Crypto Community Reacts To Biden's Bailouts To Collapsed Banks

Biden Announces Bailouts To Collapsed Banks, Crypto Community Reacts

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"The American people and American businesses can have confidence that their bank deposits will be there when they need them"- tweeted Biden.

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The Biden administration has approved a massive bailout for all depositors with the failed SVB, announcing that they would be able to withdraw all their money when trading begins today.

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It is being seen as handing billions of dollars to their wealthy friends while low and middle-income families will suffer the burden of increased costs and inflation.

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"Instead of Build Back Better we are getting the Biden Billionaire Bailout", said Ross Schumann.

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Jess, Host of CryptoCoffeePod said, "deposit your money in banks so the banks can gamble with them with no risk accountability & when they lose your money the taxes you paid will just bail them out. "

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Greg went a little further and tweeted "Next can you tell the grocery stores to not sell eggs for $6 a dozen".

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Tom Amerman, CEO of Battery Hookup Inc.- "It's a double-edged sword but the right thing to do otherwise there will be increased bank runs and loss of confidence."

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Is this just another middle-class bailout, causing inflation in long term?

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