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      banking crisis

      Lahaina fire aftermath

      Report Warns 'Today's Climate Crisis Is Tomorrow's Banking Crisis'

      "This growing unseen and unacknowledged banking crisis is going to become visible soon as the climate-related disasters and losses pile up and insurance companies continue to go bankrupt."

      Brett Wilkins
      Aug 23, 2023

      Insurance companies bankrupted by climate disasters are the "canaries in the coal mine" portending "a much worse banking crisis," and regulators must act with urgency to avert financial crashes and costly bailouts, a report published Wednesday warned.

      Amid increasingly frequent and severe fires, flooding, hurricanes, tornadoes, landslides, and hail storms across the U.S., "it's no surprise that there is a great deal of attention on the burgeoning crisis among insurance companies and their insured individuals and businesses," says the report, which was published by the financial reform advocacy group Better Markets.

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      Peter Thiel

      Behind Trump's Possible Arrest and the Latest Banking Crisis Lurks the Billionaire Oligarchy

      Ultra-rich individuals like Peter Thiel are a key part of the anti-democracy movement, of which Trump is the informal leader.

      Robert Reich
      Mar 24, 2023

      What connects the two biggest stories now dominating the news — Donald Trump’s likely arrest and the Fed’s bailouts of shaky banks?

      Start with multi-billionaire Peter Thiel, and follow the money.

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      Opinion
      peter theil
      Federal Reserve Chair Jerome Powell testifies before the House Committee on Financial Services on Capitol Hill

      Critics Warn Another Fed Rate Hike Would Be the 'Straw That Breaks the Camel's Back'

      One economist slammed the Fed for "protecting wealthy venture capitalists and startup CEOs" while showing "little concern for the millions of people who could lose their jobs."

      Jake Johnson
      Mar 21, 2023

      Federal Reserve policymakers convened Tuesday for a two-day meeting that will culminate in a decision with major implications for the U.S. and global economies, which have been jarred by recent banking sector chaos and growing fears of a broader financial crisis.

      The Fed is widely, though not universally, expected to raise interest rates by 25 basis points on Wednesday despite concerns that the central bank's tightening of monetary policy over the past year is at least partially responsible for the collapse of Silicon Valley Bank (SVB), a top lender to tech startups and venture capital firms.

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