Published by admin on Tue, 03/21/2023 - 8:26pm
At issue this week... Economy by Ben Shapiro
We are in a looming financial crisis, even if we don’t want to see it.
Silicon Valley Bank (SVB) was, according to Moody’s, worthy of an investment-grade rating as of March 8, 2023. S&P Global Ratings similarly held a high opinion of SVB. Two days later, SVB was shut down; immediately, Moody’s dropped SVB into junk territory. So did S&P Global Ratings. Within days, Signature Bank — with Barney Frank, co-sponsor of the famed and much-ballyhooed Dodd-Frank Act, on the board — went belly up.