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Are More Bank Runs Coming? The Collapse of Silicon Valley Bank

2023/3/15

Money For the Rest of Us

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David Stein

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David Stein: 本期节目探讨了硅谷银行在短短44小时内倒闭的原因，以及未来是否可能出现更多银行挤兑事件。分析了硅谷银行因债券损失而导致资产负债表恶化，以及与其他地区性银行的异同。探讨了FDIC和美联储为恢复信心和阻止银行挤兑所采取的措施，以及《多德-弗兰克法案》的弱化如何为硅谷银行的倒闭埋下伏笔。此外，还讨论了救助未投保存款人的争议性，并对未来可能出现的几种情景进行了预测，最后提出了个人和企业在私人货币失败时如何保护自己的建议。 Greg Becker: 硅谷银行致力于成为最具挑战时期最佳的金融合作伙伴。 Martin Gruenberg: 美联储加息导致美国银行业面临巨额未实现损失，监管资本通常不反映这些损失。 John Walters: 银行资本是银行资产价值与其负债之间的差额，如果资产价值下降幅度小于资本金额，银行仍可以偿还其负债。 Sheila Bair: 对未投保存款人的救助可能造成道德风险，并引发对未来救助的预期。硅谷银行的倒闭并非系统性风险，政府的救助行动设定了危险的先例。 Joe Biden: 政府将采取一切必要措施来保护银行存款。

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Silicon Valley Bank's rapid collapse stemmed from a confluence of factors, primarily substantial unrealized losses on its bond portfolio. These losses, combined with a mismatch between assets and liabilities and less stringent regulatory requirements for smaller banks, created a precarious financial situation. The bank's close relationship with venture capitalists and startups further exacerbated the crisis.

$211 billion in assets, $120 billion in investment securities
Significant unrealized losses on bonds ($20 billion)
Less stringent capital ratio calculations for smaller banks compared to larger institutions
Close relationship with venture capitalists and startups

Shownotes Transcript

What caused Silicon Valley Bank to collapse in only 44 hours, and how likely will the contagion spread, leading to other bank failures?

Topics covered include:

How losses on bonds blew up SVB's balance sheet
How is Silicon Valley Bank similar and different than other regional banks
What the FDIC and Federal Reserve are trying do to restore confidence and stop bank runs
How a weakening of the Frank-Dodd bank regulation act set the stage for SVB's failure
Why bailing out uninsured depositors is controversial
Three scenarios of what might happen next
Actions we can take to protect ourselves when private money fails

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Show Notes

Silicon Valley Bank launches $2.25bn share sale to shore up capital base by Joshua Franklin and Antoine Gara—The Financial Times)

US Bank Capital Regulation: History and Changes Since the Financial Crisis by John Walter—Economic Quarterly)

SVB's 44-Hour Collapse Was Rooted in Treasury Bets During the Pandemic by Brian Chappatta—Bloomberg)

Remarks by FDIC Chairman Martin Gruenberg at the Institute of International Bankers—FDIC)

How Silicon Valley Turned on Silicon Valley Bank by Ben Foldy, Rachel Louise Ensign, and Justin Baer—The Wall Street Journal)

SEC Filings Details—Silicon Valley Bank)

FDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank, Santa Clara, California—FDIC)