As I write this, a banking crisis might be forming. Silicon Valley Bank went under Friday, and Signature Bank over the weekend. Last night, Treasury, the Fed, and the FDIC announced their plan to deal with the two banks. Maybe it will be enough, and maybe it won’t. We should know in the next few days.
The question to be answered is how unique the problems at the two banks are. And the answer is: sort of unique. Each had individual problems that made them vulnerable, but they couldn’t recover due to problems that exist in just about all banks right now. I’ll talk that through in the featured post, which should come out around 10 EST.
The weekly summary covers Tucker Carlson’s attempt to whitewash January 6, Biden’s budget proposal and the lack of any coherent Republican response, the political crisis in Israel, debates about how Covid started and whether masks slowed it down, and the latest reasons to think Donald Trump might be indicted soon. That should be out before 1.
The Weekly Sift 