💬 Quoted… "Investors in the banks will not be protected… That’s how capitalism works.”

President Biden spoke publicly on both the SVB collapse + Signature Bank takeover yesterday, in his first public remarks since US regulators announced the Federal Deposit Insurance Corp. and Federal Reserve would fully cover both bank’s deposits, relying on Wall Street and large financial institutions – not taxpayers – to foot the bill (dive deeper).

• But much like a pro soccer player in a gust of wind, bank shares still took a dive yesterday. San Francisco’s First Republic Bank led the way, dropping ~62% after falling 33% last week. Overall, major US regional bank stocks suffered their largest single-day decline in three years, the WSJ reports.

👩‍💼📈 Number of the Day: 77.8 million = the number of women in the US workforce as of last month, surpassing pre-pandemic levels for the first time and setting a new record high.

🤯 Did You Know?... 1 in 6 Americans (primarily men) have shopped while drunk at least once during the past year, per a new poll from personal finance website Finder. And as anyone who’s checked their bank balance in the morning with a pounding head and bated breath knows, the spending can add up. In fact, Americans spent a combined $14 billion drunk shopping over the past 12 months.

📖 Worth a Read: Where is Canada hiding all its tornadoes? → (NY Times)