it s 10:00 a.m i m lindsey reiser at msnbc headquarters in new york we re following a lot of breaking news on this busy monday morning, including president biden assuring the country our financial system is safe amid heightened fears of a banking crisis after the collapse of both silicon valley bank and new york-based signature bank americans can rest assured that our banking system is safe. your deposits are safe let me also assure you we will not stop at this we ll do whatever is needed. the government is taking extraordinary new steps to ensure customers will have full access to their money, a major move by the treasury and the federal reserve to shore up the banking system and prevent the panic from spreading to other banks. plus, a promise no losses will be shouldered by taxpayers and officials will hold the people responsible fully accountable. more on this in moments and what you need to know about your money. plus, no-show. donald trump s lawyers say he wi
there won t be somebody saying, how much money have you got, $20 here but is there a general sense of concern here what should the average person know the doomsday scenario roben is saying isn t playing out yet. these were banks that take deposits from businesses, not mom and mop savings and checking accounts what was very unique about the bank run we saw at silicon valley, because of the same dynamics in life, it s the whole ville taj coming in for $17, $250 in some cases this is a small group of depositors asking for a lot more money each that s why the run may have happened as fast as it did it took fewer people to think there were issues to ultimately drain the deposits of the whole bank entirely. where you have your deposits at a commercial-facing bank, that likely has fdic, up to 250k per
term this speech today all in all was an effort to speak directly to the american people to ease their fears, the president hoping that s enough to prevent this from snow balling into further of a crisis. robin, the president was just asked how do we know, are you confident other banks won t fail he didn t answer go ahead and pick up that baton in terms of what we can see in the near future. if you could, give us a quick explainer on how taxpayer money won t be at risk here. even if that money that shores up these deposits is used in this fund that banks pay into, how do we know people won t have to take this on in the form of fees for starters, the president actually doesn t control all of this you re seeing a high-stakes game of chicken or truth or dare or whatever you want to call it where rumor spreads, you see the stock tumble, you see management come out with this ham-fisted, ham-handed way of saying we re well capitalized