NOTE: The following article is satire, not a statement of fact. Treat it as such
Biden haughtily patted himself on the back during a recent press conference in Canada, saying that his administration has “done a pretty damn good job” dealing with bank failures as America’s economic system crumbles. Here’s the transcript of that:
Q Thank you, Mr. President. Some on Wall Street have expressed frustration that it’s unclear what more your administration is willing to do to resolve the banking crisis. The markets have remained in turmoil. So how confident are you that the problem is contained? And if it spreads, what measures, such as guaranteeing more deposits, are you willing or not willing to take?
PRESIDENT BIDEN: First of all, have you ever known Wall Street not in consternation? Number one.
Look, I think we’ve done a pretty damn good job. People’s savings are secure, and even those beyond the $250,000 the FDIC is guaranteeing them. And the American taxpayer is not going to have to pay a penny. The banks are in pretty good shape. What’s going on in Europe isn’t a direct consequence of what’s happening in the United States.
And I — what we would do is if we find that there’s more instability than appears, we’d be in a position to have the FDIC use the power it has to guarantee those — those loans above 250, like they did already.
And so I think it’s going to take a little while for things to just calm down. But I don’t see anything that’s on the horizon that’s about to explode. But I do understand there’s an unease about this. And these mid-sized banks have to be able to survive, and I think they’ll be able to do that.
But, though Biden thinks things are going great, real America has been hit hard by his repeated failures and the general economic climate. In fact, some are even saying that America is teetering on the edge of a 2nd Great Depression and that Biden’s recent policies have gotten us even closer to the brink.
Speaking about that on a recent episode of his “War Room” podcast, former Trump advisor and investment banker Steve Bannon said:
“Now look, this is a big, big, big deal. In every economy, you need periodic financial downturns that clear out the dead wood. A bank failure or two that slashes away bad investments, stock crashes that get rid of unprofitable companies, mass layoffs that lower home prices and limit consumer credit. You need that. It’s necessary.
“And this recent SVB episode was case in point of the sort of situation you need and how Biden responded poorly. Letting it go kaput would have wiped out a bunch of idiotic tech companies that don’t do anything. It would have been painful for VC’s, sure, but necessary in the grand scheme of things.
“Instead they increased inflation by printing money to keep those companies afloat. Pure insanity, and it just builds up a veritable forest of more dead wood. So instead of a little economic bushfire that clears out egregious waste, we’ll have a forest fire that causes the 2nd Great Depression. LGB”