No taxpayer funds will be used to bail out Silicon Valley Bank, CNN's John Sutter says. The money is there on the balance sheet and it's not like those banks we saw during the financial crisis with all these really bad assets in their books, he adds. Instead, the money will come from the fees that banks pay into the deposit insurance fund,. No losses will be borne by the taxpayers," writes Sutter.
SVB’s collapse is the biggest bank failure since 2008. Insider’s Ben Bergman explains why the bank collapsed, why the Biden administration intervened, and what this means for the economy writ large.
This episode was produced by Avishay Artsy and Victoria Chamberlin, edited by Matt Collette and Amina Al-Sadi, fact-checked by Laura Bullard and Amanda Lewellyn, engineered by Paul Robert Mounsey and Patrick Boyd, and hosted by Noel King.
Transcript at vox.com/todayexplained
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