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we just won an oscar to gather for all the little boys and girls who look like me watchin tonight, this is a beacon of hope and possibilities this is proof that dreams drea big, and dreams do come true and ladies, don t let anybod tell you you are ever past you prime. never give up! [applause] and on that, american dream affirming note, i wish you a good night from all of our colleagues across the networks of nbc news, thanks for staying up late i ll see you at the end of tomorrow thanks for joining us this hour. it s really good to have you here when we get a new president in this country, or when we get a president reelected for a ne term, that president i inaugurated. he, or maybe someday she, is sworn in to start a ne presidential term in january right? that s why it s always so cold january 20th is when the inauguration happens but that has only been tru since the 1930s. up until the 1930s, presidents did not get inaugurated in january. they waited anot ....
Cryptocurrency rocket. they went to put on wednesday. senator elizabeth warren, wh ended up being a senator and presidential candidate, wh became a national public figur at all because of her hard nosed plain talkin explanations and criticism about bad actors in th financial world, elizabeth warren was all over it whe silvergate bank collapse wednesday last week. she said, quote, as the banker choice for crypto, silvergat bank s failure is disappointed but failure. i warned of silvergate s risky if not illegal activity, and identified severe due diligenc failures now, customers must be mad whole and regulators shoul step up against crypto risk. that was wednesday, when tha bank failed. then late wednesday night, another california bank, silicon valley bank announce that they had lost nearly tw billion dollars. and that started a run on that bank by their depositors venture capital firms in ....
To get a hold of it, just a fe weeks after that, fdr signed legislation that created the fdic, the federal deposi insurance corporation, which i exactly what it says if you make deposits of your own money into an american bank, any federal bank that is insured by fdic can guarante you, that the federa government will provid insurance for you deposit. so, no matter what stupid your bank gets up to, no matter wha happens to your stupid bank, the money you deposited is insured. you will be able to get it back fdr created fdic in 1933 but right after he was inaugurated today we are still benefitin from it. and today in america, we r having another one of thos thank you, fdr, kind of days because wednesday last week, a bank called silver gate wa first to go kaput. this is the bank in california that was all tied up in th ....
Right, you see christophe an barney frank, there it was called barney frank. these were rules signed into law in 2010 that made bank keep acts amount of cash on, x amount of liquid asset, so the can meet the customer demand of the customers all came in t withdraw their money even if a whole bunch of the did it at once the new rules limited th riskiness of what banks coul invest their customers money in, just as fdr explained, when yo deposit money in a bank, it not like they just lock it u in the vault, they do stuf with your money. dodd-frank established new rules in terms of the riskines of what banks could do wit your money and dodd-frank require financial institutions to pass stress tests, where they d hav to show they could survive and not collapse if somethin economically bad happened. those new rules were ver hard-fought, after the 200 2009 financial catastrophe but they were passed by th ....
Enough, another bank was down, signature bank, which is another bank that was all tied up in the crypto currency so, what does this mean? i mean, first of all, people who put their money into those banks are going to get their money back the fdic, thank you fdr, insurers every bank account up to a quarter million dollars and the biden ministration say deposits bigger than a quarter million dollars, those 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 quarter million dollars that s covered by fdic, the additional amount is being covered, apparently by the federal government, by fund for the banks pay into, which is why president biden was able to say today that the pac stairs will not be on th hook for covering thes failures but still, or talk about the biggest bank failure since the financial catastrophe that hit at the end of the george w bush administration 2008 ....