America’s own Fighting Jack took to the podium today to assure the world he still has that room temperature IQ we all cringe and laugh at:
US President Joe Biden attempted to calm the markets in a Monday morning speech, where he insisted that “Americans can have confidence that the banking system is safe,” and that US bank regulators and Treasury Secretary Janet Yellen took “immediate” action to stop contagion among small and medium-sized banks following the Friday collapse of Silicon Valley Bank.
“Americans can rest assured that our banking system is safe,” he reiterated. – via zerohedge.com
We know what that’s called….right, Buchan?
Exactly!
Biden made clear that investors in the failed banks will not be protected.
“They knowingly took a risk, and when the risk didn’t pay off, investors lose their money,” he said, adding that the people running the troubled banks should be fired.
When asked by reporters if there would be a ripple effect, and whether he could explain how and why this happened, Biden ignored the questions.
Brian Shilhavy at Health Impact News wrote today:
While this is quickly turning into a partisan issue with each side blaming the other, open up your wallet and look at the color of your federal reserve notes (known as U.S. dollars). They are GREEN, not blue, and not red.
You “reap what you sow” is a fact of life, not only in agriculture (you can’t plant corn and expect to harvest watermelons), but also in the financial world, and after years of corruption in the business world and financial markets, the time to reap the consequences seems to be upon us.
America has prospered for too long off the backs of cheap labor outside the U.S. while investments and start up firms have become just as risky and worthless as gambling in Las Vegas, throwing money around as entertainment without producing anything of real value.
This is a MORAL issue, not a political issue. The time to pay off our debts that we have immorally been ignoring for decades, no matter which political office has been in power, is now upon us it would seem.
ReallyGraceful has a nice summary in a video she published today. (12 Minutes)
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Fortunately, that’s as dumb as it gets today.
Oh, wait…
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Excuse me, Sir. The train to a better world?
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Tonight’s musical offering:
Martha Argerich plays Beethoven Piano Concerto No. 2 – Third Movement, Rondo/Molto Allegro – West-Eastern Divan Orchestra, conducted by Daniel Barenboim
Dispatches from the Asylum 