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SVB collapse: White House promises ‘this is not 2008’

By Haisten Willis
Published March 13, 2023 7:37pm ET
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SVB collapse: White House promises ‘this is not 2008’
Complex Financial Institution Resolution Specialist Brian J. Teitel speaks with customers waiting in line outside of a Silicon Valley Bank in Palo Alto, Calif., on Monday, March 13, 2023. The federal government intervened Sunday to secure funds for depositors to withdraw from Silicon Valley Bank after the banks collapse. Several individuals waited in line before the bank opened to withdraw funds. | (AP Photo/ Benjamin Fanjoy)


Despite the collapse of two banks and a depositor bailout, another Great Recession isn’t on the way, the White House said Monday.

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Joe Biden Karine Jean-Pierre Recession Silicon Valley Bank Washington D.C.