Biden’s test: Can he show competence to avert banking chaos?

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As he contemplates an announcement for a second term, Biden’s ability to avert a contagion among financial institutions will test his contention that his administration represents competence and stability in contrast to the the chaos of the Donald Trump years. 

Really? This is a test if PoJo is more competent and stable than Dumbo? Wow.

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California Rep. Maxine Waters, the top Democrat on the House Financial Services Committee, said that Biden, like others, cannot ignore the lessons of the 2008 financial collapse and that having endured it firsthand, the president was well aware of the stakes. In conversations over the weekend, the White House assured her he was on top of it. 

My God, didn't he demonstrate he "was on top of it" by having the FDIC take over Silicon Valley Bank before the close of business on FRIDAY?! That's more "on top of it" than has ever happened before!

“I think that his main concern was how to, No. 1, take care of the depositors and avoid contagion so that we would not basically, seriously, disrupt the banking system in this country,” Waters said.

Regulators put Silicon Valley Bank under FDIC control on Friday afternoon after panicked depositors rushed to withdraw all their funds within a matter of hours.

By Sunday night, Treasury, the Federal Reserve and the FDIC announced that all Silicon Valley Bank clients would be able to access their money, as would depositors from Signature Bank in New York, which similarly failed and would be taken over by state regulators.