Biden’s 9 a.m. speech on bank failures shows he’s serious: Jen Psaki

Biden’s 9 a.m. speech on bank failures shows he’s serious: Jen Psaki

President Biden’s former press secretary Jen Psaki said her ex-boss’s Monday morning speech on the stability of the US banking system demonstrates how important the issue is to him since he normally “does nothing at 9 a.m.”

Psaki made the admission on MSNBC’s “Morning Joe” Monday while discussing Biden’s speech in the wake of the stunning failure of Silicon Valley Bank.

“It’s important to note, President Biden does nothing at 9 a.m.,” Psaki said on the show.

“He is a night owl. So the fact that he is doing this at 9:00 a.m. anyway speaks to how vital the White House recognizes it is for him to have his voice out there,” she added.

Psaki’s portrayal of the 80-year-old president as a late riser and a “night owl” runs counter to a profile of Biden done in the first few weeks of his administration. 

Jen Psaki
Former White House press secretary Jen Psaki said it was unusual for President Biden to do anything at 9 a.m. because of his penchant for staying up late at night.

CNN reported in February 2021 that unlike previous occupants of the Oval Office, Biden “is more of an early-to-bed type” who starts work “just after 9 a.m.” and retreats to his residence “by 7 p.m.”

In his short speech, the 80-year-old president sought to reassure worried Americans and small business owners that they shouldn’t fear a nationwide banking meltdown following the collapse of Silicon Valley Bank and New York-based Signature Bank. 

Silicon Valley Bank
Psaki indicated that Biden’s Monday morning speech signals that the White House thinks it is important for him to have his “voice out there” on the topic of bank failures.
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“Thanks to the quick action of my administration over the last few days, Americans can have confidence that the banking system is safe,” Biden said. “Your deposits will be there when you need them.”

Biden also blasted executives at SVB and other failing financial institutions, declaring that those whose actions prompted the current crisis “will be fired.” 

Joe Biden
Biden said that banking executives whose actions are found to have caused the current crisis “will be fired.” 

The president’s speech took about five minutes to deliver and he jetted to California after his remarks for a three-day swing in San Diego, the Los Angeles area and Nevada. 

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