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Mar 13, 2023
03/23
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janet yellen says us taxa ers the banks. janet yellen says us taxoayers will _ the banks. janet yellen says us taxpayers will not _ the banks. janet yellen says us taxpayers will not be _ the banks. janet yellen says us taxpayers will not be footing i taxpayers will not be footing the bill for this. many people will be wondering who is footing the bill for this? well, the banks are charged a deposit insurance, a fund of roughly $100 billion that will be drawn on to cover any costs involved and frankly, the fed itself can simply cover these losses out of its reserves. but again, it begs the larger question — what will be the long run cost of the fed policy. just last week, the chairmanjerome policy. just last week, the chairman jerome powell threatened to raise rates even faster in the future. and this despite the fact that wage demands, wages in the us, actually slowed significantly last month, to less than 3% on an annualised basis. last month, to less than 396 on an annualised basis.— last month, to less than 396 on an annualised basis. when svb started to _ an annua
janet yellen says us taxa ers the banks. janet yellen says us taxoayers will _ the banks. janet yellen says us taxpayers will not _ the banks. janet yellen says us taxpayers will not be _ the banks. janet yellen says us taxpayers will not be footing i taxpayers will not be footing the bill for this. many people will be wondering who is footing the bill for this? well, the banks are charged a deposit insurance, a fund of roughly $100 billion that will be drawn on to cover any costs involved and...
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Mar 13, 2023
03/23
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treasury secretary janet yellen reashuring americans about their savings amid fears of a wider fallout. >> i do want to emphasize that the american banking system is really safe and well capitalized. >>> also tonight, eight people are killed after suspected smuggling boats capsized off the san diego coast. >>> new storm. battered by destructive flooding, california ready for more extreme weather. >> we are dealing with rain and wind events that can only describe as the super soaker saturation event. >>> legal jeopardy? former president trump stumped in iowa with his former victor set to talk to prosecutors about their hush money investigation. >>> plus roman catholics mark a milestone. >> it's been ten historic years since francis became pope. >>> and later, they are on the frontline in ukraine's fight to preserve its culture. why the show goes on, despite russia's war. >> why is it so important to step in? >> translator: we want the world to see that ukraine also has its own incredible culture. >> announcer: this is the cbs weekend news from new york with gent duncan. >>> the debate o
treasury secretary janet yellen reashuring americans about their savings amid fears of a wider fallout. >> i do want to emphasize that the american banking system is really safe and well capitalized. >>> also tonight, eight people are killed after suspected smuggling boats capsized off the san diego coast. >>> new storm. battered by destructive flooding, california ready for more extreme weather. >> we are dealing with rain and wind events that can only describe as...
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Mar 26, 2023
03/23
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treasury secretary janet yellen was sending confusing signals on whether all bank deposits are safe or whether those of the treated $50000 the current fcic guaranteed limit. how alarmed should we be the economic policymakers are clueless. let's talk about it with our panel lauren let me come to you first. it's pretty disturbing our key leadership here do seem that the federal reserve lost control of inflation completely and fighting to get back on top of it and then the process causing harm and damage with higher interest rates janet yellen doesn't seem to be able to make up her mind from one day to the next where people are going to be protected when banks fail that's not the leadership that we expect from washington, is it? >> when it comes to the fed it's really important what it remains political, jerome powell was appointed by trump and held over by biden, when the fed becomes politicized, as we see eventually starting to happen we saw that through coded what is the role and we republicans and democrats arguing about the role of the fed during covid would becomes politicized that'
treasury secretary janet yellen was sending confusing signals on whether all bank deposits are safe or whether those of the treated $50000 the current fcic guaranteed limit. how alarmed should we be the economic policymakers are clueless. let's talk about it with our panel lauren let me come to you first. it's pretty disturbing our key leadership here do seem that the federal reserve lost control of inflation completely and fighting to get back on top of it and then the process causing harm and...
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Mar 17, 2023
03/23
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in national news, treasury secretary janet yellen told lawmakers the u.s. banking system remains sound. yellen testified before the senate finance committee today she had a plan to discuss the president's budget but lawmakers instead grilled her on the health of the nation's banking system. >> anna wiernicki has more. >> the recent collapse of 2 banks was at the top of mind for lawmakers today as they sought answers on what happened. and if americans can trust where they put their money. >> just days after 2 of the largest bank failures in u.s. history, treasury secretary janet yellen told lawmakers the u.s. banking system remain stronger. banking system is sound and yellin says americans can feel confident their deposits are protected. the government took decisive and forceful actions to stabilize and strengthen. >> public confidence in our financial system. you. >> the f d i c. >> move very aggressively. democrats on the committee applauded the government's quick intervention for avoiding a potential banking crisis. but massachusetts democrat elizabeth wa
in national news, treasury secretary janet yellen told lawmakers the u.s. banking system remains sound. yellen testified before the senate finance committee today she had a plan to discuss the president's budget but lawmakers instead grilled her on the health of the nation's banking system. >> anna wiernicki has more. >> the recent collapse of 2 banks was at the top of mind for lawmakers today as they sought answers on what happened. and if americans can trust where they put their...
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Mar 17, 2023
03/23
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treasury secretary janet yellen telling lawmakers on capitol hill than american banks are strong, i can reassure the members of the committee that our banking system is sound and that americans can feel confident that their deposits will be there when they need them. secretary yellen saying today that the action from those larger banks demonstrates the resilience of the banking system. david scott up on the hill tonight, rachel. thank you, as always tonight, the emotional mother before the cameras after seeing the video of her son dying in custody authorities at the hands of police and workers at a mental health facility. seven deputies already charged tonight. three hospital workers now also charged in the murder. here's pierre thomas. tonight the family of evil otieno furious, saying a video yet to be released shows he was intentionally and cruelly abused before he died in the custody of virginia deputies today we hear from the mother who saw that video son was treated like a dog watch than a dog. i saw it with my own eyes on the video. my son was tortured. tonight. three members of t
treasury secretary janet yellen telling lawmakers on capitol hill than american banks are strong, i can reassure the members of the committee that our banking system is sound and that americans can feel confident that their deposits will be there when they need them. secretary yellen saying today that the action from those larger banks demonstrates the resilience of the banking system. david scott up on the hill tonight, rachel. thank you, as always tonight, the emotional mother before the...
