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Up First from NPR

Saturday, March 18, 2023

Up First from NPR

NPR

Daily News, News

4.659K Ratings

🗓️ 18 March 2023

⏱️ 15 minutes

🧾️ Download transcript

Summary

Could multiple bank failures lead to a recession? President Biden asks Congress to make it easier to punish bank executives. And Iraq, 20 years after the U.S.-led invasion.

Transcript

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0:00.0

The government and other banks raised to rescue the financial sector.

0:06.3

But the stock market doesn't seem convinced, are we headed towards a recession?

0:10.8

We're here to try and break it down. I'm Scott Simon.

0:13.4

I'm Aisha Roscoe and this is up first from NPR News.

0:19.4

Plus, the president wants to make it easier to punish execs if their banks fail.

0:24.4

The management of these banks will be fired.

0:27.4

If the bank is taken over by FDIC, the people running the bank should not work there anymore.

0:33.0

That will the president get his wish.

0:35.0

And Monday marks the 20th anniversary of the U.S. led invasion of Iraq.

0:40.4

It's been two decades of violence, rebuilding and government corruption.

0:44.2

Our reporter and Baghdad on the war and its aftermath.

0:48.1

So please stay with us. We've got the news you need to start your weekend.

0:57.8

Three banks have collapsed in two weeks and two more are teetering.

1:02.3

The government's taking extraordinary measures to try to prevent a repeat of 2008.

1:07.4

But will it work?

1:08.8

Daryl Woods from NPR's podcast The Indicator from Planet Money joins us.

1:12.9

Daryl, thanks so much for being with us.

1:14.9

I Scott, the government has guaranteed deposits at Silicon Valley Bank and Signature Bank,

1:20.5

even above the usual $250,000 threshold.

1:24.6

But why are banks stocks still flailing?

1:27.1

The banks stocks are flailing.

1:28.9

All the major banks share prices are down this week.

...

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