Commentary For three years, I’ve been amazed at the relative calm in the financial system. It truly did not seem believable to me that governments and central banks could utterly shatter all market functioning and flood the world with paper money and yet there be no structural consequences for the banks. My only question was…
Anatomy of the Banking Crisis of 2023
March 16, 2023
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banking crisisBusiness & MarketsBusiness ColumnistsFederal Reserveinflationinterest ratesjerome powellOpinionrecessionSilicon Valley BankSilicon Valley Bank CollapseU.S. economyViewpoints
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Yellen: Americans’ Bank Savings ‘Remain Safe’ After Recent Collapses
March 16, 2023
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Business & MarketsCompanieseconomic policieseconomyExecutive BranchJanet YellenMarketsPoliticsSilicon Valley Bank CollapseSVBUS
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Treasury Secretary Janet Yellen on Thursday told members of Congress that their bank deposits and savings “remain safe” after the collapse of Silicon Valley Bank and Signature Bank in recent days that prompted federal intervention. Speaking before the Senate Finance Committee, Yellen said that the federal government is committed to ensuring that deposits are safe…
Rubio to Yellen: Do Not Allow Chinese Communist Party to Exploit SVB Collapse
Sen. Marco Rubio (R-Fla.) has called on the Department of the Treasury to prioritize U.S. national security in response to the recent closures of Silicon Valley Bank (SVB) and Signature Bank. In a letter to Treasury Secretary Janet Yellen (pdf), Rubio emphasized the need to prioritize the country’s geo-economic competition with China in its response….
Sen. Kennedy Says Silicon Valley Bank Crisis Could Have Been Avoided
March 16, 2023
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Business & MarketsCompanieseconomic policieseconomyFDICJoe BidenJohn KennedyPoliticsRepublicansSilicon Valley Bank CollapseUSUS News
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Sen. John Kennedy (R-La.) said the Silicon Vally Bank (SVB) crisis could have been avoided, had the bank’s executives and federal regulators done their job on risk management. Speaking on the Senate floor on March 15, Kennedy emphasized that SVB Bank wasn’t broke but it had a liquidity problem. “If the management of Silicon Valley…
LIVE 5 PM ET: NTD Business (March 15): Credit Suisse Stock Crashes to Record Low; SVB Shouldn’t Be Bailed Out: Strategist
More turbulence in the banking sector: Shares of Swiss bank Credit Suisse tanked today after a key backer said it can’t offer more help. The Swiss central bank had to step in. In the aftermath of Silicon Valley Bank’s fall, there’s debate over whether the bank should be bailed out or not. An investment strategist argues that we…
NTD Business (March 15): Credit Suisse Stock Crashes to Record Low; SVB Shouldn’t Be Bailed Out: Strategist
More turbulence in the banking sector: Shares of Swiss bank Credit Suisse tanked Wednesday after a key backer said it can’t offer more help. The Swiss central bank had to step in. In the aftermath of Silicon Valley Bank’s fall, there’s debate over whether the bank should be bailed out or not. An investment strategist argues that we…
Canada’s Banking Regulator Takes Permanent Control of SVB Branch’s Assets Following Collapse
March 15, 2023
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CanadaChyrstia FreelandliquidityPeter RoutledgeSilicon Valley BankSilicon Valley Bank CollapseUnited StatesWorld
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Canada’s banking regulator has taken permanent control of the assets held by Silicon Valley Bank (SVB)’s branch in Toronto, with the assets being transferred to a new “bridge bank” created by the U.S. Federal Deposit Insurance Corporation (FDIC). “I took this action to affect an orderly transition of the Canadian branch of Silicon Valley Bank to…
Biden Admin’s Banking Busts
March 15, 2023
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banking crisisbidenclimate changeESGFederal Reserveinflationinterest ratesJanet Yellenjerome powellOpinionSignature BankSilicon Valley BankSilicon Valley Bank CollapseSVBU.S. economyViewpointsWashington Mutualwoke
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Commentary The failure of three banks in the last two weeks, including Silicon Valley Bank on Friday and Signature Bank on Sunday, is a saga of utter government incompetence. Call these bank collapses Biden administration’s Banking Busts. The Biden administration has been obsessing on woke causes while banks teeter toward insolvency. Three days before Silicon…
Tyranny Thy Name Is Emergency
March 15, 2023
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Commentary In the last few days, the federal government has embarked on a disastrous path as regards banking and finance. Their actions guarantee a worsening of the problem whether in the near term or down the line. These “emergency” actions have effectively created a moral hazard that could wreck the entire sector and the whole…
What Will Happen at the Next Federal Reserve Meeting?
March 15, 2023
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banksBusiness & MarketsBusiness ColumnistseconomyfailuresinflationrecessionSilicon Valley Bank CollapseUS
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Commentary “The 10-year note yield is where it was in mid-October [2022] when the funds rate was barely north of 3 percent. Bond market is saying recession/disinflation is in our future,” said economist David Rosenberg, on Mar. 9. This statement was issued before Silicon Valley Bank (SVB), Silvergate Bank, and Signature bank had their collective…
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