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MSNBC The Rachel Maddow Show June 4, 2024 08:30:00

Regulation it says in effect they didn t cause the crash back in 2008 and they re not going to cause a crash later on they are pretty simple how they re run, pretty straightforward. they serve their communities, and frankly they don t need a whole lot of oversight that s great, and it works well. if you have your money in a bank like that, good forio, it ll be fine the very largest banks still have the tougher regulation that dodd/frank put in place, the great big name brand banks what happened is these banks, they re often called regional banks although they re really national, is this tier of banks that are big, that the old line had been anybody with more than $50 billion in assets is going to be subject to these stronger regulations. they got it changed to $250 billion, and what you have is ....

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MSNBC The Rachel Maddow Show June 4, 2024 08:14:00

Valley bank. in the end they decided they didn t have time to make that sale properly given the risk this thing was going to spread and more banks were going to fail, so they gave up on that over the weekend after initially trying to do that. by sunday, by yesterday sure enough another bank was down, signature bank, which was another bank tied up in the crypto currency shenanigans. so what does this mean first of all, people who put their money into those banks are going to get their money back. the fdic that you know fdr insures every bank account up to a quarter million dollars. and the biden administration says deposits bigger than $250,000 will be covered as well so people who deposited their money will be able to get back the money they deposited over and above the additional amount is being covered by the federal government, by a fund that the banks pay into, which ....

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MSNBC The Rachel Maddow Show June 4, 2024 08:28:00

Decided to load up on risk and why? they loaded up on risk because it made their banks more profitable, and that made it have them have higher salaries they got to rule over bigger banks. they got big bonuses they brought in their friends, and they did all that by taking on more risk, and it worked, svb increased its profitability of the last three years by 40%. they took on all that risk, made themselves more profitable right up to the day that the bank exploded and that s that s the whole story. part one, the congress, part two, and part three the executives who took advantage of this people around the country watching this right now and i think people around the country trust you on these issues because this is how we all got ....

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MSNBC The Rachel Maddow Show June 4, 2024 08:25:00

Silicon valley bank they got relief from stringent requirements facing their claim on the laughable assertion banks like them weren t big therefore they didn t need strong oversight. she said, quote, i fought against these changes. i wish i had been wrong, but on friday silicon valley bank executives were busy paying out congratulateatory bonuses hours before the fdic rushed in to take over their failing institution leaving nonprofits and accounts at that bank alarmed they wouldn t be able to pay their employees. had congress not roll back the stricter oversight, svb would have been subjected to stricter requirements, they would have been required to stress tests to expose their vulnerabilities because those requirements were repeal, when an old-fashioned bank run hit them, they couldn t ....

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MSNBC The Rachel Maddow Show June 4, 2024 08:07:00

New administration were doing and how it was supposed to work to stop the national run on the banks. on march 12th he gave his first fireside chat, and it was about the bank crisis. my friends, i want to talk for a few minutes with the people of the united states about banking, to talk with the comparatively few who understand the mechanics of banking but more particularly with the overwhelming majority of you who use banks for the making of deposits and the drawing of checks i want to tell you what has been done in the last few days and why it was done and what the next steps are going to be first of all, let me state the simple fact that when you deposit money in a bank, the bank does not put the money into ....

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