Banks, J6, Covid Origins, Twitter Files
Twitter News digest for the week of 3/9-3/15
Hey everyone!
This week’s news digest covers the banking crisis, the J6 footage, Covid investigations, and the latest Twitter Files developments. Don’t miss Dogey Treats and Memes of the Week at the end!
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Banking Crisis
The collapse of three mid-sized banks sent shockwaves through Twitter last week.
It started with the shuttering of crypto bank Silvergate on Wednesday. Friday, the Federal Deposit Insurance Corporation (FDIC) took control of Silicon Valley Bank, the 16th largest bank in the country. Over the weekend, Signature Bank was closed by New York regulators.
Fear of contagion quickly spread throughout the industry: bank stocks plunged on Friday and again on Monday before confidence was restored.
As the collapses were happening, debate focused whether the government should backstop bank deposits, or if depositors should lose their money on account of their banks’ various perceived sins (profit-seeking, wokeness, servicing crypto companies).
Sunday afternoon, with the possibility that a crisis of confidence might spread to the entire banking system, the government rightly guaranteed customer deposits, allowing thousands of small businesses to make payroll.
While political debates continue to rage about whether the action was justified, the bigger question is if the crisis has been averted or merely delayed.
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