In the aftermath of Silicon Valley Bank and Signature Bank, there is a bipartisan push in Washington to create unlimited deposit insurance. Today, the Federal Deposit Insurance Corporation (FDIC) insures accounts up to $250,000. This changed last week when the U.S. government bailed out insured and uninsured depositors, including those with ties to the Chinese […]
Money
#FlashbackFriday: Donald Trump warns Fed rate hike would pop the ‘big, fat, ugly bubble’
Since it is Flashback Friday, now would be a good time to share this clip of then-Candidate Donald Trump warning about what would happen if the Federal Reserve raised interest rates. During a debate with Hillary Clinton, he warned that a rate hike would pop the “big, fat, ugly bubble.” Here is the clip: FLASHBACK: […]
Watch: Janet Yellen testifies on banking crisis, Biden budget
Treasury Secretary Janet Yellen is testifying in front of the U.S. Senate Finance Committee regarding President Joe Biden’s 2024 budget and the banking crisis. Here is the live hearing:
European Central Bank raises interest rates amid banking crisis, prepares to provide liquidity support to financial system
The European Central Bank raised interest rates by 50 basis points on Thursday, despite the banking crisis that has decimated global financial markets. ECB head Christine Lagarde increased the benchmark policy rate to 3.5 percent, the deposit facility rate to three percent, and the marginal lending rate to 3.75 percent. There had been speculation that […]
Credit Suisse will accept Swiss National Bank’s $54 billion liquidity offer
Credit Suisse is taking a lifeline. Despite the company claiming that it was in tip-top financial shape, the financial institution confirmed that it would accept a multi-billion-dollar liquidity opportunity from a central bank. Swiss National Bank announced that it would be willing to offer Credit Suisse liquidity if necessary. But, surely, Credit Suisse would not […]