Morning Wire SVB Collapse & Biden Budget Battle | 3.13.23
Mar 13, 2023
Silicon Valley Bank's rapid collapse sparks discussions on banking stability and regulatory responses. President Biden's hefty $6.9 trillion budget proposal raises eyebrows with ambitious social programs and tax hikes. The political battleground intensifies as both parties clash over fiscal responsibility versus social justice. Additionally, controversies regarding FBI transparency and accountability add fuel to the fire, especially regarding their actions during pivotal protests. Tune in for a deep dive into these pressing issues!
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Hedge Against Inflation
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SVB Collapse
- Silicon Valley Bank (SVB), a major bank for tech startups, collapsed within 40 hours.
- The collapse was triggered by SVB's announcement of selling securities at a loss, causing a bank run.
Interest Rate Hikes and SVB
- Some attribute SVB's collapse to the Federal Reserve's interest rate hikes, impacting bond values.
- Others argue that the rising interest rates are not an excuse, citing the bank's lack of preparedness.