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Mar 12, 2023
03/23
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treasury secretary janet yellen says the federal government will not bail out silicon valley bank. the collapse of svb marks the largest bank failure since the 2008 financial crisis. nate foy is live with the latest. hello, nate. >> reporter: hey, mike. yeah, despite saying a bailout is off the table, treasury secretary janet yellen this morning promises that regulators are, in fact, helping goeser the thes, but she declined to say how. instead the, yellen is trying to assure the public the u.s. banking system remains strong despite sill finish silicon valley bank's failure: take a listen. >> i can't really provide further details at this time, but what i do wanting to do is emphasize that the american banking system is really safe and well capitalized. it's resilient. we want to make sure that the troubles that exist at one bank don't create contagion to others that are sound and a goal always of supervision and regulation is to make sure that contagion can't, can't occur. >> reporter: well, mike, despite that from the treasury secretary the, experts fear this could lead to a loss
treasury secretary janet yellen says the federal government will not bail out silicon valley bank. the collapse of svb marks the largest bank failure since the 2008 financial crisis. nate foy is live with the latest. hello, nate. >> reporter: hey, mike. yeah, despite saying a bailout is off the table, treasury secretary janet yellen this morning promises that regulators are, in fact, helping goeser the thes, but she declined to say how. instead the, yellen is trying to assure the public...
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Mar 17, 2023
03/23
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and it came the same day treasury secretary janet yellen tried to reassure americans their money is safe. so, jarred hill is in new york with more on all of this. jarred, good morning. >> reporter: good morning, anne-marie. as wall street is preparing for its final trading this week, those mixed futures show that it is not really clear how good of a job the secretary and the white house have done at reassuring the markets that the banking system is solid. regardless of whether the system is stable in reality. u.s. stocks soared thursday after 11 major u.s. banks injected $30 billion into california-based bank first republic. it is the third rescue of a regional bank in less than a week. federal regulators took over silicon valley bank and signature bank just days ago. for some first republic customers, this move comes too late. >> altogether i decided to close this account. >> reporter: while others like actress morgan fairchild say they're sticking with first republic. >> i love this bank. i haven't taken my money out. i don't intend to take my money out. >> reporter: treasury secretary
and it came the same day treasury secretary janet yellen tried to reassure americans their money is safe. so, jarred hill is in new york with more on all of this. jarred, good morning. >> reporter: good morning, anne-marie. as wall street is preparing for its final trading this week, those mixed futures show that it is not really clear how good of a job the secretary and the white house have done at reassuring the markets that the banking system is solid. regardless of whether the system...
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Mar 18, 2023
03/23
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>> well, janet yellen has to say that because the main problem here is you're having bank runs. people are very worried about their deposits, and she needs to try to calm the environment. paul: but if they don't believe you, aren't you contributing to more lack of confidence? >> i don't know. i think the markets are worried because they know a little bit about what the balance sheets of these banks look like, and what they know is that the silicon valley bank and some of the others are not unique, that the regulators have allowed certain kinds of risk to be on the balance sheet of banks even though they said they wouldn't after dodd-frank, and banks took more risk because interest rates were kept very low for very long. they were looking for yield, and the only way you get yield in that environment to the take more risk. so that's what they did, and that's what is confronting depositors in this moment. paul: kid the they make the right decision, dan, to guarantee returns for insured depositors at these two banks? with something of an implication that it could be the same for oth
>> well, janet yellen has to say that because the main problem here is you're having bank runs. people are very worried about their deposits, and she needs to try to calm the environment. paul: but if they don't believe you, aren't you contributing to more lack of confidence? >> i don't know. i think the markets are worried because they know a little bit about what the balance sheets of these banks look like, and what they know is that the silicon valley bank and some of the others...
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Mar 13, 2023
03/23
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here's the us treasury secretary, janet yellen. whenever a bank, especially one like silicon valley bank with billions of dollars in deposits, fails, it's clearly a concern from the standpoint of depositors, many of which may be small businesses. they rely on access to their funds to be able to pay the bills that they have, and they employ tens of thousands of people across the country. we've been hearing from those depositors and other concerned people this weekend. so let me say that i've been working all weekend with our banking regulators to design appropriate policies to address this situation. i can't really provide further details at this time, but what i do want to do is emphasise that the american banking system is really safe and well capitalised. it's resilient. that was janet yellen speaking earlier. with me is our business reporterjoao da silva. great to get you on the programme. have you seen much of an impact on financial markets, particularly in asia? the markets are so far rather muted. the japanese nikkei is down
here's the us treasury secretary, janet yellen. whenever a bank, especially one like silicon valley bank with billions of dollars in deposits, fails, it's clearly a concern from the standpoint of depositors, many of which may be small businesses. they rely on access to their funds to be able to pay the bills that they have, and they employ tens of thousands of people across the country. we've been hearing from those depositors and other concerned people this weekend. so let me say that i've...
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Mar 18, 2023
03/23
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you asked about the janet yellen clip and i think that is telling. there is this tension, and i don't think this is the one everyone in washington and financial regulation circles are debating, the law does not say everyone gets their deposits back automatically. when you heard that question from janet yellen and senator lankford, does a small community bank at the same treatment silicon valley bank depositors got? she answered the question in a technical manner which is basically the law says x about this and anything further, there is a determination, is this systemically important? it is not something someone wants to hear right now. there is this assumption all depositors are insured even if we say itnly goes up to $250,000. if we are going to implicitly accept that no one will lose their money, we might want to think about changing the laws to codify that and say they are all insured. if they are all insured, change other laws that have to do with the nature of banking. we are existing in this limbo space where everyone probably believes implici
you asked about the janet yellen clip and i think that is telling. there is this tension, and i don't think this is the one everyone in washington and financial regulation circles are debating, the law does not say everyone gets their deposits back automatically. when you heard that question from janet yellen and senator lankford, does a small community bank at the same treatment silicon valley bank depositors got? she answered the question in a technical manner which is basically the law says...
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Mar 12, 2023
03/23
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we go now to treasure secretary janet yellen. madam secretary, good morning. >> good morning, margaret. >> i want to get straight to it because the markets will soon reopen for trading. intervene and take emergency measures because of svb's failure? >> well, let me say america's economy relies on a safe and sound banking system that can provide for the credit needs of our households and businesses, so whenever a bank, especially one like silicon valley bank, with billions of dollars in deposits fails, it's clearly a concern. from the standpoint of depositors, many of which may be small businesses, they rely on access to their funds, to be able to pay the bills that they have and they employ tens of thousands of people across the country. we've been hearing from those depositors and other concerned people this weekend, so let me say that i've been working all weekend with our banking regulators to design appropriate policies to address this situation. i can't really provide further details at this time, but what i do want to do is
we go now to treasure secretary janet yellen. madam secretary, good morning. >> good morning, margaret. >> i want to get straight to it because the markets will soon reopen for trading. intervene and take emergency measures because of svb's failure? >> well, let me say america's economy relies on a safe and sound banking system that can provide for the credit needs of our households and businesses, so whenever a bank, especially one like silicon valley bank, with billions of...
