Biden hints at more bank failures with more government control

“The most terrifying words in the English language are: I'm from the government and I'm here to help.” --Ronald Reagan

Former civil rights protester, lifeguard, truck driver, and President of the United States, Joe Biden is handling the situation of the collapse of the SVB bank. Apparently, he is using his signature denture smile and magic words to make things better but he isn't admitting to how he's handling the situation other than to say that he's going to impose stronger regulations on banks.

[H/T Fox Business News]

Biden didn't tip his hand to let the public in on what those regulations will be, but he gave a five-minute, mushmouth mumble to assuage our fears: 

"During the Obama-Biden administration, we put into place tough requirements on banks, like Silicon Valley Bank and Signature Bank, including the Dodd-Frank law, to make sure the crisis we saw in 2008 would not happen again." 

Yes, and how did that work out for us?

Congress approved a bipartisan bill in 2018 dismantling parts of those restrictive banking rules, and by doing so, small and mid-size banks saw a victory.

Regulations on some big banks were eased and this gave consumers the right to free credit freezes. It also provided relief to smaller and mid-size banks by softening the Volcker Rule, and allowed banks to make their own investments with customer deposits.

"I am going to ask Congress and the banking regulators to strengthen the rules for banks to make it less likely this bank failure will happen again," Biden blathered on Monday. 

Are you feeling the confidence flowing into your pores yet?

When reporters tried to question him further about the plans, Biden pivoted on the heels of both feet and slowly ambled away, arms ineffectively moving at his sides, signature smile sticking out from his confused face as he went on another Corn Pop adventure in his head.

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