the color of money book mehrsa baradaran

Baker wrote, quote, “The reason this is a bailout is that the government is providing a benefit that the depositors did not pay for,” unquote.ĭespite the Biden administration’s actions, the stock value of a number of other regional banks have plummeted, raising fears of a larger banking crisis. The economist Dean Baker described the Biden administration’s move as a bailout for bank customers with large deposits. Under standard rules, the FDIC only insures $250,000 per account. Over the weekend, the Biden administration took extraordinary measures to guarantee anyone who had accounts with the collapsed banks would be able to get back all of their money regardless of the amount. They were the largest bank failures since the 2008 financial crisis and the second- and third-largest bank failures in U.S. For more, we speak with The Lever's David Sirota and banking law professor Mehrsa Baradaran, whom progressive groups at one point backed as the Biden administration's pick for comptroller of the currency, an influential regulator of banks.ĪMY GOODMAN: Fallout continues to grow from the collapse of Silicon Valley Bank and Signature Bank. The fallout from the bank failures now threatens to spread to other financial institutions, and the Biden administration has taken extraordinary steps to guarantee all deposits in the two failed banks and to shore up the rest of the sector in what many are criticizing as a bailout of rich bank customers. Executives from Silicon Valley Bank and Signature Bank were among those who successfully lobbied to weaken rules that may have prevented their collapse.

But during the Trump administration, a number of Democrats joined Republicans in Congress to weaken laws including Dodd-Frank, the landmark regulatory reform passed in the wake of the crisis. The collapse of Silicon Valley Bank and Signature Bank are the largest bank failures since the 2008 financial crisis, which prompted lawmakers to pass legislation to increase regulations on banks and other financial institutions.

The color of money book mehrsa baradaran