signature and silicon valley. administration officials are clear. what they triggered over the course of the weekend was big ....
On the ground, the concern was real and palpable and they decided to move and move in a major way in terms of backstopping those insured limits over the limit of $250,000 as well as opening a federal lending facility. they are cognizant of the political dynamics and the president made clear he is as well. no losses will be borne by the taxpayers. let me repeat that. no losses will be borne by the taxpayers. the management of these banks will be fired. if the bank is taken over by fdic, the people running the bank should not work there anymore. reporter: john, implicit in every one of those words from the president is a sign post saying this is not 2008. this is very different than what you saw for jpmorgan, for goldman sachs, for citigroup, for bank of america in almost every single way. he s correct in the sense fdic fund is industry funded and should they end up having to pay ....