The Biden administration bailing out Silicon Valley Bank sets a negative precedent and is regarded as the “death of capitalism”, says Washington Correspondent for The Australian Adam Creighton.
“Of course, you have the US government…too afraid of the possibility of a financial crisis, which I think is a fanciful notion given how small these banks were,” Mr Creighton told Sky News host James Morrow.
Mr Creighton said the US government has now guaranteed “all the liabilities of the financial system.”
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