Silicon Valley Bank: A guide to understanding the crisis

Just over a month ago, Silicon Valley Bank, the 18th largest bank in the US (which most of us had never heard of), collapsed in one of the largest bank failures since 2008’s financial crisis. Within a week, the federal government and federal reserve sprang into action to defend the assets of their millionaire and billionaire donors and the tech industry that props them up.

To better understand the crisis, we curated this list of articles that demonstrate how corporate greed and lack of regulation caused this crisis, as well as the unsurprising hypocrisy of the government as it rushed at warp speed to defend the assets of its donors.

Silicon Valley Bank’s History of Recklessness Went Back Decades - Jacobin

Silicon Valley Bank’s Failure Shows Why We Need to Expand Public Banking - Jacobin

Drowning in Deposits - New Left Review

What the End of SVB Reveals About VC Class Solidarity - The Nation

Silicon Valley Learns to Love Socialism for the Rich - The Nation

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Matthew Hastings

Matthew Hastings is a teacher in the Coachella Valley and co-chair of the Political Education Working Group in Inland Empire DSA.

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