Morning Brew Daily Congress grills SVB regulators, Apple buy now pay later, Mammoth Meatballs!?
Mar 29, 2023
Congressional hearings post-Silicon Valley Bank failures spark debate on regulatory oversight. Apple enters the 'Buy Now, Pay Later' market, shaking up financial norms. The looming specter of AI threatens a variety of jobs, yet discussion thrives around its potential benefits. In a quirky twist, a startup in Australia serves up Woolly Mammoth meatballs, prompting amusing speculation about prehistoric culinary experiences, including giant sloths and pterodactyl wings. Grab your forks and consider the flavors of a fantastical barbecue!
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Apple's BNPL Entry
- Apple is entering the buy now, pay later space, allowing users to pay for purchases in installments.
- This move legitimizes the BNPL model and could boost the industry.
SVB Hearing
- Lawmakers questioned regulators and SVB management about the bank's collapse, but there was little consensus on blame.
- The 2018 regulatory rollback and FDIC insurance caps are key issues.
Klarna's Decline
- Klarna's valuation dropped 85% from $45.6B to $6B, illustrating BNPL struggles.
- Apple Pay Later integrates seamlessly with Apple Pay and may negatively impact existing BNPL services like Affirm.