Oscars Still So White
What A Day
What A Day
4.6 • 12.6K Ratings
🗓️ 13 March 2023
⏱️ 27 minutes
🧾️ Download transcript
Summary
Silicon Valley Bank abruptly shut down on Friday, in what was the second biggest bank failure in U.S. history. The bank serviced many startups and other tech companies, and the federal government is now taking steps to protect its deposits, and stop a potential financial crisis.
The 95th Academy Awards were held Sunday night, though the ceremony has been criticized over its lack of diversity. April Reign, the creator of the #OscarsSoWhite movement, joins us to discuss whether the conversations it started made a difference this year.
And in headlines: massive protests continue in Israel over a plan to overhaul the country’s Supreme Court, the BBC is facing severe backlash after suspending one of its top sports pundits, and the so-called “winners” of the 43rd annual Razzie Awards were announced.
Show Notes:
- Marketplace: “How Silicon Valley Bank failed” – https://www.marketplace.org/2023/03/10/how-silicon-valley-bank-failed/
- Entertainment Weekly: “4 anonymous Oscars voters reveal secret ballot picks” – https://tinyurl.com/4m7cemch
- What A Day – YouTube – https://www.youtube.com/@whatadaypodcast
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Transcript
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| 0:00.0 | It's Monday March 13th, I'm Treville Anderson. |
| 0:08.8 | And I'm Josie Deffy-Race and this is What a Day, where we are feverishly putting together our March Madness brackets. |
| 0:14.0 | Now which sport is this again? |
| 0:16.1 | Okay, so this is basketball, college basketball. |
| 0:19.6 | Hmm, space jam. I've heard of it. |
| 0:21.8 | Space jam. |
| 0:22.1 | Yeah. |
| 0:22.6 | Space jam. |
| 0:24.6 | If. |
| 0:25.6 | He he he. |
| 0:30.6 | On today's show, former vice president Mike Pence had some strong words for Donald Trump. |
| 0:36.6 | Plus, even the worst films of the year got some time in the limelight this weekend. |
| 0:41.6 | But first, on Friday, Silicon Valley bank shut down after a historic bank run, and what was the second biggest bank failure in US history. |
| 0:49.6 | The bank service many startups and other tech companies and the shutdown threatened the money its customers had deposited. |
| 0:56.6 | But then on Sunday, the Biden administration announced that depositors would have all their money protected. |
| 1:00.6 | And what the Washington Post called, a quote, extraordinary intervention aimed at averting a crisis in the financial markets. |
| 1:07.6 | Okay, so tell us what happened, why did the bank shut down and what in the world is a bank run? |
| 1:15.6 | Silicon Valley bank was the 16th biggest bank in America, and it had a heavy tech field customer base. |
| 1:20.6 | And part because of some incentives that the bank had if you were in tech to bank with them, right? |
| 1:25.6 | But then due to increasing interest rates, increased withdrawals, and the bank's choice to invest in long-term fixed income securities, |
| 1:33.6 | the bank was suddenly at risk of losing money, which meant lots of people withdrawing money in a frenzy on Thursday and Friday, |
| 1:40.6 | which led to more people withdrawing money, which led to the virtual immediate collapse of the bank. |
... |
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