Can Joe Biden escape the fallout from the US banking crisis? | Larry Elliott
If president is not worried about re-election prospects after one of biggest economic bubbles of past 100 years, he should be
Nothing much to see here, so move along please. That has been the message from the White House to those who fear the collapse of three US banks in as many months spells serious trouble for the world's biggest economy.
Joe Biden has a point, even though the line that the US financial system is fundamentally sound has become harder to maintain as it becomes clear that Silicon Valley Bank was not a one-off. The American economy has slowed down but continues to grow. Jobs are still being created. The unemployment rate is low at 3.4%. Manufacturing firms are heading to the US to take advantage of the green subsidies contained in Biden's Inflation Reduction Act.
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