These banks, we were told, did not pose systemic risk. In fact, makes every kid on the block freak out by being so urgent in their response to the scraped knee that was Silicon Valley Bank’s bad decision making around interest rates. In this fascinating metaphor, the Biden administration is the parent who fails to calm their kid and instead makes their kid freak out. I mean, there was a whale that was coming out whether or not the adults in the room wanted it to. The Biden administration wanted to say, it’s fine. And it was almost like when a little kid falls over and they look to the adults to see how the adults are reacting, whether they’re going, oh no, oh no, or whether they’re just like, oh, you fell. And so basically the Biden administration came out and wanted to tell everybody, look, it’s fine. That’s right, and it was malpractice to a certain extent by Silicon Valley Bank that they didn’t take into account that the fed had this plan that they were executing that they had been really clear about to raise interest rates to counteract inflation. And then decided it need to sell those investments off, which is what scared the bejesus out of investors because they lost money on that sale. Investors looked at these banks, they looked at how surprising Silicon Valley Bank was in its failures to manage interest rate risk and they thought, why should we assume that these other banks have done a better job than Silicon Valley Bank did? michael barbaroĪnd just as a reminder of what you told us last time, Silicon Valley Bank had invested in things that looked really great when interest rates were low and looked a lot less great when interest rates had risen over the past year. OK, and what’s your sense, Emily, of why these regional banks and their stock, why they’re plunging when this federal plan that had been announced over the weekend and which we talked to you about in this episode was designed to reassure everyone that things were fine, that everyone’s money was safe, that they shouldn’t be in a panic anymore? emily flitter These banks were still seeing customers pull their money out and they were seeing their stock value plummet too. First Republic, Western Alliance, PacWest. Would people still be itching to get their money to a different spot? What we saw was that everybody was jittery and one of the places where the continued lack of confidence was most evident was in the regional banks. And there were a lot of questions like how would bank investors react as the week wore on, and how would bank customers react. There was still this sense that everybody was holding their breath, trying to figure out exactly how the federal government’s actions were landing. So, when we last spoke it was Monday afternoon. And where that episode left off was with President Biden telling Americans, your money is safe. Which is why the U.S government stepped in and took over that bank and began crafting a rescue operation that involved taking over yet another bank, Signature Bank, and that’s where things were when we talked to you earlier this week. It’s Friday, March 17.Įmily, it has now been nearly a week since this banking crisis began, and if we roll back the clock to more or less this very moment a week ago, last Thursday, customers of Silicon Valley Bank were frantically withdrawing $42 billion from that bank. We turn once again to my colleague, Emily Flitter. and why the government’s attempt to contain it is meeting so much resistance from bank investors and customers. They’re all down substantially in the first few minutes of trading here - michael barbaro we look at the spreading fallout - archived recording 3Įlsewhere in the regional banks as well. Yeah, worst week since 2020 last week, John, and this week is not starting out on a better note. Today, as the banking crisis enters its second week - archived recording 2 Today shares of San Francisco based First Republic Bank lost more than half their value on Wall Street. There’s growing concern that the bank crisis could spread. This is “The Daily.” archived recording 1 michael barbaroįrom “The New York Times,” I’m Michael Barbaro. Please review the episode audio before quoting from this transcript and email with any questions. While it has been reviewed by human transcribers, it may contain errors. This transcript was created using speech recognition software. Transcript Why the Banking Crisis Isn’t Over Yet The sudden collapse of Silicon Valley Bank is fueling concern that the industry’s problems have only just begun.
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