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Mar 17, 2023
03/23
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. >> well, speaking of banking, you have treasury secretary janet yellen trying to reassure congress and financial markets across the globe that the u.s. banking system remains stable. it's really been one week since the collapse of 2 large regional banks. washington correspondent jessi tenure join us live with the latest there. good morning. >> good morning to you as well. secretary yellen became actually that first administration official to have to face lawmakers following the bank's collapse. >> the banking system overall is safe and sound after the collapse of 2 large u.s. banks. in a span of 48 hours, treasury secretary janet yellen defended the federal government's response during a senate hearing thursday. there was a serious risk of contagion that could have brought down in triggered runs on many banks. regulators guaranteed all deposits for silicon valley and signature bank customers. even those that exceeded the fbi seized $250,000 limit for insurance. no taxpayer money is being used were put at risk with this action. but many republicans argue community banks will bear th
. >> well, speaking of banking, you have treasury secretary janet yellen trying to reassure congress and financial markets across the globe that the u.s. banking system remains stable. it's really been one week since the collapse of 2 large regional banks. washington correspondent jessi tenure join us live with the latest there. good morning. >> good morning to you as well. secretary yellen became actually that first administration official to have to face lawmakers following the...
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thank you. us treasury secretary, janet yellen has said the government is not looking at bailing out silicon valley bank after it was shut down by u. s. regulators. and friday. the bank is the 16th largest indian night at states. authorities said they were worried about the banks liquidity. alfred lost money, was selling assets that concerns prompted the banks. depositors mainly tech companies to rush to withdraw funds sparking fears over the wide of banking sector d. w. financial a correspondence he ins quarter explain to us how the collapse happened. well, i mean it's pretty simple. it's a classical run on the bank. come investors are the client turned off for silicon valley bank co wanted some of their deposits, said beck, and to, to actually be able to do that. so silicon valley bank was forced to sell bonds at a huge and a loss. and when that that became public and even more clients pulled their money. and that actually let that to pretty much the government for now is taking over a silicon valley bank. it's clearly a big blow to the technology to the biotech or world. so in gen
thank you. us treasury secretary, janet yellen has said the government is not looking at bailing out silicon valley bank after it was shut down by u. s. regulators. and friday. the bank is the 16th largest indian night at states. authorities said they were worried about the banks liquidity. alfred lost money, was selling assets that concerns prompted the banks. depositors mainly tech companies to rush to withdraw funds sparking fears over the wide of banking sector d. w. financial a...
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Mar 10, 2023
03/23
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talk to us about what we look for next coming from the likes of the fdic and janet yellen. kailey: for the fdic this goes back to roku and the question of uninsured deposits. this is the first failure of an insured institution this year. that insurance only goes so far. that cap is $250,000. from our understanding more than 90% of the deposits at silicon valley bank were uninsured. that will be question number one, what happens with those uninsured deposits? are those depositors going to be made whole? that will be one of the priorities we are following for those early-stage companies that may be short on cash at this point. then it becomes a question of any ripple effects. are we going to see other episodes of this, or was this an isolated incident? we were speaking with a former official from the fdic earlier who said regulators are hoping this is just an isolated incident that they can contain. janet yellen and the broader white house did express confidence in what regulators are doing. they were quick to point out this is not 2008, we are post dodd-frank. there are capi
talk to us about what we look for next coming from the likes of the fdic and janet yellen. kailey: for the fdic this goes back to roku and the question of uninsured deposits. this is the first failure of an insured institution this year. that insurance only goes so far. that cap is $250,000. from our understanding more than 90% of the deposits at silicon valley bank were uninsured. that will be question number one, what happens with those uninsured deposits? are those depositors going to be...
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i think you us treasury secretary, janet yellen has said the government is not looking at bailing out silicon valley bank after it was shut down by us regulators on friday. the bank is the 16th largest in the united states. authorities say they were worried about the banks. liquidity offered lost money while selling assets. the concerns is const, the concerns from the bank depositors, mainly tech companies to rush to with your funds sparking fears over the wider banking sector. and for more i'm joined in the studio by mattie's listman from d w. business. tell us how could this happen? well, it's important. understand silicon valley bank had a very concentrated client base. so is the tech sector who parked their money? they're mostly at the same time the bank invested, it's money mostly, and us government securities. and it was an unusual, a large amount that they invested in the securities and they're safe, but with recent interest rate hikes, they lost in value. so a lot of the depositors last week weren't sure if their money was still there and the bank look shaking. so on thursday,
i think you us treasury secretary, janet yellen has said the government is not looking at bailing out silicon valley bank after it was shut down by us regulators on friday. the bank is the 16th largest in the united states. authorities say they were worried about the banks. liquidity offered lost money while selling assets. the concerns is const, the concerns from the bank depositors, mainly tech companies to rush to with your funds sparking fears over the wider banking sector. and for more i'm...
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Mar 12, 2023
03/23
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CNNW
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what's your reaction to janet yellen saying no government bailouts for the silicon valley bank? >> this is how it was supposed to work. coming out of the last financial crisis, the idea was that no bank should ever be able to fail, but it should be able to fail without the taxpayers losing money, without financial stability. i think her reaction is a good sign. >> the fdic ensures up to $250,000 per depositor. a lot especially with payroll account have a lot more money in that bank than that 250,000. will they be able to recover some of their fill eun, or is that when the government will potentially step in to assist? >> the fdic's job, first of all, is to ensure that depositers get paid off. in this case there weren't that many insured deposters. it was primarily uninsured depo depositors, tech firms. they're looking for a buyer, whether that's for the whole organization or parts of it, and to the extent they get those recoveries, those monies belong to the depositors. >> what do you think really caused the collapse of this bank, and why was it that some of the depositors kind
what's your reaction to janet yellen saying no government bailouts for the silicon valley bank? >> this is how it was supposed to work. coming out of the last financial crisis, the idea was that no bank should ever be able to fail, but it should be able to fail without the taxpayers losing money, without financial stability. i think her reaction is a good sign. >> the fdic ensures up to $250,000 per depositor. a lot especially with payroll account have a lot more money in that bank...
