Peter Zeihan || The Financial Crisis of 2023?
Peter Zeihan, and global geo politic's commentator, weighs in on the local Banking Crisis taking place with the failure of Silicon Valley Bank. He points out the FDIC's role in protecting Depositors up to $250,000. He feels the problem is relatively contained to tech but does rule that it is not completely contained yet. Peter feels this was long time coming due the up and downs of the tech cycles. He pokes at the fact that startups with a few million dollars put all there money into one bank, but where are you suppose to a few million dollars when your a young startup, across ten different banks? That seems quite in practical and short sighted on his part. He also comments on the Biden Administrations solution to the problem is the FDIC backing all these depositors and ALL Banks now needed to contribute more to the FDIC insurance program so that American Tax dollars are not used to back stop this financial crisis.