Silicon Valley exists to destroy jobs—let it burn w/Malcolm Harris

The Real News Podcast · Mar 27, 2023 · 39m

The dramatic fall of Silicon Valley Bank in the span of a single week has sent reverberations throughout the financial system and growing fears of bank failures. SVB over-invested in mortgage loans and treasury bonds to deal with a glut of capital brought on by the COVID-19 pandemic, assuming these assets were secure as long as interest rates stayed low. In the past year, interest rates began to rise, making the assets SVB purchased worse less than what they bought them for. A bank failure could have been avoided, had a panic not spread among tech investors fueled by the likes of Peter Thiel…