Botching the Coverage of a Bank Run / Dean Baker

This Is Hell!

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4.9 • 937 Ratings

🗓️ 20 March 2023

⏱️ 79 minutes

🔗️ Recording | iTunes | RSS

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Summary

After a multipurpose hangover cure, Center for Economic Policy and Research Senior Economist and longtime friend of the show Dean Baker edifies us with his analysis of the mainstream media's irresponsible reporting on the failure of Silicon Valley Bank along with some remarks on how the financial system might be restructured. On The Past Inside the Present, Seb continues his series on Soviet history and the origins of US-Soviet relations with a discussion of the Great Patriotic War and its significance. You can follow Dean's musings on his Center for Economic Policy and Research blog, Beat the Press: https://cepr.net/blog/dean-bakers-beat-the-press/

Transcript

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0:00.0	So, I'm going to see. The The Picketah! Picket down!
0:23.0	You know!
0:25.0	Make it back!
0:27.0	You know what
0:28.0	...
0:30.0	You welcome to be old. This is hell and
0:45.0	hell. Another end of the world is possible.
0:50.0	This is hell and the end of the world we are starting this week with is a
0:58.5	callback to the starting of last week's show. It's all very very complicated. But I began last week by mentioning that my
1:05.4	longtime girlfriend and I, we want to visit friends who we care for very, very much. We love
1:11.7	them deeply. However, they told us that we should be certain we stay somewhere
1:16.4	with a good refund and cancellation policy because, you know, the banking system is about to fail which means societal collapse now I don't know what hotel gives you a refund if there is
1:30.4	societal collapse or what that refund may look like, but I wasn't dismissive of their
1:36.3	projection that sure the banking system is doomed to fail again.
1:44.4	But in the next five weeks, when we are scheduled to visit,
1:47.9	that's when I realized I wonder if they were talking
1:50.3	about the failure of Silicon Valley Bank
1:52.4	as well as Signature, the second and third biggest
1:54.4	bank failures in U.S. history, and their fear that there will be a ripple effect throughout
1:59.6	the entire U.S. banking system, which would mean throughout the global economy.
2:05.0	Over the last 10 days, we have seen the collapse of three banks, a fourth teetering into failure
2:11.1	before it was saved, a government and banking system scrambling to stop more
	...

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