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The SVB bank failure, explained.
Tangle
The Left and the Right - What to Do Next?
The government said bank fees and the newly formed bank term funding program, a fund that banks pay into, will cover those losses rather than taxpayers' money. Stock prices of mid-size and regional banks still cratered despite President Biden assuring Americans they could have confidence in the US banking system. Many on the left pointed to a 2018 rollback of bank regulations under Trump and self-dealing of SVB that helped create this mess. Others criticized disconnected conservative culture war arguments about why the bank failure happened.
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