Biden touts economic policies, jokes about impeachment, while yet another major bank failure occurred

July 30, 2023
Ben Marquis

Under President Joe Biden's economic policies and spending, which contributed substantially to soaring price inflation, the economy has teetered on the edge of recession and several banks and financial institutions have collapsed or are on the verge of doing so.

On Friday, it was announced that the Federal Deposit Insurance Corporation had taken over yet another failed bank, this one located in Kansas, according to the Western Journal.

Meanwhile, President Biden joked dismissively that same day about how House Republicans might try to impeach him over modest economic improvements, such as a reduction in the annual rate of inflation, since they purportedly had uncovered no real evidence of any other impeachable offenses.

Yet another failed bank placed in receivership and taken over

In a Friday press release, the FDIC announced that it had received and then arranged a purchase of the failed Heartland Tri-State Bank of Elkhart, Kansas, which had been closed down and seized by the Kansas State Bank Commissioner. That failed bank will henceforth be owned by and merged with Dream First Bank, National Association, of Syracuse, Kansas.

The Heartland Tri-State Bank reportedly held around $139 million in total assets and around $130 million in total deposits when it failed, was seized by the state and placed into receivership with the FDIC, and then sold to Dream First Bank, which will assume possession of all of those assets and deposits, with Dream First Bank and the FDIC sharing equally in any losses or potential recoveries.

The FDIC further noted that it estimated the takeover of the failed bank cost its congressionally authorized Deposit Insurance Fund around $54.2 million but asserted that " Compared to other alternatives, Dream First Bank, National Association’s, acquisition was the least costly resolution for the DIF."

Fourth major bank failure in 2023 so far

Within that press release as well as a separate FAQ about the Heartland Tri-State Bank failure, receivership, and sale to Dream First Bank, the FDIC repeatedly made it clear that bank customers and depositors had nothing to worry about as their money was safe, they would continue to have full access to it, and business as usual would continue largely without interruption under new ownership that would take effect on Monday -- albeit allowing for the possibility of some future changes once the takeover was complete.

The Western Journal noted that, according to the FDIC, the Heartland Tri-State Bank was the fourth major bank failure so far this year -- a fifth bank, Silvergate, voluntarily liquidated itself earlier during a collapse of the cryptocurrency market -- and followed the failures in March of the Silicon Valley Bank in California and Signature Bank in New York, along with the failure in May of California's First Republic Bank.

Those four failed banks had combined total assets of nearly $550 billion and combined total deposits of nearly $370 billion which, thankfully, were protected from significant loss by the FDIC and are now under the control of other banks that stepped in to take over the failed institutions placed in receivership.

Biden jokingly dismisses threat of impeachment

Meanwhile, while yet another bank failure drama played out on Friday, the New York Post reported that President Biden delivered a speech in Maine during which he touted some modestly positive economic news -- including slightly better-than-expected economic growth and further reduction in the rate of inflation -- as evidence that his "Bidenomics" policies were working.

"While there is more work ahead, earlier this week, the Washington Post suggested Republicans may have to find something else to criticize me for -- now that inflation is coming down," Biden joked in his remarks. "Maybe they’ll decide to impeach me because it’s coming down. I don’t know. I love that one. Well, anyway, that’s another story."

What Biden failed to mention in his attempt to humorously dismiss his Republican critics is that, in large part due to his economic policies and profligate spending agenda, inflation soared to a height of 9.1 percent last year before slowly coming back down to its current point of around 3 percent -- which is still higher than when he first entered office and means that prices are still rising, albeit at a less severe pace than last year.

Ample evidence to support impeachment inquiry

As for the insinuation from Biden and The Washington Post that Republicans have no real reason to criticize or impeach the president, which suggests that Republican-led congressional investigations have turned up no evidence whatsoever of impeachable wrongdoing, that is also simply not true.

The New York Post noted that House Speaker Kevin McCarthy (R-CA) told reporters that a formal impeachment inquiry could soon be launched over the Biden family's alleged corrupt influence-peddling through foreign business deals, and the outlet ran through a litany of discovered evidence that, while perhaps not directly linking the president to any crimes just yet, nonetheless have circumstantially implicated him in various alleged criminal wrongdoing.

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