When group chats help fuel bank runs

Marketplace

News, Business

4.6 • 8.5K Ratings

🗓️ 17 March 2023

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

Back in the ’30s, news of bank collapses traveled slowly. But in the early hours of Silicon Valley Bank’s collapse, the news spread like wildfire through startup messaging chains on WhatsApp, Slack, Signal and Telegram. Today, how rumors and anxiety contributed to SVB’s downfall. Plus, grocery bills bum consumers out more than banking meltdowns and China’s population decline has far-reaching repercussions.

Transcript

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0:00.0	It's been a while since I've said this right at the top of the program, but boy, that was
0:07.3	a week, huh?
0:09.3	From American public media.
0:11.5	This is Marketplace.
0:13.5	In Los Angeles, I'm Kyle Rizdell.
0:24.7	It is Friday today, the 17th of March.
0:27.2	It is always to have you along.
0:29.4	I am reasonably sure this week needs no setup, no introduction before we get to the what,
0:35.3	the what?
0:37.2	So get to it.
0:38.2	We will.
0:39.2	Heather Longs at the Washington Post, Jordan Holman's at the New York Times.
0:41.1	Hey you two.
0:42.1	Hi, hi.
0:43.1	Heather, let me start with you and this observation.
0:46.7	Not 10 days ago, we were all talking about how maybe forget soft landing.
0:51.9	Maybe there was not going to be any landing at all and things were going to continue
0:54.6	with pace.
0:55.6	All the signs were looking good.
0:57.0	And now we have this discuss.
1:00.1	Will you?
1:01.1	Yeah, one of the difference.
	...

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