Thanks to President Joe Biden and Secretary Janet Yellen’s strong leadership of a joint Treasury, FDIC, and Fed response to stem the tide of further contagion from Friday’s collapse of Silicon Valley Bank, bold emergency measures are helping ensure that all deposits are safe and secure without bailing out risk-taking executives and investors–while saving at least 60,000 innocent businesses and an estimated 10 million workers, in addition to backstopping other regional banks to lessen the risk of any spillover bank runs. This stops the domino effect of knocking over other banks before it even gets started.
The most common line after a catastrophe is “now is not the time for the blame game!” In fact, even President Dwight Eisenhower advised that “the search for a scapegoat is the easiest of all hunting expeditions.”
