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Tesla CEO Elon Musk. archive photo

Musk described the state of the US banking system as ‘it couldn’t get any worse’

WASHINGTON, March 22 – RIA Novosti. American entrepreneur and billionaire Elon Musk reacted To the Federal Reserve System’s (FRS) statement on the credibility of the U.S. banking sector, with the words “it couldn’t be worse”.

The businessman posted the corresponding comment on Twitter.

US Treasury Secretary Janet Yellen - RIA Novosti, 1920, 22.03.2023

The head of the US Treasury called the consequences of possible default in the country

In response to the Fed’s statement that the banking system is safe, “It can’t get any worse!” he wrote.

Earlier Wednesday at the Fed about the reliability and stability of the US banking system. Speaking at a press conference later, the head of the regulator, Jerome Powell, said that the collapse of the American bank Silicon Valley Bank (SVB) was due to the company management’s inability to manage risks and not weaknesses. bank system.

On March 10, regulators in the state of California closed Silicon Valley Bank, one of the twenty largest commercial banks in the United States. This was the largest bank failure in the United States since the 2008 financial crisis. The collapse of the SVB was associated with a rise in the Fed’s key rate, which led to the depreciation of assets on the balance sheets of many financial institutions. It was also announced that the crypto-focused bank Silvergate will close on March 8, while the similar New York-based Signature Bank will be closed on March 12.

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Source: Ria

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