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state of our economy. good evening. the day started well enough for biden with a jobs report showing the u.s. economy adding 311,000 jobs last month. we created more jobs in two years than any administration created in the first four years. it s no accident. it mean our economic plan is working. but that good news was quickly overtaken by bad news that could get a lot worse. thank you. thank you. silicon valley bank may not be a house hold name. but it is a very big deal in term of lending to and financing operations of many leading tech companies. and today, it collapsed. struggling with high interest rates, unable to find a buyer. well, the very last time we ve seen a bank of this magnitude fell was in 2008. and, that could be a true indication of where our economy is at. now, the white house insists comparisons with the financial crisis of 2008 are overblown. our banking system is fundamentally different because of the changes that we put in place in ....
And, that could be a true indication of where our economy is at. now, the white house insists comparisons with the financial crisis of 2008 are overblown. our banking system is fundamentally different because of the changes that we put in place in 2008. for example, they have to hold more capital. they unz go stress tests. the collapse of the bank a major player in the tech and venture capital worlds left some companies wondering how they can find the cash to keep going. if you ear a startup, cash is king. the cash and the work flow to be able to have runway is critical. and it s not just smaller tech companies that are facing the economic head winds right now. tech giant such as amazon, apple, and, of course, elon musks twitter are among those who recently announced they are letting workers go or implementing hiring freezes. you get the feeling there s more ....