'The banks are melting': Elon Musk blasts Biden for celebrating climate change agenda during economic upheaval

On Wednesday, Joe Biden announced a presidential memorandum detailing a large investment by his administration on climate change policies, to which Twitter CEO Elon Musk responded that Biden's move came as "the banks are melting."

On March 10, regulators with the Federal Deposit Insurance Corporation seized Silicon Valley Bank (SVB) following a run on the bank and two days later the FDIC shut down Signature Bank as it collapsed as well.

Biden wrote on Twitter, "In my first year in office, we protected more lands and waters than any president since John F. Kennedy. We’ve also made the largest investment to fight climate change – ever" and detailed how his administration designated 777,000 square miles on the Pacific Ocean southwest of Hawaii as a National Marine Sanctuary among other climate change moves.

The move comes as the financial landscape in the US nears uncertainty following the collapse of two major financial institutions. Following their collapse the FDIC, Treasury Department, and Federal Reserve jointly released a statement addressing the collapse of the California-based SVB and Signature Bank, based out of New York City, as depositors were concerned they would not be able to access their case. 

"We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole," they wrote.

The fall of the banks was due in part to the financial institutions' lack of accounting for risk due to the repercussions of the current high-interest rate financial environment.

The Fed has been raising interest rates since 2022 to offset the record setting high inflation the country has experienced under Joe Biden, who has spent over $60 billion funding the war in Ukraine, a student loan forgiveness plan that will cost $300 billion and $980 billion over the next 10 years, a $739 billion Inflation Reduction Act, plus Biden's back-to-back $1.9 trillion American Rescue Plan and the $1.2 trillion infrastructure bill spending plans from 2021.