Karine Jean-Pierre Doesn't Want You to Think Biden's Bank Bailout Is a Bailout
Jean-Pierre seemed to base her denial regarding the term "bailout" on the idea that the funds covering deposits in the two banks "are from fees on banks and not taxpayers," meaning "this is very different" compared to the 2008 crisis. But where did the bank get the money to pay the fees that are now being used to bail out Silicon Valley Bank and Signature Bank?
When asked how the White House would "reassure taxpayers they're aren't going to be on the hook" for the bailout funds, Jean-Pierre pointed to the president's remarks earlier on Monday — after which Biden refused to answer questions — and claimed the money in the Deposit Insurance Fund (DIF) was "more than enough" to cover deposits in the two failed banks.
Again, Jean-Pierre reiterated that "this is not 2008, this is very different."