Buckle up: Yellen says NO BAILOUT for Silicon Valley Bank
· Mar 12, 2023 · NottheBee.com

U.S. Treasury Secretary Janet Yellen said on Sunday that the federal government is looking to address the Silicon Valley Bank situation "in a timely way," but that a government bailout of the bank is NOT on the table.

"Let me be clear that during the financial crisis, there were investors and owners of systemic large banks that were bailed out, and the reforms that have been put in place means that we're not going to do that again, Yellen said on CBS's 'Face the Nation.'

"But we are concerned about depositors and are focused on trying to meet their needs."

The news comes as a surprise to many, including some "in the know," who predicted that the federal government would step in and guarantee deposits in one way or another.

Before it imploded, Silicon Valley Bank was the nation's 16th-largest bank. Its collapse was the second biggest bank failure in U.S. history after Washington Mutual fell in 2008.

"The American banking system is really safe and well capitalized," Yellen said. "It's resilient."


Way to instill confidence while all of us little people are worried about widespread bank runs this week, Yellen.

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