President Biden: Americans can have confidence that the banking system is safe. Silicon Valley Bank has been around for 40 years and it's really become the go-to bank for the tech ecosystem. Every tech event that you would go to, it was sponsored by Silicon Valley Bank. There was no equal in there still isn't.
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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