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Editorial: Dem spending lit spark that ignited SVB collapse

Published Fri, 07 Feb 2025 10:54:27 GMT

Let the blame games begin.The dust is still setting on the collapse of Silicon Valley Bank, the 16th largest in the country. Its Friday shuttering forced the government to take over, leaving the fate of almost $175 billion in customer deposits to hang in the balance.It’s the biggest bank collapse since the 2008 financial crisis.Whose fault is it?Pols being pols, the answer is: the other guy.Senator Bernie Sanders, I-Vt.,  said in a statement Sunday that the SVB situation is “a direct result of an absurd 2018 bank deregulation bill” signed by Donald Trump, adding that Trump and Republicans “learned nothing” from past financial crashes,” as Newsweek reported.Massachusetts Democratic Sen. Elizabeth Warren agreed, writing in the New York Times that SVB was one of many banks that lobbied Congress to pass the bipartisan bill, which scaled back parts of the Dodd-Frank Act. “No one should be mistaken about what unfolded over the past few days in the U.S. ...

Strom: For progressives, SVB collapse is about politics

Published Fri, 07 Feb 2025 10:54:27 GMT

The collapse of Silicon Valley Bank (SVB) is a disaster. How big a disaster is not clear. But for America’s social-justice elites, the size is directly related to its effect, not on our overall economy but on their political allies.At the very least, the stockholders are out close to 100% of their investments. Depositors with accounts that exceed the $250,000 FDIC-insured limits are getting a government “backstop.” But there’s no guarantee that will stop the potential contagion effect where similarly situated banks are destabilized by depositors moving their assets to safer institutions.We don’t know the fallout. But we know for sure that a lot of people are being hurt, and many will never recover.There are lots of things to be said about the whole affair and innumerable bad guys to point fingers at. One thing is coming into focus already that may or may not be relevant to the collapse but at the very least is striking: SVB was very woke.It was heavily into Environmental, Social and...

Dear Abby: Coming out creates tension between friends

Published Fri, 07 Feb 2025 10:54:27 GMT

Dear Abby: A dear friend, “Lorraine,” contacted me because her daughter “Gabby” came out to her as bisexual and Lorraine knew I had experience with “this type of thing.” My daughter is bisexual.Lorraine was repulsed by her daughter’s revelation and upset that Gabby expected her to be supportive and wear pride stickers, etc. My friend didn’t understand why she needed to be proud, and she told Gabby that even if she were a murderer she would still love her, and that was all that was important. I’m mortified and unsure how to handle this.We fly my daughter’s flag outside her window. We wear pride gear and celebrate Pride Month with her. I tried explaining to Lorraine that we are supporting our daughter’s courage to come out and be comfortable and proud of who she is. When I said it, Lorraine snorted! Although we have been friends for many years, I never realized she felt this way.I’m struggling with whether to brea...

Topless protestor crashes Junos, as Weeknd wins 5th award with album of the year

Published Fri, 07 Feb 2025 10:54:27 GMT

EDMONTON — A wildly unpredictable Juno Awards unfolded on Monday as a topless protester charged the stage, leading to some feisty words from Avril Lavigne, while an absent the Weeknd emerged as the top winner this year.With a few twists and turns, Canada’s biggest celebration of music did away with its typically tame proceedings shortly after the broadcast got underway. Lavigne was interrupted by a topless woman who leapt on the stage wearing pasties with paint on her that read “land back” and “save the green belt,” a reference to Ontario’s decision last fall to open a protected area of land for housing.The pop-punk princess appeared blindsided by the crasher and proceeded to swear at her, demanding she get off the stage. The person was quickly escorted away by security.Unfazed, Lavigne moved on to introduce a performance by Punjabi-Canadian singer and rapper AP Dhillon.She returned later to accept this year’s fan choice award with a few choice wo...

Lula meets with Indigenous in Brazil’s Amazon, pledges lands

Published Fri, 07 Feb 2025 10:54:27 GMT

RAPOSA SERRA DO SOL INDIGENOUS TERRITORY, Brazil (AP) — On his first trip to Indigenous land in the Amazon rainforest since taking office, Brazilian President Luiz Inácio Lula da Silva expressed support for creating new territories for those communities, but stopped short of announcing any demarcations.Wearing white cap and dark shirt in the heat, Lula addressed some 2,000 Indigenous people who painted their faces, wore traditional feather headdresses and sang songs to welcome him Monday to the Raposa Serra do Sol region bordering Venezuela and Guyana. He said he wants quick demarcation of their lands “before other people take over, invent false documents” to claim ownership rights. That has been a common occurence throughout Brazil’s history, which prompted the start of demarcation processes over a half century ago. “We need to quickly try to legalize every land whose (demarcation) studies are almost finished so the Indigenous can take the land that is theirs,” Lula said at t...

