Stream of Reading (Prepare to be Forwarded) – An Archive of What I'm Reading
If you worked a day less each week and got paid the same amount, what would you do with all that free time? You could reorganize that clutter drawer (who needs that many rubber bands?). You could catch up with a family member. Or you could finally learn Portuguese and surprise your partner when you…
A “hunger cliff” is looming for millions of Americans, with 32 states set to slash food-stamp benefits beginning on Wednesday. The cuts will impact more than 30 million people who are enrolled in the Supplemental Nutrition Assistance Program, or SNAP, in those states, according to data from the U.S. Department of Agriculture. Among the states…
Strike-busting troops gathered in Colorado in 1914, after the Ludlow Massacre It was spring in Colorado when the National Guard killed the strikers: April, 1914. Workers at John D. Rockefeller’s big interest in the state, the Colorado Fuel and Iron Company, had been on strike since the previous September, and had long since begun to…
Did Silicon Valley Bank implode because one (1) of its 11 board members is Black? Or because one (1) of those 11 board members is LGBTQ+? One of the nation’s most prominent economic columnists is wondering. In a column for the Wall Street Journal, Andy Kessler writes: “SVB notes that besides 91 percent of their…
Eight years before the second-largest bank failure in American history occurred this week, the bank’s president personally pressed Congress to reduce scrutiny of his financial institution, citing the “low risk profile of our activities and business model,” according to federal records reviewed by The Lever. Three years later — after the bank spent more than…
SVB’s former CRO stepped down in April 2022, and the next CRO was appointed earlier this year, according to the bank’s regulatory filings. The prominent private bank was closed on Friday. Justin Sullivan—Getty Images Silicon Valley Bank, a lender that was a fixture in the venture capital space for decades, collapsed on Friday. The California…
People gathering outside the bank following the second largest bank collapse in US history. (Source) My first thought was of the people with jobs. The regular people who, in a combination of trust and ease, placed their money and their futures into an institution of American Society that has let down its customers again. This is…
The seizure of Silicon Valley Bank by regulators Friday morning shows how brittle financial institutions can be in the digital age. The downfall of the Valley institution, which has been called “the backbone of the startup economy,” was caused by a good old-fashioned bank run, but one that ran at internet speed. The run began…
Treasury Secretary Janet Yellen said on Sunday that the U.S. government would not bail out Silicon Valley Bank, but is concerned about depositors reeling from what is the worst bank failure since the 2008 financial crisis and will try to help them. The sudden collapse of Silicon Valley Bank, the lifeblood of young tech firms,…
WILMINGTON, Del. (AP) — Treasury Secretary Janet Yellen said Sunday that the federal government would not bail out Silicon Valley Bank, but is working to help depositors who are concerned about their money. The Federal Deposit Insurance Corporation insures deposits up to $250,000, but many of the companies and wealthy people who used the bank…