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Mar 16, 2023
03/23
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is it too late for janet yellen to calm fears and unwind a crisis that she is partially for and the bidenomic policies are partially responsible for? >> yes. that's a great point. janet she needs to speak on how this can be corrected in the future. we need to be able to calm people's fears i pray she can do that but, you are right. she is part of the failures that we have seen across the board. >> todd: meantime, senator, breaking right now, we are getting our first look at new video showing the moment a russian jet dumps fuel and collides with a u.s. drone over the black sea. you can see it right there. you can see the fuel trail being dumped by the russian jet. you can see it impacting our drone. propellers starting to slow there on the drone and pretty in short order i'm being told we will go color bars showing the drone itself has been incapacitated. we are watching this all together for the first time. what's your reaction when you see that? >> right, correct. this was over international airspace. and so the russians have gotten very aggressive. and, you know what? we need to really take
is it too late for janet yellen to calm fears and unwind a crisis that she is partially for and the bidenomic policies are partially responsible for? >> yes. that's a great point. janet she needs to speak on how this can be corrected in the future. we need to be able to calm people's fears i pray she can do that but, you are right. she is part of the failures that we have seen across the board. >> todd: meantime, senator, breaking right now, we are getting our first look at new...
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Mar 29, 2023
03/23
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treasury secretary janet yellen testifies today. she has no answers on that. attorney general garland testifies he does not know key details on the doj targeting school board parents as terrorists. this news, u.s. marshals were told to stand down on protesters at the homes of supreme court justices last year. with us congressman jim jordan, greg stuebe, michael mccaul, former economic advisor to president trump, steve moore. civil right attorney leo terrell, alex epstein and "new york post" jon levine. a new gallup poll the president is under water on the approval rating, the economy. even the environment. the white house stone walls multiple investigations. energy secretary granholm now on spring break in puerto rico. this is her fourth trip since last fall. plus dr. fauci now questions if pandemic lockdowns lasted too long. he repeatedly pushed for them. the stunning new bill of a whopper california faces for reparation,hundred billion $800 billion. i'm elizabeth macdonald. "the evening edit," it starts right now. ♪. liz: welcome to the show. welcome to th
treasury secretary janet yellen testifies today. she has no answers on that. attorney general garland testifies he does not know key details on the doj targeting school board parents as terrorists. this news, u.s. marshals were told to stand down on protesters at the homes of supreme court justices last year. with us congressman jim jordan, greg stuebe, michael mccaul, former economic advisor to president trump, steve moore. civil right attorney leo terrell, alex epstein and "new york...
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Mar 18, 2023
03/23
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you asked about the janet yellen clip and i think that is telling. there is this tension, and i don't think this is the one everyone in washington and financial regulation circles are debating, the law does not say everyone gets their deposits back automatically. when you heard that question from janet yellen and senator lankford, does a small community bank at the same treatment silicon valley bank depositors got? she answered the question in a technical manner which is basically the law says x about this and anything further, there is a determination, is this systemically important? it is not something someone wants to hear right now. there is this assumption all depositors are insured even if we say it only goes up to $250,000. if we are going to implicitly accept that no one will lose their money, we might want to think about changing the laws to codify that and say they are all insured. if they are all insured, change other laws that have to do with the nature of banking. we are existing in this limbo space where everyone probably believes impli
you asked about the janet yellen clip and i think that is telling. there is this tension, and i don't think this is the one everyone in washington and financial regulation circles are debating, the law does not say everyone gets their deposits back automatically. when you heard that question from janet yellen and senator lankford, does a small community bank at the same treatment silicon valley bank depositors got? she answered the question in a technical manner which is basically the law says...
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Mar 22, 2023
03/23
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this is a portion from secretary janet yellen yesterday. [video clip] >> let me be clear, the government's recent actions have demonstrated our resolute commitment to take the necessary steps to ensure depositors savings and the banking system remains safe. our approach has two main pillars. first, we work with the federal reserve and fdic to protect all depositors in silicon valley bank and signature bank. the steps we took were not focused on needing specific banks or classes of banks. our intervention was necessary to protect the u.s. banking system. and similar actions could be warranted if smaller institutions suffered deposit runs post the risk of contagion. our actions reduced the risk of further bank failures. it would have imposed losses on deposit insurance fund, which is paid through vs on bank. second, we announced a new -- to provide liquidity in the banking system. the feds new lynn the facility, the bank term funding program is designed to help banks meet the needs of all of their deposits. the situation is stabilized. and th
this is a portion from secretary janet yellen yesterday. [video clip] >> let me be clear, the government's recent actions have demonstrated our resolute commitment to take the necessary steps to ensure depositors savings and the banking system remains safe. our approach has two main pillars. first, we work with the federal reserve and fdic to protect all depositors in silicon valley bank and signature bank. the steps we took were not focused on needing specific banks or classes of banks....
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Mar 12, 2023
03/23
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now secretary janet yellen when she they will not be a bailout for this bank. basically deposits that are insured or up to $250,000. but many of the people in companies that are here are wealthy and had more money in their account. treasury secretary yellen did reassure that the u.s. banking system is safe on friday. the f d i c ordered the closure of the silicon valley bank and immediately took position possession of all deposits at the bank. now silicon valley bank slid into insolvency when its customers largely technology company companies that needed cash as they struggle to get financing as they struggle to get financing began, withdrawing their deposits. now the bank had to sell bonds at a loss to cover the withdrawals. governor gavin newsom also weighing in on the bank closure this weekend. he says that he has been in contact with the white house and the treasury secretary. he added, quote, secretary. he added, quote, everyone is working with th fbi see to stabilize the situation as quickly as possible to protect jobs, people's livelihoods and the entire
now secretary janet yellen when she they will not be a bailout for this bank. basically deposits that are insured or up to $250,000. but many of the people in companies that are here are wealthy and had more money in their account. treasury secretary yellen did reassure that the u.s. banking system is safe on friday. the f d i c ordered the closure of the silicon valley bank and immediately took position possession of all deposits at the bank. now silicon valley bank slid into insolvency when...
