|
To receive daily emails from Breaking Christian News to your inbox CLICK HERE
Silicon Valley's Financial Crisis: Feds Tell Depositors at Failed Banks: You'll Get Your Money"You know what? The sad part of the story is, if they do get bailed out, it will be because they bought that kind of [woke] social insurance. And I have written about this in 'Woke, Inc' ... I think the government needs to get out of the way. And if another bank actually wants to buy and save Silicon Valley Bank through the private sector itself, they should be permitted to do that." -Vivek Ramaswamy, via CNS News
The Feds took action after damage from the second-biggest bank failure in US history began to create a panic and rippled around the world. "I think that without this, there could have been some serious runs on other banks," said William Cohen, founding partner at the news website Puck, "because there would have been a loss of confidence throughout the whole system." The turmoil began Wednesday when Silicon Valley Bank, a major lender in the troubled tech industry, tried to sell assets to boost its balance sheet after losing money in bond investments when the Federal Reserve raised interest rates. That panicked investors as customers raced to withdraw funds after seeing the news on social media. The feds stepped in, tying up $150 billion in deposits and putting some banks and tech companies at risk. Treasury Secretary Janet Yellen says the emergency measures put in place are not a bail-out because the funds will come from an FDIC account, a pool of money paid into by US banks. "We are concerned about depositors and are focused on trying to meet their needs," Yellen said. But while depositors at the banks will be protected, stock and bondholders will not be. The crisis had already spread to Britain where Silicon Valley Bank had a subsidiary. The UK Treasury and the Bank of England "facilitated the sale″ of Silicon Valley Bank UK to HSBC and ensured the security of deposits. Subscribe for free to Breaking Christian News here 
To receive daily emails from Breaking Christian News to your inbox CLICK HERE
Other Recent Articles from Breaking Christian News 'Incredible' Archaeological Discovery Reveals Jewish Connection to Jerusalem's Ancient History DOJ to Investigate MLB's Threat to Discipline Players for Bible Verses on 'Pride' Hats Former Olympian among Several Sick Leftists Arrested for Vandalizing DC Reflecting Pool Another One! Colombia Does the RIGHT Thing. Now on to Brazil PM Keir Starmer Announces Resignation; How the British Labour Party Resembles American Democrats America of 1976 Would Not Recognize Herself in Our 250th Year Baseball Players Refuse to Wear Pride Uniforms, Forced to Forfeit Canada: Carney Liberals Move to 'Force' Radical Internet Surveillance Bill through House Belfast Is Burning, and the Media Won't Say Why Israel, Hezbollah Agree to New Ceasefire after Conflict Delayed US-Iran Talks Report: Biden-Era FDA Spun Autopsy Results to Downplay COVID Vaccine Deaths in Kids, Letter Shows From Pulisic's 'Bible Time' to Team Prayer on the Field, US Gives 'Glory to God' at World Cup Good News: Gasoline Drops Below $4 A Gallon Pennsylvania Governor Shapiro Abandoning 30,000 Children as Democrats Push to Strip School Choice Canada's Parliament Officially Passes 'Bible Ban' Bill C-9 Occupied Britain: Muslim Rape Gang Report Warns against Dangers of Mass Immigration (Part 1) |
Subscribe to
|
[
All articles on this site and emails from BCN are copyrighted property of Breaking Christian News. Permission is given to link to, or share a BCN story if proper attribution is given to both the original writer and summarizer of the story. Breaking Christian News 2005-2019. All Rights Reserved.
Breaking Christian News is a division of Elijah List Publications, Inc. All Rights Reserved
Disclaimer: Articles and links, as well as the source articles linked to; do not necessarily reflect the opinion of Breaking Christian News.
| Home | Store | Subscribe | Facebook | Article Archive |