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CNN CNN Newsroom With Fredricka Whitfield July 6, 2024

severe road damage as well. the california national guard is now on the scene in santa cruz to support emergency services. for some residents, the rising water is simply too much. we can t live like this. how do you live like this? how do i have my kids here? how do i have my elderly mother live here where i carry her out of the house? cnn s mike valerio and cnn meteorologist brit rits are tracking the latest. reporter: this is the heart of the flood rescue response effort. if you look around us, the area is inundated. as you mentioned at the top of the show, it is flooded because we have this levy upstream that failed around midnight local time, so as the front quickly comes through, that water is dumped around us. what we ve been seeing since we moved positions from the berry farm we talked to you last time until now, national guard troops have been coming up and down the central drag for several hours now rescuing people. you can just see the extent of the wate ....

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CNN CNN Newsroom With Fredricka Whitfield July 6, 2024

that ensures bank deposits and overseas financial institutions. the agency says all insured depositors will have access to their deposits no later than monday morning. the fdic ensures deposits of up to $250,000. why did this bank fail so quickly? it is an old school bank run in a modern economy. you can point to two reasons. the first is that the fed has been increasing interest rates since 2022. that has an effect on thing bank s assets, which means its unrealized bonds were worthless money. those increased interest rates has had a devastating effect in the tech sector at large. the tech sector has seen layoffs and funds been sold off. that has led to panic. that s led to group chats of founders of vcs all abuzz with what to do with svp. that led to panic. nobody wants to be the last customer held at a bank. help break down all those affected. svb was the premier bank in silicon valley. we ve seen tech companies banking at svb as kind of a badge of honor. right ....

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CNN CNN Newsroom With Fredricka Whitfield June 4, 2024 19:19:00

Happened? this is an old school bank run in a modern economy, and the real reason people are pointing to are interest rates. in 2022 the fed started to dramatically raise interest rates and for a bank like svb that has had a significant effect on its balance sheet. the bank holds bonds, which because of increased interest rates, are now worth less money. on the flip side, the broader tech economy sector has been sit by those raising interest rates, where this is a frothy economy that really relished in the cheap money that was tossed around for the last decade plus. those two factors led to the bank on wednesday having to sell some of its bonds for a loss. that created a massive ripple effect in silicon valley, where group chats and what s appear chats started talking about, hey, should we be getting our money out of this bank, will it be available in a week, a month. it was reported by bloomberg, ....

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CNN CNN Newsroom With Fredricka Whitfield June 4, 2024 18:01:00

That ensures bank deposits and overseas financial institutions. the agency says all insured depositors will have access to their deposits no later than monday morning. the fdic ensures deposits of up to $250,000. why did this bank fail so quickly? it is an old school bank run in a modern economy. you can point to two reasons. the first is that the fed has been increasing interest rates since 2022. that has an effect on thing bank s assets, which means its unrealized bonds were worthless money. those increased interest rates has had a devastating effect in the tech sector at large. the tech sector has seen layoffs ....

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