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Submission: On September 25 via api from US — Scanned from DE
Submission: On September 25 via api from US — Scanned from DE
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Skip to contentSkip to site index Search & Section Navigation Section Navigation SEARCH Politics SUBSCRIBE FOR €0.50/WEEKLog in Monday, September 25, 2023 Today’s Paper THE U.S. ECONOMY TODAY * Fed Pauses Rates * Will Rates Stay High? * Gas Prices Rise * National Debt Tops $33 Trillion * Inflation Speeds Up Advertisement SKIP ADVERTISEMENT Supported by SKIP ADVERTISEMENT HOW SILICON VALLEY BANK’S FAILURE COULD HAVE SPREAD FAR AND WIDE New research suggests large parts of the country remain vulnerable to widespread bank failure in the event of a run on deposits. * Share full article * * * 32 * Read in app Silicon Valley Bank was more exposed than most banks to the risks of a rapid increase in interest rates.Credit...Jim Wilson/The New York Times By Jim Tankersley Published April 13, 2023Updated April 16, 2023 WASHINGTON — The federal government’s rescue of two failed banks last month has drawn criticism from some lawmakers and investors, who accuse the Biden administration and the Federal Reserve of bailing out wealthy customers in California and New York and sticking bank customers in Middle America with the bill. But new data help explain why government officials declared the failures of Silicon Valley Bank and Signature Bank to be a risk to not just their customers, but also the entire financial system. The numbers suggest that a run on deposits at those two banks could have set off a cascading series of bank failures, crippling small businesses and economic activity across wide parts of the country. Subscribe to The Times to read as many articles as you like. Jim Tankersley is a White House correspondent with a focus on economic policy. He has written for more than a decade in Washington about the decline of opportunity for American workers, and is the author of "The Riches of This Land: The Untold, True Story of America's Middle Class." More about Jim Tankersley A version of this article appears in print on April 17, 2023, Section B, Page 1 of the New York edition with the headline: Silicon Valley Bank Collapse Could Have Set Off Cascading Series of Failures. Order Reprints | Today’s Paper | Subscribe Read 32 Comments * Share full article * * * 32 * Read in app Advertisement SKIP ADVERTISEMENT COMMENTS 32 How Silicon Valley Bank’s Failure Could Have Spread Far and WideSkip to Comments The comments section is closed. To submit a letter to the editor for publication, write to letters@nytimes.com. SITE INDEX SITE INFORMATION NAVIGATION * © 2023 The New York Times Company * NYTCo * Contact Us * Accessibility * Work with us * Advertise * T Brand Studio * Your Ad Choices * Privacy Policy * Terms of Service * Terms of Sale * Site Map * Canada * International * Help * Subscriptions Your tracker settings We use cookies and similar methods to recognize visitors and remember their preferences. We also use them to measure ad campaign effectiveness, target ads and analyze site traffic. To learn more about these methods, including how to disable them, view our Cookie Policy. By clicking ‘accept,’ you consent to the processing of your data by us and third parties using the above methods. You can always change your tracker preferences by visiting our Cookie Policy. AcceptReject We've updated our termsWe encourage you to review our updated Terms of Sale, Terms of Service, and Privacy Policy. By continuing, you agree to the updated Terms listed here.Continue