Joe Biden stepped up to the microphone this morning to reassure Americans that the banks are strong after Silicon Valley Bank closed last week.
Old Joe mumbled through his remarks. And he lied and said American workers would not pay for the bailouts. What a joke.
Sadly, Western Alliance Bankcorp dropped during his talk. They weren’t convinced.
That’s not very reassuring.
BREAKING: Western Alliance Bancorp drops lower during President @JoeBiden speech in which he assured Americans the banking sector is safe. Silicon Valley Bank has already collapsed. The problems seem to be spreading. Reporters asked Biden whether there will be a ripple effect and… https://t.co/fUSCwdVUjM pic.twitter.com/82YbaYS5xk
— Simon Ateba (@simonateba) March 13, 2023
Western Bank started the day down 62%.
After Joe Biden talked the bank is down 75%.
JUST IN 🚨 Bank stocks in pre-market trade:
Western Alliance Bancorporation down 62%
First Republic Bank down 64%
PacWest Bancorp down 42%
Charles Schwab down 8.52% pic.twitter.com/0uNPxAq72f
— Insider Paper (@TheInsiderPaper) March 13, 2023
This is not good.
Western Alliance bank is now down 74.87% or $36.94.
Pacific Western Bank is down 49.97% or $5.06.
— Ruben Aristein (@RIPARI2023) March 13, 2023
The banks dropped in pre-market trading.
🚨#BREAKING: Banking stocks plummet in premarket trade:
– First Republic Bank: -65%
– Western Alliance Bancorp: -64%
– PacWest Bancorp: -42%
– Charles Schwab: -7% pic.twitter.com/iPEbeE58c4
— R A W S A L E R T S (@rawsalerts) March 13, 2023