Biden Mocks Wall Street at Press Conference — Says ‘We’ve Done A Pretty Damn Good Job’ On Bank Failures

President Joe Biden mocked Wall Street concerns over the banking sector during a press conference, telling reporters “we’ve done a pretty damn good job” handling recent bank failures.

On Friday, President Biden held a joint press conference with Canadian Prime Minister Justin Trudeau after a day of speeches and meetings in Ottawa, and ahead of a state dinner there.

The president was asked to respond to Wall Street concerns about the administration’s response to the collapse of banks like the Silicon Valley Bank and efforts to head off a banking crisis. Biden dismissed those concerns with a wisecrack, and lauded his administration’s performance on the issue:

Q Thank you, Mr. President. Some on Wall Street have expressed frustration that it’s unclear what more your administration is willing to do to resolve the banking crisis. The markets have remained in turmoil. So how confident are you that the problem is contained? And if it spreads, what measures, such as guaranteeing more deposits, are you willing or not willing to take?

PRESIDENT BIDEN: First of all, have you ever known Wall Street not in consternation? Number one.

Look, I think we’ve done a pretty damn good job. People’s savings are secure, and even those beyond the $250,000 the FDIC is guaranteeing them. And the American taxpayer is not going to have to pay a penny. The banks are in pretty good shape. What’s going on in Europe isn’t a direct consequence of what’s happening in the United States.

And I — what we would do is if we find that there’s more instability than appears, we’d be in a position to have the FDIC use the power it has to guarantee those — those loans above 250, like they did already.

And so I think it’s going to take a little while for things to just calm down. But I don’t see anything that’s on the horizon that’s about to explode. But I do understand there’s an unease about this. And these mid-sized banks have to be able to survive, and I think they’ll be able to do that.

Watch above via CBS News.