What you need to know regarding banks; the upcoming food price increase; Iowa plans to eliminate the income tax; how close are we to war with Russia? Click to hear hour one of Need To Know With Jeff Angelo for Friday, March 17, 2023.
then we go to the jury and news of banking situation. i thought we would look at the balance in the good news and the bad news, the good things in the worrisome things. looking at these smaller customers who are worried that even if their banks are okay, the fees that are likely coming their way to deal with some of these other things are going to make life very difficult. lydia is in morristown, new jersey. hi, neil. that s exactly right. small community banks are raising concerns about the fdic s plan to make depositors of silicon valley bank and signature bank hold by living a special assessment against all banks both small and large. the trade association that represents more than 4200 of the nation s community banks say this plan is essentially unfair because community banks, they say, have a different and they say more solid business model.
other banks. it seems like if they can firewall this crisis right here and make this the last time they have to do it, and it does inject some certainty among depositors and investors that the banking situation is going to settle down, i think it could be a positive. if we re doing this every couple days, careening from bank to bank, they re going to have to have a bigger solution because it doesn t seem like between what is hanning here in the united states and what is happening in switzerland, long term strategy to have governments intervening every view days to settle down the banking sector. to that point, we heard from the treasury secretary. she said deposits in u.s. banks will be guaranteed only if a systemic risk determination is issued. it seems like that s much easier said than done. they were scrambling over the weekend to determine that was indeed the case for svb because it wasn t until it was. so do you read that as reassuring in terms of trying to prevent another situa
24% sdrop in their shares to a new all-time low now there are more concerns about whether u.s. banks, sm smaller banks are healthy and will require anymore activities from federal regulators or from the federal rezeserve to keep everybody solid and keep depositors safe. is this tied to what caused the silicon valley bank? or is this similar to a runnen the banks in panic it s a little of both on the one hand, they invested in long-term bonds, which declined in value as the federal reserve rapidly raised interest rates. and there might be other banks that have similar issues with respect to the quality of their assets now this also raises the question as to whether or not the federal reserve will raise interest rates or pause to let the smoke clear around not just the banking situation in the
capacity, but i think that the silicon valley and regional bank are synchronous on their own, but i believe that is what the ratings will look, but the big banks, the guys that really matter, they are in fine shape. so, a lot has been made in the rollback of the banking institution, and the rollback of congress, and people suggesting that the mess with the banking situation, and the mess with svb and do you believe that this mess would have happened if those regs would not have been rolled back? well, i don t know if it