On the heels of the Silicon Valley Bank failure, a second bank has collapsed. The New York Department of Financial Services took possession of Signature Bank of New York earlier on Sunday.
The notice said it was done to protect the US economy. The FDIC said that all depositors would be made whole.
According to the Feds, depositors of Silicon Valley Bank (SVB) will also be made whole, and taxpayers will not bear the burden. What a joke. The only money the government has is taxpayer money and the money they print with nothing backing it.
In addition to SVB and Signature Bank, there are other banks that are on the precipice. As one example, First Republic lost 50% of its value on the market Friday.
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Where does this money come from, and how long can the US keep this up? Meanwhile, the imperial president has a seven trillion dollar budget filled with climate change waste, welfare, and taxes.
BREAKING: Signature Bank of New York has just collapsed.https://t.co/WbqTs6b1DA
Press Release
March 12, 2023
Superintendent Adrienne A. Harris Announces New York Department of Financial Services Takes Possession of Signature Bank
Superintendent https://t.co/uWMcCrSXAe… https://t.co/8LZwwc1LHJ— DailyNoah.com (@DailyNoahNews) March 12, 2023
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