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Mar 16, 2023
03/23
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right now on capitol hill, janet yellen is insisting the nation's banking system is sound after two recent bank collapses. we'll talk to california congressman ro khanna whose district including silicon valley, about what congress could do to prevent something like this from happening again >>> new video this morning that the pentagon says shows a russian fighter jet dumping fuel on and colliding with a u.s. drone over the black sea we've got exclusive reporting on what's behind the aggressive actions. >>> plus, new details about georgia's investigation into whether former president trump tried to overturn the 2020 election results we're learning the grand jury has heard a new trump phone call >>> and in texas, we could soon get a ruling surrounding a lawsuit that aims to ban an abortion medication that women have been using safely for decades. >>> right now on capitol hill, treasury secretary janet yellen is testifying before lawmakers as concerns are growing that now first republic bank could be the next to fall shares of first republic fell 30% when the markets opened this morning after
right now on capitol hill, janet yellen is insisting the nation's banking system is sound after two recent bank collapses. we'll talk to california congressman ro khanna whose district including silicon valley, about what congress could do to prevent something like this from happening again >>> new video this morning that the pentagon says shows a russian fighter jet dumping fuel on and colliding with a u.s. drone over the black sea we've got exclusive reporting on what's behind the...
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Mar 13, 2023
03/23
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BBCNEWS
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here's what us treasury secretary janet yellen had to say. whenever a bank, especially one like silicon valley bank with billions of dollars in deposits, fails, it's clearly a concern from the standpoint of depositors, many of which may be small businesses. they rely on access to their funds to be able to pay the bills that they have, and they employ tens of thousands of people across the country. we've been hearing from those depositors and other concerned people this weekend. so let me say that i've been working all weekend with our banking regulators to design appropriate policies to address this situation. i can't really provide further details at this time, but what i do want to do is emphasise that the american banking system is really safe and well capitalised. it's resilient. so will the announcement that all deposits would be recoverable be the end of the story? here's robert scott, a financial analyst based in washington. i think that there may be other banks that are getting into trouble — although, frankly, the measures announce
here's what us treasury secretary janet yellen had to say. whenever a bank, especially one like silicon valley bank with billions of dollars in deposits, fails, it's clearly a concern from the standpoint of depositors, many of which may be small businesses. they rely on access to their funds to be able to pay the bills that they have, and they employ tens of thousands of people across the country. we've been hearing from those depositors and other concerned people this weekend. so let me say...
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Mar 13, 2023
03/23
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. >> reporter: treasury secretary janet yellen told cbs's "face the nation" today that the department is working fast to address the situation but is ruling out a bailout for svb. the second largest bank collapse in u.s. history is sparking alarm about reverberations amid rising interest rates. >> we want to make sure that the troubles that exist at one bank don't create contagion to others that are sound. >> reporter: the bank's failure is already affecting the businesses it find including roblox, etsy and roku. the fdic seized control of the bank friday, which had more than $200 billion in assets. today lawmakers on both sides are pointing fingers but are hopeful for a swift resolution and leaving the door open for a possible acquisition of the failed bank. >> it is attractive for someone to want to purchase it. it's just a timeline of where to move forward. and the administration has tools to deal with this. >> the principle needs to be that all depositors will be protected and have full access to their accounts monday morning. >> reporter: cbs news has learned that treasury offici
. >> reporter: treasury secretary janet yellen told cbs's "face the nation" today that the department is working fast to address the situation but is ruling out a bailout for svb. the second largest bank collapse in u.s. history is sparking alarm about reverberations amid rising interest rates. >> we want to make sure that the troubles that exist at one bank don't create contagion to others that are sound. >> reporter: the bank's failure is already affecting the...
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Mar 12, 2023
03/23
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CNNW
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i know you saw this earlier today, catherine, chuck treasury secretary janet yellen set a ballot of the bank is not under consideration at this point. could you have something short of a bailout summit rescue package that no one was to call a bailout but is essential when going in there and assisting the investors, the consumers at that bank? >> so, everybody knows the word bailout is a toxic term. nobody wants to be accused of bailing out anyone let alone a bank, let alone a bank that serves the tech industry, which is a very polarizing industry. it does not really have a specific term. i think what they mean when they say were not going to have a bailout is we are not going to do something that necessarily makes the stockholders or the hole. but, they are interested in making sure the depositors are okay the customers of the bank are okay. those are customers that are often small businesses. they might be payroll companies that service small businesses who did not even know the service they were using was funneled through this now troubled bank. so i think what they are trying to set
i know you saw this earlier today, catherine, chuck treasury secretary janet yellen set a ballot of the bank is not under consideration at this point. could you have something short of a bailout summit rescue package that no one was to call a bailout but is essential when going in there and assisting the investors, the consumers at that bank? >> so, everybody knows the word bailout is a toxic term. nobody wants to be accused of bailing out anyone let alone a bank, let alone a bank that...
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Mar 13, 2023
03/23
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KGO
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and treasury secretary janet yellen says the banks are not being bailed out. stock futures were up overnight, signaling confidence in the federal plan. all of this was set in motion on wednesday when svb ran low on capitol, triggering a run on the bank bank was popular with technology workers and start up companies some names that you would recognize by the end of thursday , customers had withdrawn $42 billion worth of deposits
and treasury secretary janet yellen says the banks are not being bailed out. stock futures were up overnight, signaling confidence in the federal plan. all of this was set in motion on wednesday when svb ran low on capitol, triggering a run on the bank bank was popular with technology workers and start up companies some names that you would recognize by the end of thursday , customers had withdrawn $42 billion worth of deposits
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Mar 17, 2023
03/23
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janet yellen negotiated first rescue plan. testifying yesterday yellen pushed a message of confidence in the nation's banks. >> actions demonstrate our resolute commitment to ensure our financial system remains strong. >> reporter: as of thursday, federal reserve said it's loaned around $12 billion to cash strapped banks this week, all through its new emergency lending facility. congress is also obviously developing into a political battle with democrats pushing for new or updated regulation of the industry. many republicans argue there are already guard rails in place that should have been paid attention to sooner. >> while the treasury secretary is saying we should not expect problems like this at other banks, we know people are wondering what if? the question this morning, will community banks and other depositors get the same relief? >> not necessarily according to the treasury secretary. she was asked about this yesterday and said that uninsured deposits would only be covered if failing to do so would create what she call
janet yellen negotiated first rescue plan. testifying yesterday yellen pushed a message of confidence in the nation's banks. >> actions demonstrate our resolute commitment to ensure our financial system remains strong. >> reporter: as of thursday, federal reserve said it's loaned around $12 billion to cash strapped banks this week, all through its new emergency lending facility. congress is also obviously developing into a political battle with democrats pushing for new or updated...
