Joe Biden’s recent address on Monday attempted to ease the public’s fears of an impending economic meltdown, but his words were met with skepticism from billionaire Hedge Fund boss Bill Ackman. Ackman warned that the Federal Deposit Insurance Corporation needs to explicitly guarantee all deposits now, and Steve Bannon, host of the ‘War Room’ podcast, responded to Ackman’s demands with a tweet. Despite Biden’s insistence that the banking system is safe, the markets opened with several regional banks seeing their stocks plummet. Treasury Secretary Janet Yellen and National Economic Council Director are reportedly addressing the problems at SVD and Signature Bank, and Biden declared he would take action against those responsible for the mess.
“@BillAckman’s already said the gov’s got to come in here & actually do a bailout.
Your betters, all these arrogant digital nomads sit there & mock everything you stand for —
& they’re going to come to the deplorables like they always do like they did in 2008.”
-Steve Bannon pic.twitter.com/gN2ZjfO9gL
— Grace Chong 🇺🇸 (@gc22gc) March 11, 2023
However, Biden’s words of assurance are not enough to quell the public’s fears of an economic meltdown. The fact that Biden is not taking any concrete steps to protect the banking system and its investors is concerning, and his refusal to answer questions about a possible ripple effect or how the collapse happened suggests he is not taking the situation seriously. Furthermore, his suggestion that investors in now collapsed banks “knowingly took a risk” is a slap in the face to those who have been affected by the economic downturn.
Biden Insists "Banking System Is Safe" But Hedge Fund Boss Warns of Economic Meltdownhttps://t.co/osZ2xI6DVz
— The Daily Fetched (@DailyFetched) March 13, 2023
The lack of concrete action from Biden and his administration is indicative of their lack of understanding of the gravity of the situation. It is clear that they are not taking into account the long-term effects of this economic crisis, and are instead relying on empty words and rhetoric to placate the public. The American people deserve more than just words; they deserve real solutions that will help protect them from further economic hardship. It is time for Biden and his administration to take real action and provide meaningful solutions to this crisis. Until then, it is up to the American people to take matters into their own hands and protect themselves from further economic hardship.