So the federal government, through the FDIC, stepped in and closed the bank. It happened because Silicon Valley Bank in California lost a lot of money, its depositors got scared, and there was a run on the bank. The purpose was to announce the extraordinary steps that will now be taken to secure our financial system.Īs most of you know, three days ago, we had the second-largest bank failure in American history. (It wasn’t even presentation mode - just a wide-open Zoom room where people had to be reminded to mute themselves when they weren’t speaking. I clicked it and suddenly I was in a very normal-looking Zoom room, only this one had most of Congress in there. It was convened by the Treasury Department.
Last night there was an emergency Zoom call with several hundred members of Congress.
0 kommentar(er)
