Commentary Last week, South Dakota Republican governor Kristi Noem rejected a bill (HB1193) to update the Uniform Commercial Code (UCC) with her own unique “brand” of veto. The veto came because Noem opposed the bill’s language outlawing Bitcoin and other cryptocurrencies, but allowing a central bank digital currency (CBDC), which is issued by governments. Noem…
Don’t Fear Central Bank Digital Currency, Embrace It Instead
March 15, 2023
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Silicon Valley Bank Customers Stand in Line for Hours at Santa Clara Location
March 14, 2023
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Business & MarketsCaliforniaCompanieseconomyInvestmentMarketsNorthern Californiapersonal financeRegional & State NewsSilicon Valley BankSilicon Valley Bank CollapseState NewsSVBSVB CollapseUS
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SANTA CLARA, Calif.—Silicon Valley Bank (SVB) customers lined up for hours in front of the bank’s HQ location in Santa Clara on March 13 to access their funds. Depositors rushed to the bank after the Federal Deposit Insurance Corporation (FDIC) stated in a press release that all assets—both insured and uninsured—would be available for transfer…
Biden’s Proposed Cap Gains Tax Would Exceed 100 Percent
March 14, 2023
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bidenBrightBusiness & MarketsBusiness ColumnistsCapital gainseconomic policieseconomyInvestmentpersonal financetaxtaxesUSUS NewsWealth Management
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President Joe Biden’s proposed capital gains tax increase could result in an effective tax rate of over 100 percent after adjusting for inflation, according to recent calculations by Laffer Associates. The increase would more than double the tax investors pay on investments held longer than one year. The proposal, outlined as part of Biden’s $6.8…
Biden’s Proposed Cap Gains Tax Would Exceed 100 Percent: Economist
March 14, 2023
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bidenBrightBusiness & MarketsBusiness ColumnistsCapital gainseconomic policieseconomyInvestmentpersonal financetaxtaxesUSUS NewsWealth Management
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President Joe Biden’s proposed capital gains tax increase could result in an effective tax rate of over 100 percent after adjusting for inflation, according to recent calculations by Laffer Associates. The increase would more than double the tax investors pay on investments held longer than one year. The proposal, outlined as part of Biden’s $6.8…
Capital Gains Tax Can Exceed 100 Percent Under Biden Proposal: Economist
President Joe Biden’s proposed capital gains tax increase could result in an effective tax rate of over 100 percent after adjusting for inflation, according to recent calculations by Laffer Associates. The increase would more than double the tax investors pay on investments held longer than one year. The proposal, outlined as part of Biden’s $6.8…
Moody’s Downgrades Entire US Banking System Outlook to ‘Negative’
Credit ratings agency Moody’s Investors Service downgraded its outlook for the U.S. banking system on Tuesday after the rapid declines and collapses of Silicon Valley Bank, Signature Bank, and Silvergate Bank in recent days. The prominent ratings agency said it “changed to negative from stable our outlook on the U.S. banking system to reflect the…
US Banking System Outlook Downgraded to ‘Negative’
March 14, 2023
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Business & MarketsCompanieseconomyInvestmentMarketsMoody'spersonal financeSilicon Valley Bank CollapseSVBUSUS News
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Credit ratings agency Moody’s Investors Service downgraded its outlook for the U.S. banking system on Tuesday after the rapid declines and collapses of Silicon Valley Bank, Signature Bank, and Silvergate Bank in recent days. The prominent ratings agency said it “changed to negative from stable our outlook on the U.S. banking system to reflect the…
What SVB Bank Collapse Means for Your Wallet
The lighting-fast collapse of Silicon Valley Bank—the second-biggest bank failure in U.S. history—is fueling questions among everyday savers and retail investors about possible impacts on their finances, even if they didn’t have any deposits at the failed bank. Last week’s meltdown of Silicon Valley Bank (SVB) and days later the collapse of Signature Bank (the…
Shareholder Lawsuit Accuses Silicon Valley Bank Executives of Fraud
March 14, 2023
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Business & MarketsCompanieseconomyFraudInvestmentJudiciarylawsuitSilicon Valley BankSilicon Valley Bank CollapseUSUS News
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Shareholders of the collapsed Silicon Valley Bank (SVB) have filed a class action lawsuit against the institution, its CEO Greg Becker, and CFO Daniel Beck, alleging violations of securities laws by concealing the bank’s vulnerability to a bank run. The shareholders claim in a complaint (pdf) filed Monday in federal court in San Jose, California…
GOP 2024 Candidate Ramaswamy Says Feds Should Let Silicon Valley Bank ‘Fully Fail’
March 13, 2023
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2024 electionBusiness & MarketsCompanieseconomyInvestmentMarketsPoliticsSilicon Valley Bank CollapseUSUS NewsVivek Ramaswamy
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GOP 2024 presidential candidate Vivek Ramaswamy has called for restraint by the federal government in its response to the swift collapse of tech-sector darling Silicon Valley Bank (SVB) over the weekend, amid calls against more taxpayer bailouts for bank failures. Ramaswamy, an entrepreneur and biotech investor, suggested on Saturday night that the best way for…
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