The Biden Administration scrambles to shield the economy after multiple bank crashes
🫣 The Biden Administration scrambles to shield the economy after multiple bank crashes.
The dismantlement of Silicon Valley Bank within 48 hours by regulators has the federal government rushing to stifle the bleeding of a resilient - but vulnerable - economy. Federal regulators have signaled that taxpayers will not bear the responsibility of bailing out the bank, unlike when massive banks were bailed out in 2008. Regardless of reassurances, concerns over the health of the finance sector are valid. It’s still unclear whether the federal government will be forced to take larger action as a result of bank failures - especially considering Signature Bank in New York followed suit over the weekend.
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A recent Harris poll for The Guardian reveals widespread misconceptions about the U.S. economy. Most Americans (56%) believe the country is in a recession, but it's not