Why another high inflation report may not cause Fed to hike

Published Fri, 07 Feb 2025 10:54:27 GMT

WASHINGTON (AP) — The government inflation report being released Tuesday is expected to show that price acceleration in the United States remained chronically high in February, putting the Federal Reserve in an unusually tough position. The Fed had been considered sure to raise its benchmark interest rate by at least a quarter-point when it meets next week. Many analysts even expected an aggressive half-point hike if Tuesday’s report for February pointed again to elevated inflation. But that was before last weekend’s two major bank failures and a series of emergency measures that the Fed unveiled to try to bolster confidence in the financial system.With bank share prices cratering Monday and fears of further financial instability roiling markets, most economists now expect the Fed to pause its rate hikes next week to avoid causing any further instability at a delicate moment for the banking system.At the same time, inflation continues to run far above what the Fed wants....

Silicon Valley Bank’s demise disrupts the disruptors in tech

Published Fri, 07 Feb 2025 10:54:27 GMT

Silicon Valley Bank’s collapse rattled the technology industry that had been the bank’s backbone, leaving shell-shocked entrepreneurs thankful for the government reprieve that saved their money while they mourned the loss of a place that served as a chummy club of innovation.“They were the gold standard, it almost seemed weird if you were in tech and didn’t have a Silicon Valley Bank account,” said Stefan Kalb, CEO of Seattle startup Shelf Engine, during a Monday interview as he started the process of transferring millions of dollars to other banks.The Biden administration’s move guaranteeing all Silicon Valley Bank’s deposits above the insured limit of $250,000 per account resulted in a “palpable sigh of relief” in Israel, where its booming tech sector is “connected with an umbilical cord to Silicon Valley,” said Jon Medved, founder of the Israeli venture capital crowdfunding platform OurCrowd.But the gratitude for the deposit guarantees that will allow thousands of tec...

Alleged racist remarks at Orange County elementary school prompt protests

Published Fri, 07 Feb 2025 10:54:27 GMT

Family and supporters of a 10-year-old girl who was allegedly the target of racist remarks by another student have been protesting outside an Orange County school. While they say school officials are not treating the incident seriously enough, there were others at the protest unhappy about how the girl’s mom has handled the situation.  Jasmine Harris claims her daughter, Paris, who is Black, was subjected to a racist comment earlier this month by a fellow student, a 10-year-old Latino boy, at Santiago Elementary School in Santa Ana. "The principal called me while I was at work, she told me that at lunch...Paris was just playing with her friends...and this little boy just came up to her, swinging a jump rope at her, trying to hit her, telling her, ‘Go back to work, you slave,’” Harris told KTLA.  She says that she got even more upset with school administrators when she asked what they planned to do about the situation and officials said they could not tell her what wou...

Klay Thompson, Steph Curry combine for 61 points in Warriors’ win over Suns

Published Fri, 07 Feb 2025 10:54:27 GMT

SAN FRANCISCO — Klay Thompson scored 33 points in the first half and the Warriors managed to keep the Phoenix Suns at bay Monday night in Golden State’s 123-112 win.The Warriors finally snapped out of their trend of lethargic starts with their loudest opening quarter of the season. Golden State attacked first, pulling ahead by as many as 25 points in the opening frame.Thompson was a big reason for that. He opened the flood gates early, pouring in 18 points in his first eight minutes of the game before adding another 15 in the second quarter. Then he hit a 3-pointer over his arch nemesis Devin Booker just before the break to send the Warriors into the locker room up 75-58.Thompson cooled off in the third, and the Suns, who were without Kevin Durant, did their best to battle back. The Warriors watched their 17-point lead dwindle to just three with 4:30 left in the third.Related ArticlesGolden State Warriors | Warriors give optimistic update on Gary Payton II ...

Man arrested by BART police after allegedly stealing iPad from rider, banned from BART

Published Fri, 07 Feb 2025 10:54:27 GMT

OAKLAND, Calif. (KRON) – BART police arrested a man who attempted to steal an iPad from a rider on Monday, according to BART police.Around 4:40 p.m., BART officers boarded a Richmond bound train as the suspect fled off the train after allegedly stealing a rider’s iPad, BART police said. The officers were able to catch the suspect, Gabriel Eakin. ‘Severe’ collision with injuries on CA-17 in Los Gatos Police say the 20-year-old discarded a backpack that contained an unregistered loaded firearm while he attempted to flee the station. The firearm was modified to be a fully automatic gun with a high-capacity magazine, BART police said.KRON On is streaming news live now.embed-container { position: relative; padding-bottom: 56.25%; height: 0; overflow: hidden; max-width: 100%; } .embed-container iframe, .embed-container object, .embed-container embed { position: absolute; top: 0; left: 0; width: 100%; height: 100%; }Eakin was booked into Alameda County jail and was banned from returning ...