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Mar 10, 2023
03/23
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janet yellen personally saying that she has looked at this and is following this. there's a lot of effort right now to see who, if anyone, would scoop up this bank as rates go downturned fears that this couls that that this could spread. there's no indication of bank runs anywhere else. what we are seeing in the bank stocks, though down, they are well off their lows and nothing like the big hits we were seeing yesterday. for example, in the case of silicon valley, big problem was just finding a floor, and they couldn't find a floor. opening up and looking to open up more than 60% down on top of 40% plus losses yesterday. never got the chance. it was forced to shut down, and now it's going to be recognized as the first financial collapse since the meltdown. other banks are well off their lows even though those look like some eye-popping dethe kleins here, but a lot of concern declines here, but a lot of this was sort ofage anticipate thed, if i can use the right word there, but the employment report. it was very strong. and it once again raised the likelihood even w
janet yellen personally saying that she has looked at this and is following this. there's a lot of effort right now to see who, if anyone, would scoop up this bank as rates go downturned fears that this couls that that this could spread. there's no indication of bank runs anywhere else. what we are seeing in the bank stocks, though down, they are well off their lows and nothing like the big hits we were seeing yesterday. for example, in the case of silicon valley, big problem was just finding a...
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Mar 17, 2023
03/23
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i'm not sure what janet yellen was saying half the time in that testimony. liz: we take that to heart. so all bank customers will pay higher fees because of what's going on. the democrats say it was to stop a meltdown between small and medium size banks. roku had $490 million in svb. when you hear that part of the story, how do you come down on that? should they have let the bank fail or could they have contained it and kept it alive with federal reserve loans until it was set off to satisfy the depositors. >> the fed knew a long time ago deposits were leaving. i saw a ceo of a swedish pension fund say he went to talk to them about make an investment in the bank and he knew then that the deposits were leaving quickly. i think everyone was asleep, and now the rest of the world will have to pay for this. liz: 4%, 5% treasury yields, of course it's going to happen when you raise rates. i want to read this to you from kimberley strassel at the "wall street journal." she is saying the svb collapse is the easy money rule. the bank for startups, maybe didn't have a
i'm not sure what janet yellen was saying half the time in that testimony. liz: we take that to heart. so all bank customers will pay higher fees because of what's going on. the democrats say it was to stop a meltdown between small and medium size banks. roku had $490 million in svb. when you hear that part of the story, how do you come down on that? should they have let the bank fail or could they have contained it and kept it alive with federal reserve loans until it was set off to satisfy...
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Mar 16, 2023
03/23
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FBC
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kennedy: the night is young. >> hey. >> same day, janet yellen, again, i always -- i get hungry, i think of quaker oaks. when i see her. >> hey good one. >> she sat out there and lied th threw her teeth about what the economy was like when joe biden took office about how they needed the giant rescue plan it was just, struggling from covid, that is lies, it was growing, growing at a good clip, inflation was not there and that the biggest problem with you have tremors in banking system. getting rich people in silicon val they did not need a bailout, i said that from moment one, they just bailed out the richest sliver of this nation. kennedy: gross. >> disgusting, anyway. when you have people who have lied to american people for two years, yellen, kamala harris, and joe biden, again this a cocktail of like butter milk and begin. gin, they can't get up there and reassure american people. nobody believes them. they make matters worse. kennedy: government is making it worse. i don't know if you know it brian brenberg, some of my libertarian friends and i have been saying. end the fed, i saw yo
kennedy: the night is young. >> hey. >> same day, janet yellen, again, i always -- i get hungry, i think of quaker oaks. when i see her. >> hey good one. >> she sat out there and lied th threw her teeth about what the economy was like when joe biden took office about how they needed the giant rescue plan it was just, struggling from covid, that is lies, it was growing, growing at a good clip, inflation was not there and that the biggest problem with you have tremors in...
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Mar 18, 2023
03/23
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FOXNEWSW
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yellen said this week was the most frightening thing i ever heard. going after all the small banks and get centralized banking which sets up the door for fed coin and there goes our privacy. paul: you could look at a lot of institutions that were not well-run they brought it upon themselves, are you saying to clean up their act or get them out of town is bad? >> i'm not saying that. i'm saying it is intentional. when you raise interest rates all the bonds that crashed, as we talked about earlier in the program, systemic and what is happening next, inflation will be systemic, the biggest news is mexico just agreed to join the brig stations, russia, china, saudi arabia, japan is next. america is in serious trouble because the shanghai cooperation organization is after us and -- paul: i'm always interrupting, i don't mean that. for all our problems we are a lot better off than our beleaguered european institutions and banks, understand that ubs might be in talks to take over credit suisse and a lot of asian banks in a world of hurt, if china is running
yellen said this week was the most frightening thing i ever heard. going after all the small banks and get centralized banking which sets up the door for fed coin and there goes our privacy. paul: you could look at a lot of institutions that were not well-run they brought it upon themselves, are you saying to clean up their act or get them out of town is bad? >> i'm not saying that. i'm saying it is intentional. when you raise interest rates all the bonds that crashed, as we talked about...
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Mar 17, 2023
03/23
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senator lankford tearing into janet yellen and bank bailouts. >> is your plan to keep large depositors from moving their funds out of community banks into big banks. >> that's not something we are encouraging. it is happening because depositors are concerned about the bank failures that happened and whether or not other banks could fail. >> you are fully insured if you are in a big banks bank, not if you are in a community bank. stuart: ryan payne joining us this morning. do you think the banking crisis is a little bit contained? >> markets shift this week which is surprising, i think the fed credit facility basically said we have ensured every deposit which arguably might be problematic but the reality is it is functioning normally. haven't had a run on any bank since the weekend, and it is destabilized. >> however, on this show we have several people say, in the long run from this crisis, to big banks now. >> big banks more power. i'm not a big fan of monopolies. the banks sold off the banking crisis, it is cheaper than it does, 3% yield. stuart: morgan stanley, that is not good. are
senator lankford tearing into janet yellen and bank bailouts. >> is your plan to keep large depositors from moving their funds out of community banks into big banks. >> that's not something we are encouraging. it is happening because depositors are concerned about the bank failures that happened and whether or not other banks could fail. >> you are fully insured if you are in a big banks bank, not if you are in a community bank. stuart: ryan payne joining us this morning. do...
