To receive daily emails from Breaking Christian News to your inbox CLICK HERE
Silicon Valley's Financial Crisis: Feds Tell Depositors at Failed Banks: You'll Get Your Money"You know what? The sad part of the story is, if they do get bailed out, it will be because they bought that kind of [woke] social insurance. And I have written about this in 'Woke, Inc' ... I think the government needs to get out of the way. And if another bank actually wants to buy and save Silicon Valley Bank through the private sector itself, they should be permitted to do that." -Vivek Ramaswamy, via CNS News
The Feds took action after damage from the second-biggest bank failure in US history began to create a panic and rippled around the world. "I think that without this, there could have been some serious runs on other banks," said William Cohen, founding partner at the news website Puck, "because there would have been a loss of confidence throughout the whole system." The turmoil began Wednesday when Silicon Valley Bank, a major lender in the troubled tech industry, tried to sell assets to boost its balance sheet after losing money in bond investments when the Federal Reserve raised interest rates. That panicked investors as customers raced to withdraw funds after seeing the news on social media. The feds stepped in, tying up $150 billion in deposits and putting some banks and tech companies at risk. Treasury Secretary Janet Yellen says the emergency measures put in place are not a bail-out because the funds will come from an FDIC account, a pool of money paid into by US banks. "We are concerned about depositors and are focused on trying to meet their needs," Yellen said. But while depositors at the banks will be protected, stock and bondholders will not be. The crisis had already spread to Britain where Silicon Valley Bank had a subsidiary. The UK Treasury and the Bank of England "facilitated the sale″ of Silicon Valley Bank UK to HSBC and ensured the security of deposits. Subscribe for free to Breaking Christian News here
To receive daily emails from Breaking Christian News to your inbox CLICK HERE
Other Recent Articles from Breaking Christian News A Growing Global Movement of Parents Is Keeping Their Kids Free from Smartphones Democrat Downplays That Bill Would Cost Trump His Secret Service Detail Teacher's Union Accused of Laundering $1.5 Million to Bankroll Dem Governor Josh Shapiro's Campaign Dan Bongino: 9 Reasons to Vote for Kamala Harris New Comms Director for Kamala Harris Campaign Wants to Pack the Supreme Court and Defund the Police Pro-Life Protester Sentenced to More Than 3 Years Behind Bars for Blocking Abortion Clinic These Important Election Integrity Initiatives Might Be on Your 2024 Ballot Harris Campaign Admits to Misleading Voters on Trump, Project 2025 Pro-Harris Media Scrambles to Erase 'Border Czar' from Her Resume as GOP Highlights Her Record Netanyahu Hails Israeli-US Bond, Reminds Protesters Israel the 'Land of the Bible' for 4,000 Years Pray: Elderly Trump Supporter Run Over in Front Yard Elon Musk Says AI Must Be 'Pro-Human,' Is Alarmed by Technological Developments The Man and the Motive: Behind Musk's War on the 'Woke Mind Virus,' and Why He Fights for Children Alberta Premier Danielle Smith Promises Bill Protecting Rights to Refuse Vaccines Is Coming Search the Articles Archives |
All articles on this site and emails from BCN are copyrighted property of Breaking Christian News. Permission is given to link to, or share a BCN story if proper attribution is given to both the original writer and summarizer of the story. Breaking Christian News 2005-2019. All Rights Reserved.
Breaking Christian News is a division of Elijah List Publications, Inc. All Rights Reserved
Disclaimer: Articles and links, as well as the source articles linked to; do not necessarily reflect the opinion of Breaking Christian News.
Home | Store | Subscribe | Facebook | Article Archive |