Biden on Silicon Valley Bank collapse

 Biden on Silicon Valley Bank collapse: 'That's how capitalism works'

All customers who had deposits in these banks can rest assured. I want to rest assured they'll be protected and they'll have access to their money as of today. That includes small businesses across the country, the bank there and need to make payroll. Pay their bills and stay open for business. No losses will be and I want this is an important point. 

No losses will be borne by the taxpayers and we repeat that no losses will be borne by the taxpayers. Instead, the money will come from the fees at banks pay into the Deposit Insurance fund, the management of these banks will be fired. 

If the bank is taken over by FDIC, the people running the bank should not work there anymore. Third, investors in the banks will not be protected. They knowingly took a risk and when the risk didn't pay off, investors lose their money. That's how capitalism works.