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Mar 14, 2023
03/23
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treasury secretary janet yellen said exactly something similar. take a look. >> during the financial crisis, there were investors and owners of systemic large banks that were bailed out and we're certainly not looking and the reforms that have been put in place means we are not going to do that again. but we are concerned about the deposters and focused on trying to meet their needs. >> sean: 24 hours, less than 24 hours later the white house has completely bailed out silicon valley bank. the administration doesn't know what they are doing and last week janet yellen was in ukraine for the past year now she has been focused on a global minimum tax. joe biden has been checked out pretty much from day one. fear not, because every tech startup, vineyard and uber rich celebrity with millions of dollar that bank at this silicon valley bank they will be reimbursed full. they say it's not going to cost you a penny. you will pay every penny. it will come from you the american taxpayer. l that is their biggest lie that taxpayers won't be bailing out banker
treasury secretary janet yellen said exactly something similar. take a look. >> during the financial crisis, there were investors and owners of systemic large banks that were bailed out and we're certainly not looking and the reforms that have been put in place means we are not going to do that again. but we are concerned about the deposters and focused on trying to meet their needs. >> sean: 24 hours, less than 24 hours later the white house has completely bailed out silicon valley...
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Mar 20, 2023
03/23
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KGO
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fed chair jerome powell and treasure secretary janet yellen released a joint statement saying we welcome the announcements by the swiss authorities today to support financial stability. and the world's central banks said they're working together to stabilize banks by pumping more us dollars into the global financial system, so it is available to borrow something that was also done during the 2008 financial crisis. this all comes amid concerns over the u. s banking system after the u. s government took control of silicon valley bank and signature bank in an effort to ease customers fears, according to bloomberg. billionaire investor warren buffett has been in talks with officials from the biden administration to offer a cash lifeline to those struggle. showing institutions something he has done in the past, or buffet was pretty integral back in 7 2008 and nine incoming and infusing capital to infuse confidence into the banking system. this turmoil in the banking sector has senator elizabeth warren calling for changes to the regulatory system and for ceos of these failed institutions to be
fed chair jerome powell and treasure secretary janet yellen released a joint statement saying we welcome the announcements by the swiss authorities today to support financial stability. and the world's central banks said they're working together to stabilize banks by pumping more us dollars into the global financial system, so it is available to borrow something that was also done during the 2008 financial crisis. this all comes amid concerns over the u. s banking system after the u. s...
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Mar 30, 2023
03/23
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here's janet yellen. role it. >> during the few hours he's appearing before congress, irs agent leaves him a note, have you heard this? >> i've not. stuart: not aware? when does the political spin end? white house okay a massive oil and gas sale in the gulf of mexico, from climate activists who want to block them all. got the story. a train derailed earlier in minnesota prompting a town to evacuate. we speak to minnesota congressman on what residents need to know, that's next. ♪ ople like sam who make...? ...everyday products... ...designed smarter. like a smart coffee grinder - that orders fresh beans for you. oh, genius! for more breakthroughs like that... ...i need a breakthrough card... like ours! with 2.5% cash back on purchases of $5,000 or more... plus unlimited 2% cash back on all other purchases! and with greater spending potential, sam can keep making smart ideas... ...a brilliant reality! the new ink business premier card from chase for business. make more of what's yours. as a business owner
here's janet yellen. role it. >> during the few hours he's appearing before congress, irs agent leaves him a note, have you heard this? >> i've not. stuart: not aware? when does the political spin end? white house okay a massive oil and gas sale in the gulf of mexico, from climate activists who want to block them all. got the story. a train derailed earlier in minnesota prompting a town to evacuate. we speak to minnesota congressman on what residents need to know, that's next. ♪...
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Mar 13, 2023
03/23
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KPIX
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janet yellen says depositors will have access to all their money from that bank. president biden is also trying to reassure the greater public this is not the beginning of a banking chance. >> reporter: customers lined up early in santa clara as the biden administration made steps to be sure businesses and individuals will have access to their money. >> bottom line is this, americans can rest assured our banking system is safe. your deposits are safe. >> reporter: svb announced almost $2 billion in losses last week. that sparked a run on withdrawals that the 20th largest bank in the u.s. couldn't handle. >> what happened on friday was we saw the funds associated, payroll wages associated with 66,000 workers leave our account and never make it to employees. >> reporter: analysts say svb got in trouble when raising interest rates drove down value of bonds that the bank was heavily invested in. >> silicon valley bank had to sell bonds at a loss and that put them in a terrible situation. >> reporter: during a short address this morning clearly aimed at calming fears a
janet yellen says depositors will have access to all their money from that bank. president biden is also trying to reassure the greater public this is not the beginning of a banking chance. >> reporter: customers lined up early in santa clara as the biden administration made steps to be sure businesses and individuals will have access to their money. >> bottom line is this, americans can rest assured our banking system is safe. your deposits are safe. >> reporter: svb...
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Mar 12, 2023
03/23
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FOXNEWSW
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moments ago treasury secretary janet yellen confirming the federal government will not bail out silicon valley bank providing few details on the government's next step. frantic silicon valley bank clients lining up, desperate to get back their money as the startup focused lender is the largest the bank fail since the great recession. our next guest followed the 2008 financial collapse firsthand. sunday morning futures host maria bartiromo joins us now. so great to have you on such an important event that just happened. how much will this affect us. maria: good morning, rachel. thanks very much. this is going to play out tomorrow morning with a stock market selloff likely. the fact that the treasury secretary, janet yellen, said this will not be a bailout shows you right there the pressure on regulators to bail this bank out. i've got a very good update from td cowen and company this morning from an analyst that is always spot on and he says it's going to be framed as a bank bailout and will boost pressure on regulators to increase capital and liquidity requirements in ways that will be
moments ago treasury secretary janet yellen confirming the federal government will not bail out silicon valley bank providing few details on the government's next step. frantic silicon valley bank clients lining up, desperate to get back their money as the startup focused lender is the largest the bank fail since the great recession. our next guest followed the 2008 financial collapse firsthand. sunday morning futures host maria bartiromo joins us now. so great to have you on such an important...
