Biden defends his ‘damn good job’ on banking crisis

US President Joe Biden and Canadian Prime Minister Justin Trudeau stood ‘shoulder to shoulder’ offering a united front against authoritarian regimes and migration on Friday when Biden visited Ottawa, just days after he the leaders of China and Russia will hold a summit in Moscow.

During a joint press conference, Biden revealed defensive moments, specifically with the recent US banking crisis and the Russia-China alliance.

When asked about anxiety in US financial markets, Biden quipped: “Have you ever watched Wall Street without dismay?”

I think we’ve done a pretty good job. People’s savings are safe,” Biden said. “I think things will take a while to settle down, but I don’t see anything on the horizon that is about to explode.”

Biden also warned that some allies are exaggerating the threat of Russia and China forming an alliance, noting that China has not provided Russia with weapons to use against Ukraine.

To emphasize his point, he lowered his voice to a whisper to say, “They haven’t done it yet.”

‘I don’t take China lightly. I do not take Russia lightly. But I think we grossly overestimated it,” the president said.

He admitted that the two countries could still come together, which would make things “significantly worse.”

The president said the US had expanded its alliances with NATO, the G7, South Korea and the quadruple nations of the US, Australia, India and Japan.

‘The West has merged, significantly more. We have united coalitions,’ he said. ‘I haven’t seen that happen with China and Russia or anyone else in the world. We are in a situation – the United States – where NATO is stronger. We are all together.

President Joe Biden and Prime Minister Justin Trudeau at their press conference

The SVB bank collapse was the biggest US banking failure since the 2008 financial crisis

New York-based Signature Bank was acquired by a subsidiary of New York Community Bancorp after a run on the regional bank.

Russian President Vladimir Putin and Chinese President Xi Jinping attended a meeting in the Kremlin earlier this month.

Chinese President Jinping Xi paid a three-day visit to Moscow, where he referred to Vladimir Putin as his “dear friend” and called for a ceasefire in Ukraine that would reward Moscow’s invasion by consolidating its territorial gains.

The Biden administration has rejected such a plan.

Also on the trip, Biden and Trudeau announced an agreement to close Roxham Road, a mass migration point on the northern border, and Canada, in return, will allow 15,000 spaces for immigrants from the Western Hemisphere to enter legally.

“I applaud Canada for stepping up similar programs, opening up new legal pathways for 1,500 immigrants to come to Canada from countries in the Western Hemisphere at the same time,” Biden said in a speech to Parliament last Friday.

Both the US and Canada saw an increase in migration across the northern border.

More than 39,000 refugees entered Canada last year through unofficial crossings, the vast majority through Roxham Road, which links Quebec and New York state.

At issue was a loophole in the Safe Third Country Agreement, which requires asylum seekers already in the US to apply there instead of presenting themselves at a Canadian port of entry.

But that policy doesn’t apply to Roxham Road because it’s an unauthorized entry point – literally, a road that ends at the border and then continues on the other side.

Workers prepare to close the Roxham Road crossing between New York and Canada

Trudeau said last month that the only way to close Roxham Road is to renegotiate the Safe Third Country Agreement. And that is what the two countries did.

“We couldn’t just close Roxham Road and hope that everything would be resolved just because we would have been in trouble,” the prime minister told the news conference.

‘The border is very long, people would have looked for other places to cross. And that’s why we chose to modernize the Safe Third Country Agreement.’