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
** Article originally posted to California DSA https://www.californiadsa.org/news/svb-crisis-guide