The collapse of Silicon Valley Bank and Signature Bank have something in common: they both benefited from deregulation under the #BankLobbyistAct in 2018 1/5
Congress passed the law but the Trump-era regulators pushed it even further, giving authorities less oversight of these large-ish banks. Now we need action to reverse those changes and make others 2/5 ourfinancialsecurity.org/2023/03/news-r…
People like @SenWarren warned of this outcome back in 2018. Check out her op-ed in The New York Times today. 3/5 nytimes.com/2023/03/13/opi…
There's been a forceful response that stands a good chance of stopping any contagion. The bank shareholders get nothing; executives have lost their jobs. Both of those things are good: you take risks, you don't always win 4/5
But let's also bear in mind that we should take the economic stresses of everyday people as seriously as we do stresses in the financial system. 5/end
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