(DCWatchdog.com) – HAPPENING NOW: The administration of President Joe Biden made it clear this morning that despite calls from many in the financial community for the federal government to bail out Silicon Valley Bank the way the government bailed out many banks during the Global Financial Crisis that began in 2008, that will not happen this time.
As the New York Post notes:
“The federal government won’t bail out the failed Silicon Valley Bank, Treasury Secretary Janet Yellen said Sunday.
“Yellen, appearing on CBS’ “Face the Nation,” balked at the government rescuing the nation’s 16th-largest bank, as was done for hundreds of institutions during the financial crisis in 2008.
“‘During the financial crisis, there were investors and owners of systemic large banks that were bailed out,’ Yellen said. ‘And the reforms that have been put in place means that we’re not going to do that again.'”
“Yellen still insisted that officials are ‘concerned about depositors and are focused on trying to meet their needs.'” [emphasis added]
“‘I’ve been working all weekend with our banking regulators to design appropriate policies to address this situation,’ Yellen said Sunday.
“‘I can’t really provide further details at this time.'” [emphasis added]
THIS IS A BREAKING NEWS REPORT FROM THE DC WATCHDOG.
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