Bernie Marcus, the iconic co-founder of Home Depot, has recently sent out a loud and clear warning to American citizens.
After the Silicon Valley Bank collapse recently, Marcus warned that tough times are looming for the economy – potentially even a run on banks.
Epoch Times reports, Home Depot co-founder Bernie Marcus urged Americans to wake up to the reality that the U.S. economy is in “tough times,” following the collapse of Silicon Valley Bank (SVB).
When asked about if history is repeating itself with a banking system collapse he replied with this.
On March 10, Silicon Valley Bank, the nation’s 16th largest bank with about $209 billion in assets, collapsed after depositors rushed to withdraw money over concerns about the bank’s solvency. Bank control has now been transferred to the Federal Deposit Insurance Corporation (FDIC).
Following the collapse of multiple banks Biden addressed the nation.
USA Today reports, in response to Silicon Valley Bank’s collapse, Biden expressed confidence in the banking system early Monday morning.
During his address Biden said “no losses” from the collapse would be borne by taxpayers, and the money would come from the fees banks pay into the Deposit Insurance Fund.
However when leaving the address Biden failed to do something simple, that the media would have hounded Trump for.
Bernie Marcus, the co-founder of Home Depot, is sending a wake-up call to Americans about today’s economy. With the collapse of Silicon Valley Bank, now under Federal Deposit Insurance Corporation control, it is an all too real reminder of the struggles our economy is facing due to inflation and run on banks. Unfortunately, Biden failed to answer questions adequately on how it happened and how he will prevent similar instances in the future. It seems as though Americans are finally feeling what we were warned about and this collapse signals troubling times ahead for our economy if proper steps aren’t taken to protect financial stability soon.
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