Robert Reich

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‘Will the failure of Silicon Valley Bank be as contagious as the failures of 2008, leading to other bank failures as depositors grow nervous about their safety?’ Photograph: Cj Gunther/EPA

InternacionalEconomía

On Friday, bank regulators closed Silicon Valley Bank, based in Santa Clara, California. Its failure was the second largest in US history and the largest since the financial crisis of 2008.

Will other banks fail? On Sunday, regulators closed New York-based Signature Bank.

As they rushed to contain the fallout, government regulators at the Federal Reserve, Treasury and Federal Deposit Insurance Corporation announced in a joint statement on Sunday that depositors in Silicon Valley Bank would have access to all of their money starting Monday. They’d enact a similar program for Signature Bank.

They stressed that the bank losses would not be borne by taxpayers but by bank shareholders.…  Seguir leyendo »

‘Both wield sledgehammers to protect their fragile egos. Both are utterly lacking in empathy. Both push baseless conspiracy theories.’ Photograph: Nicholas Kamm/AFP/Getty Images

MundoAmérica

We likely won’t know all the results of America’s midterm election for a while, but consider two people not on any ballot who are setting the tenor for much of what we have heard and seen.

First is Elon Musk, who last Friday fired half of Twitter’s 7,500 employees, including teams devoted to combating election misinformation – and did it so haphazardly and arbitrarily that most had no idea they were fired until their email accounts were shut off.

This was after he fired Twitter’s executives to avoid paying them the golden parachutes they’re owed. And after posting an article suggesting without evidence that Nancy Pelosi’s husband, Paul Pelosi, was in a drunken fight with a male prostitute.…  Seguir leyendo »

‘On Wednesday, Mexico announced that it’s seeking at least $10 billion in compensation from America’s 11 major gun manufacturers for the havoc the guns have wrought south of the border.’ Photograph: Hérika Martínez/AFP/Getty Images

MundoAmérica, ,

Even as Republican members of Congress accuse Joe Biden of failing to secure the nation’s southern border, Mexico is facing a growing problem of securing its northern border. Guns from the United States are pouring into Mexico, arming violent drug gangs.

Mexico has tried just about everything to stop the flow of firearms from the north – passing strict gun control laws, imposing stiff penalties on traffickers and pleading with US authorities to stop the trafficking – but nothing has worked. So now it’s doing what any litigious American would do: it’s suing.

On Wednesday, Mexico announced that it is seeking at least $10bn in compensation from 11 major US gun manufacturers for the havoc the guns have wrought south of the border.…  Seguir leyendo »

Donald Trump has 66.5 million followers on Twitter. Photograph: NurPhoto/NurPhoto via Getty Images

ReflexionesSocial,

Mark Zuckerberg of Facebook says he’ll run political ads even if they are false. Jack Dorsey of Twitter says he’ll stop running political ads altogether.

Dorsey has the correct approach but the debate skirts the bigger question: Who is responsible for protecting democracy from big, dangerous lies?

Donald Trump lies like most people breathe. As he’s been cornered, his lies have grown more vicious and dangerous. He conjures up conspiracies, spews hate and says established facts are lies and lies are truths.

This would be hard enough for a democracy to handle without Facebook sending Trump’s unfiltered lies to the 45% of Americans for whom it is the main source of news.…  Seguir leyendo »

InternacionalEconomía, ,

This spring, President Obama and Republican leaders in Congress want to use an outdated process used to pass the North American Free Trade Agreement more than 20 years ago — a rule called “fast track” — to force through trade deals without a real debate or any amendments. And fast track would be used to speed passage of the giant Trans-Pacific Partnership, or TPP, trade deal.

If you haven't heard much about the TPP, that's part of the problem. It would be the largest trade deal in history — involving countries stretching from Chile to Japan, representing 792 million people and about 40% of the world economy.…  Seguir leyendo »