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leaves more questions than answers. did the government step in at just the right time or over step with what critics say is another bank bailout? it s not free. it comes with costs. plus, are more banks in danger of collapse? there s just panic. concerns spread to bigger institutions. can you squeeze under the pressure? as bank stocks take a rollercoaster ride. and regulators faced with a dilemma. were they asking the right questions? were they keeping an eye out for this? fight high inflation with rising interest rates. or back off to calm down the troubled banking industry. you can now be rescuing banks and hiking interest rates. bank bust. what s next for america s money? on cnn primetime. good evening, everyone. i m poppy harlow. just one week ago, america s 16th largest bank was up and running, everything seemed fine. tonight, it is collapsed and in government hands. and fears over the broader banking industry are now global. the swiss banking g ....
miles away. that s where the web space telescope attention of astronomers and space fans everywhere. according to nasa, the star, w r 1 to 4, among the biggest and most radiant stars known, is about to die. before going supernova. supernova s, as you may know, are the hottest, brightest objects in the night sky. the stars surrounded by cooler, glowing halo of gas and dust, a lot of it equivalent to the mass of ten of our sons. the mass comes from the starts off, which now is a mere shadow of its former self. and now only ways the same as about 30 sons. my mind is blown. the news continues. we want to head over to what s next for america s money. poppy? tonight, a banking crisis leaves more questions than answers. we had a old-fashioned bank run. did the government step in at just the right time? the banking system is safe. or overstep with what critics say just another bank bailout? plus, are more banks in danger of collapse? concern spreads to big ....
Finance nerd version of that? they wanted to make money. so they shifted, more and more cash into long-term fixed-rate bonds. this isn t 2008. that is the very definition of vanilla banking. at least until that low interest rate environment gets blown apart by the federal reserve desperately trying to tame four decade high inflation. svp was sitting on significant losses, like lots of banks. what made this bank different? tech and startup founders and companies pulling deposits to survive. if you re svb, you have a problem. a mismatch between all that customer coinage and all your other assets. while they weren t fully aware of it yet, the government also had a problem. these deposits supported 10s of thousands of jobs, payrolls, and almost all of it above the fdic insurance cap. on march 8th, the bank announced it was selling off holdings at a loss and selling ....
Jargon we broaden our white house chief correspondent, phil mattingly to help us synthesize it all in two minutes. phil mattingly? hey, poppy harlow. it s fair to say there s quite a few questions as to how the banking system is going to be sitting at the edge of collapse, question like what in the heck just happened? i m sure you would like the short answer, so i ll give it a shot. one industry, one bank, the whatsapp grew group tweet, because, of course here is a long answer. this is silicon valley bank, over 40 years it deep ties in the texas their sector to become the nation s largest know what to do with the same moment as historically low interest rates. in other words those deposits, all that money, was not profitable. so the banks executives decided to yield they want to make money. so they shifted more and more cash in the long term fix rate bonds. this is not 2008. that is the very definition of vanilla banking. ....
Banking that no pun intended, that people are not going to support the president s overhaul plan and the white house is just very confident they ve got the public on their side. how does this cut in terms of campaign issues? you have people in tough campaign elections like john mccain. is this a positive or negative given the way anger at wall street is cutting? i think democrats think it s a huge, huge positive for them. john mccain is kind of an interesting situation. he is sort of running on reimposing glass-stegall, which separated vanilla banking from investment banking during the clinton administration, so he s trying to protect himself on that flank, but a lot of republicans are very concerned that the party leadership is taking the wrong attack in terms of opposing tim geithner and ....