(Don't) Bank On It
What A Day
What A Day
4.6 • 12.6K Ratings
🗓️ 14 March 2023
⏱️ 23 minutes
🧾️ Download transcript
Summary
Following the sudden collapse of Silicon Valley Bank, the federal government has taken drastic action to protect the financial system, and to make the bank's depositors whole. Business and tech journalist Jo Ling Kent joins us to discuss the backlash from both sides of the political aisle about the intervention — and whether or not it was technically a “bailout.”
And in headlines: Donald Trump’s one-time lawyer and fixer Michael Cohen testified before a New York grand jury investigating the former president, the Biden administration approved a controversial oil drilling project on Alaska's Northern Slope, and a 5,000 mile-wide blob of seaweed is slowly making its way toward Florida’s gulf coast.
Show Notes:
- USA Today: “Silicon Valley Bank collapse explained in graphics” – https://tinyurl.com/yfaztyrd
- What A Day – YouTube – https://www.youtube.com/@whatadaypodcast
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Transcript
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| 0:00.0 | It's Tuesday March 14th, I'm Josie Duffy-Race. |
| 0:09.0 | And I'm Trevo Anderson and this is what a day where now that award season is over, no |
| 0:13.8 | one is allowed to ask Angela Bassett about doing the thing anymore. |
| 0:17.8 | Yeah, you guys have to get a new Angela Bassett meme for 2023-24. |
| 0:23.0 | We can do that! |
| 0:24.0 | That's not a problem. |
| 0:25.0 | Not at all. |
| 0:26.0 | Challenge accepted, Josie. |
| 0:31.0 | On today's show, Michael Cohen sat down with a New York Grand jury investigating his old |
| 0:36.0 | boss Donald Trump plus a giant blob of seaweed is making its way toward Florida. |
| 0:41.0 | I kind of love kind of hate that sentence. |
| 0:44.0 | But first, the Silicon Valley bank saga continues. |
| 0:48.0 | As we discussed on the show yesterday, the bank shut down on Friday after a frenzied bank run led to widespread withdrawals. |
| 0:53.0 | While the FDIC ensures funds up to $250,000 in a bank can't fulfill its obligations, |
| 0:58.0 | that wasn't gonna be enough for Silicon Valley bank depositors given that 85% of the bank's assets were uninsured. |
| 1:05.0 | After a weekend of tech industry panic, the Federal Reserve, the Treasury and the FDIC announced on Sunday that all |
| 1:11.0 | depositors would have access to their money on Monday by taking advantage of an exception that allows the FDIC to go above and beyond |
| 1:17.0 | his obligation if there's a risk to the financial system involved. |
| 1:21.0 | This announcement led to backlash on both ends of the aisle and a lot of back and forth about whether or not this |
| 1:26.0 | intervention was a bailout, kind of a bailout, not a bailout. |
| 1:31.0 | I don't know. |
| 1:32.0 | So to make sense of all of this, I spoke to Joe Linkent. |
... |
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