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Mar 13, 2023
03/23
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treasury secretary janet yellen reashuring americans about their savings amid fears of a wider fallout. >> i do want to emphasize that the american banking system is really safe and well capitalized. >>> also tonight, eight people are killed after suspected smuggling boats capsized off the san diego coast. >>> new storm. battered by destructive flooding, california ready for more extreme weather. >> we are dealing with rain and wind events that can only describe as the
treasury secretary janet yellen reashuring americans about their savings amid fears of a wider fallout. >> i do want to emphasize that the american banking system is really safe and well capitalized. >>> also tonight, eight people are killed after suspected smuggling boats capsized off the san diego coast. >>> new storm. battered by destructive flooding, california ready for more extreme weather. >> we are dealing with rain and wind events that can only describe as...
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Mar 12, 2023
03/23
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. >> treasury secretary janet yellen says federal regulators are helping to were customers in confidential markets after the collapse of silicon valley bank, live in the new york newsroom with mark. >> good evening, silicon valley bank is being auctioned off by the fcic. if a buyer does not emerge the ports are federal prosecutors are considering protecting the bank's uninsured deposits. again the auction was held this afternoon no word about any potential deal, the fcic sees the bank on friday after record one deposit $42 billion were taken out of the bank on thursday. an acquisition would help start up companies make payroll this week insured depositors only guarantee $2,050,000 and their spears the banks collapse destroy confidence in small and medium-sized banks but janet yellen says that should not be the case. >> let me just say this we want to make sure that the troubles that exist at one bank don't create contagion to others that are sound. >> is nobody that were talking about, a lot of these customers and corporations had a lot more then the insured amount of two to $50000 in the
. >> treasury secretary janet yellen says federal regulators are helping to were customers in confidential markets after the collapse of silicon valley bank, live in the new york newsroom with mark. >> good evening, silicon valley bank is being auctioned off by the fcic. if a buyer does not emerge the ports are federal prosecutors are considering protecting the bank's uninsured deposits. again the auction was held this afternoon no word about any potential deal, the fcic sees the...
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yellen tell americans that our banking system is safe. that these are isolated incidents. but dave, 3 banks in the span of one week on its face means they are not isolated events. then a week later, this banking giant credit suisse. so a few things here, if you can address for our international audience, these so called regional banks, s v b, signature and silver gate. they've got an international component to their business models as well. get into that for us. and why did us regulators allow these banks to fail? whereas in credit suisse case, the e. c, be prevented them from folding. so it's a lot to digest and respond to manila. but certainly all important question with respect to the regional banks, there reaches beyond the united states. i think mostly we're talking about silicon valley bank. we're s p b and silver gate. s b is the cornerstone of the venture capital community. and although the venture capital capital largely comes from us, venture capital managers or venture capital funds, their investors in terms of venture capital
yellen tell americans that our banking system is safe. that these are isolated incidents. but dave, 3 banks in the span of one week on its face means they are not isolated events. then a week later, this banking giant credit suisse. so a few things here, if you can address for our international audience, these so called regional banks, s v b, signature and silver gate. they've got an international component to their business models as well. get into that for us. and why did us regulators allow...
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now taxpayer money will not be used for any losses, according to the us treasury secretary, janet yellen, and the chair of the federal deposit insurance corporation, the f d. i see the 2 bank failures this weekend or the 2nd and the 3rd worst in us history. let's bring it up, watch now from d. w. business. another felt bank, contagion here. well, it sounds domestic doesn't it? i can see why you, it's just that there would be s v b. then we've got signature bank, but you have to pay them on that. these 2 financial institutions are particularly exposed to current conditions. for example, s b p does land in particular to tech start ups who are susceptible to the movements of interest rates. and then you've also got signature bank who operates in a similar way. it is also more exposed to crypto currencies than almost any other bank and to currencies. anyone who's paying attention to the maybe last year when i have somewhat tank. so there is a lot of hope that this won't spread to the us banking sector as large, and that is something that the u. s. government us fad is trying to reassure peop
now taxpayer money will not be used for any losses, according to the us treasury secretary, janet yellen, and the chair of the federal deposit insurance corporation, the f d. i see the 2 bank failures this weekend or the 2nd and the 3rd worst in us history. let's bring it up, watch now from d. w. business. another felt bank, contagion here. well, it sounds domestic doesn't it? i can see why you, it's just that there would be s v b. then we've got signature bank, but you have to pay them on...
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Mar 13, 2023
03/23
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by the way, treasury secretary janet yellen says the new program is not a bailout. because the funds come from a pool of money that is paid into by wall street, she says it is different than the taxpayer funded bank bailouts of 2008. president biden is expected to speak on the banking issue later this morning. the white house is about to green light, a major oil drilling project on federal land. the willow development will be approved today, however, it will be smaller than originally planned, using three federally owned sites in alaska and set of five the news follows sunday's moved by the biden administration to declare the arctic ocean off limits to us oil and gas leasing next to the dangerous flooding that's happening in california, and more rain is on the way. thousands are already out of their homes as a new storm system closes in this morning. millions in california are bracing for a new round of storms as floodwaters inundate neighborhoods we are looking at expanding evacuation orders. authorities in monterey county now expanding evacuation orders after the
by the way, treasury secretary janet yellen says the new program is not a bailout. because the funds come from a pool of money that is paid into by wall street, she says it is different than the taxpayer funded bank bailouts of 2008. president biden is expected to speak on the banking issue later this morning. the white house is about to green light, a major oil drilling project on federal land. the willow development will be approved today, however, it will be smaller than originally planned,...
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Mar 13, 2023
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yellen indicated there would be no government bailout following the collapse of 2008 >> the reforms put in place means we're not going to do that again. >> reporter: silicon valley bank serves more than half of the once-booming tech scene. small business owners have their money tied up, too. >> this is everything we have saved. >> reporter: amanda babcock says relief can't come soon enough you're not a giant tech startup you aren't investing millions this is your live lie holively hood >> it is >> reporter: bank employees received their bonuses just hours before the bank was seized by regulators just hours ago, cnbc learned that an auction was held to buy svb. last bids were due at 2:00 p.m. today. >> we have went to two other banks and have started withdrawing the funds. >> reporter: yeah, katie, it was a massive scramble for government agencies this weekend they worked to resolve their as soon as possible before asian and european markets open tomorrow. >> george solis reporting. i want to bring in mike santoli what can you tell us about this latest closure with signature bank >>
yellen indicated there would be no government bailout following the collapse of 2008 >> the reforms put in place means we're not going to do that again. >> reporter: silicon valley bank serves more than half of the once-booming tech scene. small business owners have their money tied up, too. >> this is everything we have saved. >> reporter: amanda babcock says relief can't come soon enough you're not a giant tech startup you aren't investing millions this is your live...