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CNBC Anchor *LOSES IT* | MASSIVE Freakout on Bank Bailouts
In a recent episode of CNBC’s “Power Lunch,” anchor Kelly Evans had a massive freakout while discussing the issue of bank bailouts. The segment quickly turned heated as Evans passionately argued against the idea of bailing out banks that were deemed “too big to fail.”
The incident occurred when Evans’ guest, former Wells Fargo CEO Richard Kovacevich, defended the previous bank bailouts that occurred after the 2008 financial crisis. Kovacevich maintained that the bailouts prevented a complete financial collapse and ultimately saved the economy from further damage.
However, Evans took a different stance and argued that it was unfair to taxpayers who had to foot the bill for the bank’s mistakes. She argued that the banks should have been allowed to fail instead of relying on government assistance.
As the conversation heated up, Evans became visibly frustrated and started cutting off Kovacevich’s responses, exclaiming “I’m sorry, I’m sorry, I’m sorry” and “We’re running out of time.” She then exclaimed that she couldn’t take it anymore and that the idea of another bank bailout was “ludicrous.”
Evans’ freakout on live television caught the attention of viewers and quickly went viral on social media. Many applauded her for speaking out against what they deemed as corporate greed and unfair use of taxpayer dollars. Others, however, criticized her for being too emotional and unprofessional on air.
Regardless of opinions, the incident highlights the ongoing debate over bank bailouts and their effect on the economy. While some argue that they are necessary to prevent a complete financial collapse, others believe that bailing out banks only rewards failures and puts the burden on taxpayers.
The issue of bank bailouts is likely to continue to be a point of contention as the economy faces ongoing challenges and uncertainties. While Kelly Evans may have had a massive freakout on TV, her passion for the issue speaks to the importance of discussing these issues and finding solutions that benefit everyone involved.
SVB doesn't hold "toxic assets". They have all of the depositors money in safe investments. It's just in illiquid treasuries at the moment. The choice is sell assets now for a loss or wait until they fully mature. The bank run forced them to sell at a loss.
He must have lost money
Bitcoin appears to be a hedge against what is coming. Gold? not so much.
Where is all of Kevin’s money lumped together? He has a lot of stock in one account? Same issue as FDIC.
Bullshit. Just raise FDIC limit to 250 million. Meet Kevin and Rick wants you to waste your life and time on paperwork and red tape to meet an arbitrary coverage limit? Rich Kevin and Rich Rick should get his credit lines and ATM cards frozen for 90 days and try illiquidity out and only be able to use gold and see how that works for him just like SVB.
This is the only guy I would watch on cnbc
I just got bank with interest rate 9 whats going on
FRC is getting bought by one or more banks, so FED must have told them no to a bailout or they would have continued w/o looking for a sale, right?
You forget how this effects inflation.
It's a big middle finger to taxpayers who pay for rich people and corporations to take risks while increasing inflation for those same taxpayers.
Credit unions is the way to go
I’ll only use a credit union.
Well said spot on our government is corrupt n nothing but TRASH IM EMBARRASSED TO BE PART OF THIS COUNTRY WE NEED TO REPLACE THE ENTIRE GOVERNMENT FROM TOO TO BOTTOM WHO R THE ASSHOLES WHO MAKE 5HESE DECISIONS LETS GET SOME NAMES
I guess capitalism rules don’t apply to banks?! Depositors took a risk of depositing above FDIC limit and enjoyed the benefits that comes from it but when it goes bust, tax payers are stuck with the bill?! Fed will likely have to kick up the money printer at a time where it’s trying to bring down inflation. Make that makes sense
Bailing out depositers isn't the same as bailing out the bank!
Doing that doesn't encourage banks to take more risks.
The bank itself still loses it's value, and that hurt is good, because that make banks handle risks better.
You notice they do not list all the companies whose payroll would have been affected
Rick is going to lose his job if he keeps telling the NCBC viewers the truth. They don't like to hear the truth at NCBC. Do you want evidence Kevin did a video on Kramer
Translation – Oh no, we were planning on making a ton of money shorting those innocent depositors and now we're going to lose money! My message to the shorts:. Too bad. So sad. You gambled and you lost.
What’s the point of raising the interest rate when they keep giving money away. Wtf is even going on anymore
Just another holywood production put on by high elites (wealthy biz interests like the WEF) to distract (us) and destroy something.
Despicable Feds. Hypocrites!
Isn't Silicon Valley Bank the bank where California Governor Newsom has his personal and business accounts? He must be very happy Biden has given him a bailout!
Bail out? Who in gov is offering a bail out??
The issue was a standard liquidity crisis and the FED is in my opinion bluffing by backing 100% of new and existing deposits. They just created a bridge bank for SVB to grow the business, retain the employees and to try to get it ready for a sale and off the FDIC’s hands. Fed is not acting socialist and more so trying to stop the contagion. Kevin I think you might be misunderstanding the point here it is NOT SVB’s loan portfolio (which is strong) and there was no loosening of diligence in their underwriting process – there is a reason why they have clauses requiring early stage companies to hold 100% of deposits at SVB. This is a bank that has been around for 40 years and navigated through all the big downturns. This was an issue of the C-Suites royally screwing up and having poor judgment on the type of environment we are going into. Not to mention they failed at ripping the bandaid off which initiated the bank run. No bank run = no failure.
Can the FDIC insure the world because all banks in the world are now interconnected?… this started with the huge hedge funds loosing when Evergrande went under, then all the rural banks there… but nobody is talking about that…
great video today
Biden had a chance to stop this but he chose not to. He could have chosen to set a new precedent.
Is more complicated than that kev, but in a perfect world, yes, I should have 1000 accounts for all my 250k… If svb failed over the weekend, I can guarantee you the beginning of the recession. Think 2-4 weeks ahead if svb failed, You are a smart guy, I'm sure you can do the math… I will agree, maybe not the best solution, but like I said, it's a lot more complicated than that.
Don't put all your eggs in the same basket. Not even if it is a huge basket like the biggest banks!
What’s cpi like ? What happen to rates?
This is why we #Decred
it will kill the US dollar. Government should NOT be in control of "money". as long as they are, it will be mismanaged.
#DCR solves everything.
Same old story… engineered collapse with those on the inside collect and exit, while the public holds the bag. No one will go down for this.
I never thought I would ever agree with this guy, while you are free to take risks, you should be ready to stand the consequences of getting it wrong.