The Daily

A Third Bank Implodes. Now What?

May 2, 2023

Jeanna Smialek, an economy correspondent for The New York Times, dives deep into the ramifications of the recent failure of First Republic Bank. She discusses whether this marks the end of the banking crisis or just the beginning of more troubles. The conversation covers the implications of deposit thresholds during crises and regulatory rollbacks that contributed to the collapses. Smialek also draws parallels to the 2008 financial meltdown, questioning accountability and the future stability of the banking industry amidst rising interest rates.

23:32

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Episode guests

Jeanna Smialek

Highlights

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Episode notes

Regulatory Rollbacks and Oversights: The Case of Silicon Valley Bank

01:19

The Chronic Phase of the Financial Market: Impact of Interest Rate Increases

01:20

Why First Republic Bank Went Under

03:40

Intro

3min

The Fall of First Republic Bank

7min

Exploring Accountability in the Recent Banking Crisis

2min

Examining Regulatory Failures in Financial Oversight

3min

Regulatory Rollbacks and Bank Vulnerabilities

9min

Debt Ceiling Crisis and Russian Military Casualties

3min

On Monday morning, the federal government took over a third failing bank — this time, First Republic.

Jeanna Smialek, an economy correspondent for The Times, discusses whether we are at the end of the banking crisis, or the start of a new phase of financial pain.

Guest: Jeanna Smialek, an economy correspondent for The New York Times.

Background reading:

First Republic bank was seized by regulators and sold to JPMorgan Chase.
Key takeaways from regulatory review of bank failures.

For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.

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