Republicans and Democrats alike have wasted no time turning the collapse of Silicon Valley Bank into a political football, seizing on the themes already animating each party's economic message heading into 2024.
Republicans and Democrats alike have wasted no time turning the collapse of
into a political football, seizing on the themes already animating each party's economic message heading into 2024.The 2008 financial crisis — and the bailouts for big banks that followed — spawned significant populist movements on both the right and left, with legacies still felt in today's politics.
The fallout from SVB's failure appears to be limited, but neither party can risk underestimating the scale of a"This is not 2008," White House press secretary Karine Jean-Pierre stressed at a briefing. "This is not a bailout."
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JPMorgan, PNC among suitors for SVB Financial in deal excluding SVB Bank - AxiosJPMorgan Chase & Co and PNC Financial Service Group Inc are among those in talks about acquiring SVB Financial Group in a deal that would exclude its commercial banking unit Silicon Valley Bank that is currently under U.S. control, Axios reported on Monday citing sources.
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SVB collapse: The Treasury must make whole SVB investorsThe Treasury Department is right to ensure that investors at Silicon Valley Bank have access to their deposits.
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Hundreds of startups face crippling cash crunch if no one buys SVBHundreds of startups face a crippling cash crunch and an 'extinction-level event' if no one buys Silicon Valley Bank by Monday
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FDIC racing to start returning some uninsured SVB deposits as soon as Monday, Bloomberg News saysThe Federal Deposit Insurance Corporation (FDIC), which is overseeing the emergency breakup of SVB Financial Group , is racing to sell assets and make a portion of clients' uninsured deposits available as soon as Monday, Bloomberg News reported on Saturday, citing people with knowledge of the situation.
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SVB collapse rattles USDC and other cryptocurrenciesCryptocurrency USDC fallsto its lowest level ever, dropping to 87 cents before recovering to around 94 cents following the failure of Silicon Valley Bank.
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