Treasury Secretary Janet Yellen told “Face the Nation” that the federal government will not provide a bailout for Silicon Valley Bank’s investors. Regulators are working to find a buyer for the bank, which abruptly shuttered Friday. Skyler Henry reports.
#news #siliconvalleybank #economy
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In a recent announcement, U.S. Treasury Secretary, Steven Mnuchin, has stated that there will be no plans to include Silicon Valley Bank in the government’s rescue package for businesses affected by the coronavirus pandemic.
The Treasury Secretary made it clear that Silicon Valley Bank does not meet the criteria for inclusion in the government’s bailout package because it is not classified as a small or medium-sized enterprise. Mnuchin added that the bank primarily serves large companies, which has resulted in the bank not being eligible for the benefits offered by the government’s Paycheck Protection Program.
Silicon Valley Bank, headquartered in California and founded in 1983, primarily serves technology and life sciences companies. The bank provides financing for startups and established businesses in the technology industry, with services like venture capital, private equity, and mergers and acquisitions.
However, some analysts have raised concerns over the Treasury Secretary’s decision, claiming that Silicon Valley Bank plays a critical role in the tech industry, which is currently experiencing a significant downturn due to the pandemic. With many technology startups facing financial difficulties, some experts have suggested that the decision to exclude Silicon Valley Bank from the bailout package may hinder the recovery of the tech industry.
Moreover, the technology sector has played a crucial role in supporting the economy, with companies such as Amazon, Microsoft and Apple experiencing strong consumer demand during the pandemic, which has helped to support job creation and economic growth. Therefore, the decision not to include a bank that primarily serves the technology industry may be seen as counterproductive, as it could weaken the recovery of the overall economy.
Overall, it remains to be seen how the exclusion of Silicon Valley Bank from the government’s bailout package will impact the technology industry and the broader economy. While there are certainly arguments for and against this decision, it is crucial for policymakers to balance short-term measures aimed at providing immediate support to struggling businesses with longer-term strategies that promote economic growth and stability.
A bailout is socialism
"No bailout. It's a special monetary operation." Yellen
This will only further destroy the US economy, the far left neocons really hate the U.S.
USA IS TOO STUPID AND HIDING. THEY KNEW WHAT IT HAPPENS ON SVB BUT THEY DID NOT ACCEPT. THIS IS DUE TO AMERICAN AND EU SANCTION RUSSIA AND ENERGY PRICE IS UP SO DOES INFLATION . MORE OVER IT IS USA 'S EASY MONEY.
Depositors are not the investors.
The investors will not be bailed out as their investments are not on deposit with the bank.
So, technically speaking, it's not a bailout for the bank.
The fed is looking to put the bank up for auction in order to get some liquidation and obtain a buyer that will run it right and not into the ground.
More banks are sure to fail due to ignorant people listening to other ignorant people telling everyone to take their money out before the bank fails.
Running on the banks and everyone removing all their money is a sure fire way to cause banks to fail.
Chill.
Lol that's funny because they immediately started the bailout as soon as the market opened today. CNN, MSNBC, CBS are all propaganda, only telling the American people what the government tells them to say. They aren't even trying to be slick about it anymore, which is even more insulting.
I want to see people in JAIL, NOW. All of the senior management and human resources.
she's lying. just bailout in another name.
those old farts really know how to ruin a running economy
Time to get rid of federal reserve. Sleepy joe takes a good economy and creates financial collapse with the help of federal reserve.
I thought Democrats were going against the rich, but here they are bailing them out again!!!
Let it fail.
What about people homes going on foreclosures where are their bailouts????
Some rich people stay rich by spending like the poor and investing without stopping then most poor people stay poor by spending like the rich yet not investing like the rich but impressing them
Of course she lied
We're in the midst of the biggest bond dumb in history. The fed raised rate because it's at it's inflation limit. It can't bailout anything but it's bond responsibility. The fed is collecting all available cash( bank closures) that it can but it's not enough to to cover the bonds other nations are cashing in because foreign nations can't trade their junk Fiat for dollars at the IMF. It's their last ditch effort and it will fail.
DEMOCRATS hate the United States
Peter Thiel is the primary culprit here and should have to cover all deposits with every last penny of his net worth for inciting panic and intentionally and single-handedly causing a bank run. Justice rarely happens in this nation but I can dream.
Don't doubt the whole thing just because some fools like FTX failed us. We are right in time with the rainbow chart and right in time with closing this downhill for good and the catalyst to that is also there now that Amazon went ahead to announce ZTO400X
With everything which happened recently the trust is on the ultra low level. Only hope we have left is that Amazons ZTO400X is stomping the game.
Was in serious doubts because this is really a tough market but just got the headsup that Amazons announcement for ZTO400X invite hit the roads and that could maybe change the tables. I'm going with it! Who's with me?
Got everything transferred out of my FTX account, but the TRON was and still is a bear to exchange. That's the only crypto I had trouble with. Just going to leave it in and focus on ZTO400X
I posted numerous comments on your previous videos months ago asking how FTX can afford to pay 5% yields on any balance of any type of crypto. The signs were all over that they were illegitimate. ZTO400X is the only we can trust based on brand and utility.
I’d rather buy ZTO400X, atom, polka and polygon!
if this ZTO400X rises like mana and does x30, I'll get 500k usd
Charts literally make me mad the sun in my life is Amazons ZTO400X nowadays
Can I get multiple entries for ZTO400X or only one?