Twitter CEO Elon Musk has fired back at Democrat President Joe Biden for trying to boast about his administration’s alleged achievements.
Biden said in a series of posts:
“Today at the White House, we honored generations of female visionaries – known and unknown – on whose shoulders we stand.
“We celebrated the remarkable women who push our country forward every day.
“And we recommit to the work ahead to deliver a better future for women and girls.
“In my first year in office, we protected more lands and waters than any president since John F. Kennedy.
“We’ve also made the largest investment to fight climate change – ever.
“Today, we’re building on that momentum by protecting additional natural wonders.”
Enter Elon Musk who said: “Umm … the banks are melting.”
Umm … the banks are melting
— Elon Musk (@elonmusk) March 23, 2023
Home Depot co-founder Ken Langone also weighed in on the banking crisis during an appearance on Fox Business’s “Cavuto: Coast to Coast” Wednesday.
“I think this Federal Reserve Board should all resign right now,” Langone said.
“They’ve blown this from the very beginning.
“We’re now dealing with the price we’ve got to pay for free money, and it’s going to be painful and it’s not going to be easy.
“Alan Greenspan – these guys were pros. Bernanke, they were pros.
“But right now, I think the talent is there; the will to fix it is not.
“I’m sorry to be so brutal on the Fed, but I think they all ought to resign.
“I don’t know how anybody can have confidence in this Federal Reserve Board right now based on what’s going on in America.
“You got an administration that’s spending money like a drunk sailor. Every program they see, they want. They’re completely indifferent to what it costs.
“All this White House knows is spend, spend, spend, spend in an environment where you already have serious inflation,” he said.
According to CNN:
In the United States, the banking crisis began nearly two weeks ago with the sudden collapses of Silicon Valley Bank and Signature Bank over a three-day span.
That sent shockwaves through the global banking system.
Regional banks with similar profiles to SVB, including First Republic Bank (FRC), PacWest (PACW) and Western Alliance (WAL), have teetered on the brink over the past week. Anxious customers have pulled tens of billions of dollars in cash from the smaller banks and placed them with bigger institutions that are better capitalized.
To pay customers their withdrawals, regional banks have scrambled to access enough cash.
First Republic received a $70 billion loan from JPMorgan Chase a week ago and another $30 billion lifeline from a consortium of 11 banks, organized by US regulators, on Thursday.
That still appears to be insufficient, with First Republic’s shares tumbling another 33% Friday.
Moody’s downgraded First Republic’s credit rating to junk status Friday night and S&P cut the bank’s rating to junk Sunday.
Moody’s said the downgrade reflects the deterioration of the bank’s financial profile and “significant challenges” it faces from its reliance on shorter-term and higher-cost funding as customers yank their cash out.
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