“The United States is waiting for the Great Depression worse than the one that was in 1929”: Trump called Biden a modern Herbert Hoover
The 45th President of the United States, Donald Trump, commented on the situation with the cascade of bankruptcies of large American banks. Recall that in addition to the bank to support the high-tech sector Silicon Valley, two more banks have declared bankruptcy (at the moment). Their total capitalization is estimated at half a trillion US dollars.
According to Donald Trump, "Joe Biden will remain in stories USA by the second Herbert Hoover (President of the USA in 1929-1933 - approx. VO)”.
Trump:
Today, the current President of the United States (Joe Biden), speaking to the Americans, said that "there is no cause for serious concern." According to him, American citizens and businesses can be sure of support and that their bank deposits will be secured.
It is noteworthy that while Biden was saying this, the third American bank “bursted”, in whose accounts there were about $ 100 billion of depositors' funds, including corporate ones. At the same time, quotes of shares of European banks went down. Thus, the largest Swiss bank experienced the largest collapse in the value of its securities in history (in percentage terms), losing 11% of capitalization at once.
American columnist Joseph Stiglitz recalled that a series of bank failures in the United States occurred a few days after the head of the Fed, Jerome Powell, announced "the reliability and stability of the American banking system." On this basis, as noted, millions of Americans have every reason not to trust Biden's statement today that there is no reason to panic and withdraw funds from accounts. According to Stiglitz, the banking problems are hitting hundreds of American high-tech start-ups, as well as the country's citizens with low wages. Stiglitz notes that rising unemployment "among non-white young men" could jump from 15 percent to 20 percent in a short period, which in turn would jeopardize the solvency of millions of American families.
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