Political Quotes

“for the past 2 years, we have made historic, steady progress to strengthen the American economy. Under President Biden's leadership, we have successfully navigated one challenge after another, from the COVID pandemic to Putin's invasion of Ukraine, to supply chain snarls and persistent inflation. While America's economy has remained resilient in the face of these challenges, it is not invincible. We received a reminder of that just a few days ago when financial regulators took swift action to prevent a catastrophe. Over the weekend, Federal regulators seized a major bank that was teetering on the brink of collapse, First Republic, and sold it to JPMorgan Chase. These actions not only protected First Republic's depositors, they could have saved our economy from potential recession. Why do I say that? Well, First Republic was the third major bank to fail in 2 months. In fact, it was the second largest bank failure since 2008. So think about what could have happened had regulators failed to contain the damage from First Republic's collapse. Today, we would be reading headlines about panicking investors, panicking depositors, and turmoil throughout the financial system. Thankfully, we avoided that outcome. It is because the Government had the good sense to step in and maintain confidence in the banking system.…”