A shaky U.S. banking system

1 big thing

Axios

News

4 • 2K Ratings

🗓️ 2 May 2023

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

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Summary

First Republic on Monday became the second largest bank to fail in U.S. history. Since March, we've seen three of the four biggest U.S. bank failures ever. So what’s wrong with our banking system? Plus, a warning on the debt ceiling. And, why allergy seasons are getting worse, and how to cope. Guests: Axios' Felix Salmon and Arielle Dreher. Credits: Axios Today is produced by Niala Boodhoo, Alexandra Botti, Robin Linn, Fonda Mwangi and Ben O'Brien. Music is composed by Evan Viola. You can reach us at [email protected]. You can text questions, comments and story ideas to Niala as a text or voice memo to 202-918-4893. Go Deeper: The lingering banking problem JPMorgan Chase CEO: We're getting a "very clean bank" U.S. may hit debt ceiling as early as June 1, Janet Yellen warns Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hey Harry. Hello mate. How'd you fancy in the big match?
0:04.1	Well fung enough I've been at both training grounds this week from what I saw
0:07.8	and you didn't hear this from me. Your best bet is to have a few quit on half
0:11.6	for two or more goals. The lads are an absolute genius.
0:14.5	Sorry Harry what was the name? I've just told you you need them
0:17.7	luggles cleaning pedal. But Harry, sorry mate I got a run
0:20.8	the dog's done in solder slippers. Harry? Listen to Harry and make your best bet
0:27.0	up bet Victor. 18 plus please gamble responsibly.
0:34.0	Good morning. Welcome to Axios today. It's Tuesday, May 2nd. I'm Nailibutu.
0:39.0	Today white allergy seasons are getting worse and how to cope.
0:43.3	Plus a warning on the debt ceiling. But first a shaky US banking system.
0:49.2	That's today's one big thing.
0:53.7	First Republic yesterday became the second largest bank to fail in US history
1:01.7	and three of the four biggest US bank failures ever have happened just since
1:06.4	March. So what's wrong with our banking system?
1:09.6	The Fed will also be asking that question in meetings that start today.
1:13.5	Axios's Felix Salmon is here to help us sort through this. Hi Felix.
1:17.5	Good morning Nailib. Good morning. Felix can you tell us the difference
1:21.7	between what happened with First Republic and Silicon Valley Bank?
1:25.2	Silicon Valley Bank had a massive bank run like the biggest fastest bank
1:30.0	run that the world has ever seen. First Republic wasn't like that.
1:33.3	There wasn't like a big panic run of everyone trying to get their money out at once.
	...

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