Silicon Valley Bank:
The bank closed on March 10, 2023, and was taken over by the FDIC after a bank run on its assets, becoming the second largest bank failure in American financial history.

Second largest bank in the Bay area only behind Wells Fargo.

16th largest in the nation.

Just got off the phone with a relative 5 minutes ago who told me he can not even log in to his account.

IMHO if I was a business owner I would personally refrain from taking a SVB check as
payment for goods or services, for now at least.


https://www.fdic.gov/news/pres...es/2023/pr23016.html



.

https://www.msn.com/en-us/news...02db1262bd1de1&ei=64

Silicon Valley Bank has collapsed. Here’s what we know.
Story by Julian Mark • 2h ago

So a bank involved heavily in tech venture start ups ended up not doing well in an inflationary cycle?

While a big bank failing is a problem, in this case it seems it’s business model (funding IPO type set ups in tech) isn’t exactly roaring in todays market, despite the Biden fans claiming this is such a great market.

Maybe the economy isn’t as robust as some claim?

At least it was FDIC insured…

Yea, surely Repugs could fix it all, if they would just get on with a little governance, like maybe a budget to negotiate over, instead of the alt-narratives focus.

The republicans should be offering a budget and dealing with the economy.

No argument there.

Since they control neither the senate nor the presidency, they probably won’t get their way, but as you point out, they do need to stake out a bargaining position.

However, the left here keeps claiming the economy is doing great… in the absence of illegal behavior or severely bad business practices banks don’t go insolvent in good economic times.

One of the major players in venture capital for tech just went bust…

https://www.cnn.com/2023/03/10...ort-final/index.html

Yup, we're going in the tank

“All Bills for raising Revenue shall originate in the House of Representatives; but the Senate may propose or concur with amendments as on other Bills.”
— U.S. Constitution, Article I, section 7, clause 1

“No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law; and a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time.”
— U.S. Constitution, Article I, section 9, clause 7

Congress—and in particular, the House of Representatives—is invested with the “power of the purse,” the ability to tax and spend public money for the national government.

Since the GOP has control of the house, it's their duty to put forth a bill that might actually work, instead of pushing bullshit to grandstand for political theater.

The democrats who think the economy is doing great, are kinda like our weathermen here in Texas, they have everything but a window.

Republicans can't comprehend 311,000 new jobs. Alien concept.

Let's get the complete picture . Not the 1/2 truths;
Basically unemployment rose this past month. More jobs lost than gained.
311,000 jobs gained is great but more jobs were lost than that figure.
Unemployment has not had a net change in the past year.~3.6%
You can go to the BLS and source graphs detailing monthly figures.
I sort of wince when I see people referencing bias media sources (FOX, MSN, CNN, etc.) when you know they have a political agenda.
Be careful of politicians looking for any tidbit for hyping their position.
1/2 truths....



Bureau of Labor statistics:
Payroll employment rises by 311,000 in February; unemployment rate edges up to 3.6%
Total nonfarm payroll employment rose by 311,000 in February, and the unemployment rate edged up to 3.6 percent. Notable job gains occurred in leisure and hospitality, retail trade, government, and health care. Employment declined in information and in transportation and warehousing.

EZ

quote:

Originally posted by wymple:
Republicans can't comprehend 311,000 new jobs. Alien concept.

quote:

Originally posted by Magine Enigam:
Yea, surely Repugs could fix it all, if they would just get on with a little governance, like maybe a budget to negotiate over, instead of the alt-narratives focus.

They're too busy protecting us from drag queens and talking about Hunter's laptop.