Silicon Valley Bank, U.S., Vanity Disease discussed on THE NEWS with Anthony Davis


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Two large banks that cater to the tech industry have collapsed after a bank run with government agencies taking emergency measures to backstop the financial system. U.S. regulators close the Silicon Valley bank on Friday after depositors rushed to withdraw their funds all at once. It was the second largest bank failure in U.S. history behind only the 2008 failure of Washington mutual. New York based signature bank also collapsed in the third largest failure. European bank HSBC stepped in to buy the UK arm of Silicon Valley bank for just one pound. But investors confidence has been shaken, causing shares to plummet at several regional American banks. Speaking from The White House, the president said he would seek to hold those responsible accountable. And he pressed for better oversight and regulation of larger banks. He promised that no losses would be borne by taxpayers. We must get the full accounting of what happened, he said. Americans can have confidence that the banking system is safe. It's prompted fears of a broader upheaval with regulators offering emergency loans to banks to stave off additional failures. Despite the message from The White House, investors continued to dump shares in bank stocks. Shares of first republic bank plunged more than 70%, even after the bank said it was accessing emergency funding from the Federal Reserve, as well as additional funds from JPMorgan Chase. The treasury has set aside $25 billion to offset any losses incurred, but fed officials said they do not expect to have to use any of that money, given that the securities posted as collateral have a very low risk of default. The Biden administration has said its approving the major willow oil project on Alaska's petroleum rich north slope, one of president Joe Biden's most consequential climate choices. The move has drawn condemnation from environmentalists who say it flies in the face of the democratic president's pledges. The announcement comes the day after the administration in a big move towards conservation, said it would bar or limit drilling in some other areas of Alaska and the Arctic Ocean. Mister Biden's willow plan would allow three drill sites initially, which project developer ConocoPhillips had said would include around 219 wells. Climate activists have been outraged that mister Biden appeared open to green lighting the project, which they said put his climate legacy at risk. Allowing the oil company to move forward with the drilling plan would also break mister Biden's campaign promise to stop new oil drilling on public lands. The administration's decision is not likely to be the last word, with litigation expected from environmental groups. The intensity of extreme drought and rainfall has sharply increased over the past 20 years, according to a study. These are not merely tough weather events, they are leading to extremes such as crop failure, infrastructure damage, and even humanitarian crisis and conflict, according to the research published in the journal nature water. The big picture on water comes from data from a pair of satellites, known as grace, short for gravity recovery and climate experiment that we used to measure changes in Earth's water storage. The sum of all the water on and in the land, including groundwater, surface water, ice and snow. The researchers say the data confirms that both frequency and intensity of rainfall and droughts are increasing due to burning fossil fuels and other human activity that releases greenhouse gases. I was surprised to see how well correlated the global intensity was with global mean temperatures, said Matthew rodel, study author and deputy director of earth sciences for hydrosphere biosphere and geophysics at NASA Goddard space flight center. The strong link between these climate extremes and rising global average temperatures means continued global warming will mean more drought and rainstorms that are worse by many measures. More frequent, more severe, longer and larger. The research found a drastic swing between extreme drought and unprecedented flooding, dubbed weather whiplash is becoming common in some regions. Water stress is expected to significantly affect poor, disenfranchised communities, as well as ecosystems that have been underfunded and exploited. You can subscribe to the 5 minute news Patreon for bonus videos, commentary and more go to Patreon dot com slash 5 minute news. Mad magazine. Advertising mascots. Bee movie posters, and cartoons. If you get the funky connection that ties these pop culture gems together, you'll dig two designers walk into a bar. See, we're a couple of creatively curious pals living between the bookends of grand museums and dive bars. Hey, you know the place, the sweet spot where highbrow and lowbrow become drinking buddies. So join our bar room chats as we talk influential work and uncover stories of how the familiar became iconic. Think behind the music for the stuff we love. Check out our website at two designers walk into a bar dot com. And listen wherever you get your podcasts or visit evergreen podcasts dot com.

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