Who's To Blame For The SVB Banking Crisis?

David Dayen joins the program to discuss who is really at fault for the SVB banking crisis.

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I just watched David sacks being interviewed on the Jimmy Dore show who was explaining and I could have watched him on the Glenn Greenwald show on Rumble. And you could have paid like three thousand dollars minimum to get into that fundraiser that he threw for Ro Khanna then maybe you could have had an in-person conversation. You might have had to go up to 13 000. As you guys wrote about in the prospect now and just to be fair David sacks have no deposits according to him in SVB now, of course, he does have a lot of companies that he's invested in that have deposited there. But that doesn't mean that he would have any interest in any person. No incentive. None whatsoever. But in the 40-minute interview that I saw he basically blamed the FED for this. But because their interest rates were so low that it caused everybody to overleverage and get stuck with bonds that were not valuable and with interest rates that were so low that they were looking for other places to put money. And that it caused runaway inflation. And that's why the FED had to raise their rates so much. That was his story. Tell us what the real story is, please. Well I mean the important thing to know about the Silicon Valley Bank collapse and the subsequent actions is that everyone was at fault. and when everyone's at fault that makes it supremely easy for individual people who were at fault to point to the other person who was at fault to deflect blame. So you can go right on down the line and see failures here at pretty much every level. And I don't know I almost don't know where to begin. Because you could begin with any part of this story. Well, let's take it let's start but let this is what I think we should start at. because from my perspective there is one of the most Upstream causes of this was the rollback. I mean and you tell me if I'm wrong. In other words, deregulation. the deregulation in 2017-2018. if that doesn't happen there may be problems at SVB but if they don't they're not allowed to grow to metastasize like this. well, I mean that you know and you have groups like The Bank policy Institute which is a bunch of Bank lobbyists saying that no actually the deregulation wouldn't have changed this at all. so I mean you have con there's contestation going on at every level of this and finger-pointing going on at every level of this. But it is absolutely clear that the 2018 deregulation bill which I call the Crapo bill because it reflects both its author and its content Mike Crapo the senator from Idaho. That bill absolutely was laser targeted at the very Regional banks that are experiencing a crisis right now. I am at the stadium Banks as I called it that aren't big enough to be a global systemic financial institution however they are big enough to get naming rights to a stadium. That those are the banks that are in this wheelhouse right now.