Silicon Valley Bank: Global bank stocks slump despite Biden reassurances

As part of their moves to restore confidence, regulators also unveiled a new way to give banks access to emergency funds.

The Federal Reserve said it would offer assistance through a new Bank Term Funding Program, making it easier for banks to borrow from it in a crisis.

President Joe Biden said the American people could have "confidence that their bank deposits will be there when they need them".

First of all, there's no fucking way that a Bank Term Funding Program was somehow created overnight... on a fucking weekend. That's absurd. They're either lying, meaning that it hasn't been created but it will be, maybe, or they're lying, meaning they had this ready to go for just this sort of situation.

I'm guessing the latter.

And what does it do? It raises US debt. It keeps sick banks afloat. And we pay for it.