by Michael Snyder
End of the American Dream
Don’t listen to the load of malarkey that Joe Biden is trying to sell you. We are being told that it won’t cost taxpayers a single dime to bail out the second and third largest bank failures in the history of the United States. Every single depositor is going to get all of their money back, and plenty of liquidity will be made available to other banks that may be on the verge of failing. All of this is going to cost billions and billions of dollars, but somehow we get a free pass. In fact, during his public remarks on Monday, Joe Biden explicitly pledged that “no losses will be borne by the taxpayers”…
“No losses will be borne by the taxpayers,” Biden stressed Monday. “I’m going to repeat that — no losses will be borne by the taxpayers. Instead the money will come from the fees that banks pay into the Deposit Insurance Fund.”
Unfortunately, that is not exactly true.