in fact, whe in fact. and customers showed up at vbs branch in manhattan todaye to get their deposits back . managers called the police manah so what we have here is a nineteen twenty nine style bank run and that s not a good sign for anyone. the question is whether the people who run svp saw it coming. the ceo, a man called greg becker, apparently sold more than two million dollars in banhey saw itk stock over the two weeks. according to the site.ks unusual whales, several otheroyf high level employees of svp, including chief marketingmarkete officer michelle draper, chief operations officer phil cox,er, significant general counsel michael zucker svl sold significant amounts of diock in sbb this year. do those employees, their bank was in trouble? we don t know. and once again, where were the regulators? this was prevent this once again, we don t knowsupposed to and the business press supposed to be telling ordinary people what s happening with busin. apparently, nobody notice
in svb s branch in manhattan to get the deposits back, managers called the police. so, what we have there is the 1929-style bank run. that s not a good sign for anyone. the question is if they saw it coming. the ceo sold bank stock in the last two weeks. several other high-level employees of svb including chief marketing officer draper, phil cox, michael zucker, all sold significant amounts of stock in svb this year. did those employees know their bank was in trouble? we don t know. once again, where were the regulators? they were supposed to prevent this. once again, we don t know. the business press? supposed to be telling ordinary people what s happening with business. apparently nobody noticed anything. in fact, as with the ftx crip
ba banks in this country, wellsnkco fargo, bank of americauntry,, jp morgan, morgan stanley, collectively lost more tha nne fifty billion in market value in one day. that s quite a hiat s a ht. on the other hand , those bankss still exist. and you can t see that for bank.n valley as of this morning, silicon valley bank or svp, has gone under completely.es the that makes the second biggest bank failure in the history ofef this country and the significant sub finance, nearly half of all venture backed health care and technology companies in the unite healthcai states .ant cash it also apparently held significant cash reserves, just one of the biggestrves for cryptocurrencies, and it s now gone. federal regulators have renamed it and taken it over.ov and that means an awfu l lotf m more people lost an awful lot of money and most of that money was not insured. nhat theyno matter what they t, the fdic only guarantees bank fdicdeposits up to two hundred and fifty thousand. an
next to bill clinton, tony blair and, like, a number of other, like, pop stars who were all there gathered at his howard: oh, yeah. and it s one of these things because just because you get to stand next to katy perry doesn t mean you re a good person. [laughter] it s cool to be able to stand there, but it doesn t make you a good person. howard: right. it was part of the mystique. laura, isn t this just a massive failure by the business press, by the tech writers who were supposed to, you know, act as a check on these sorts of things? i mean, ptx was an unsophisticated scam ftx. no big accounting firm like enron had, they used quickbooks, and journalists seemed more interested in this guy s per sea amassed his billions. well, he was super smart and surrounding himself with famous people to put the sheen on that
white house is the things that white house and congress can do to more surgically address inflation and less painfully, they take and the clock is really running. inflation has been high for more than a year, consumers are starting to expect it and when consumers expect inflation, they change their behaviors in ways that make it more likely to stick around. so i think that the fed is trying to really get on top of this, move very quickly and get this problem under control. yeah, definitely inflation is a considerable problem, running more than 9% inflation in the u.s. and it can be sticky. inflation can start to get sticky, it can be hard to get it to come down because of those changing consumer behaviors. you mentioned some democrats saying this is not the right tool or this blunt treatment is counterproductive. we ve heard it from elizabeth warren, she s been out talking to the business press, talking about how this is not the only way or maybe even the right way to go. yeah, and