Silicon Valley Bank collapse, rise of ‘woke’ financial sector spark fear of major economic crisis
By Ben Wolfgang - The Washington Times - Sunday, March 12, 2023
Federal officials scrambled Sunday to calm the financial sector and tamp down fear that a full-blown economic catastrophe is coming on the heels of Silicon Valley Bank’s sudden collapse.
But some business leaders warned this may be just the beginning of a national reckoning with “woke” institutions that value left-wing politics over sound investing.
Treasury Secretary Janet Yellen all but ruled out a federal bailout of the California-based bank but said the government is working around the clock to find solutions for customers, which include major household-name companies such as Roku and Etsy, ahead of Monday morning’s opening bell on Wall Street.
Regulators effectively shuttered the bank Friday and took control of its deposits, marking the second-biggest bank failure in U.S. history and a seismic event that immediately raised the specter of the 2008 economic crisis that hit its climax with the rapid collapse of leading financial institutions such as Lehman Bros.
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READ MORE: https://www.washingtontimes.com/news/2023/mar/12/silicon-valley-bank-collapse-rise-woke-financial-s/
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