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.
“Let me be clear that during the financial crisis, there were investors and owners of systemic large banks that were bailed out … The reforms that have been put in place means that we’re not going to do that again,” she told the CBS News Sunday program “Face the Nation.” “But we are concerned about depositors and are focused on trying to meet their needs.”
Ms. Yellen stressed that she believes “problems of the tech sector aren’t at the heart of the problems of this bank,” and she offered seemingly iron-clad assurances that a broader collapse isn’t on the horizon.‘Woke’ capitalism “Maybe the American people will finally wake up and understand that we’re living in very tough times, that, in fact, a recession may have already started,” Mr. Marcus said on Fox News over the weekend.
Ms. Yellen said she expected regulators to consider “a wide range of available options,” including the possible acquisition of Silicon Valley Bank by another institution.Congressional leaders urged the administration to quickly lay out a plan.
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