Wolff Responds: Why Did Silicon Valley Bank Collapse?

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In this Wolff Responds, Prof. Wolff discusses the Silicon Valley Bank collapse: how and why it happened, and the many consequences to come.
Check out Prof. Wolff's discussion of the student debt crisis: • Student Debt Crisis - ...
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Пікірлер: 582

@abicaksiz Жыл бұрын

I am neither a native-speaker English nor an economist, but amazingly, I fully understand what Prof. Wolff says. I hope everyone with a dollar (to lose or gain) listens to you carefully. Thank you sir.

@hadilee685 Жыл бұрын

This banks' failure is another solid proof of what Dr Wolff point out in his book "The Sickness Is The System". Thanks Professor.

@rxnlfr7664 Жыл бұрын

@thenewmiLONNIEum más fácil entender al señor que leer la obra de Marx. Además nos previene de las consecuencias tangibles en nuestras vidas cotidianas.

@Lahng_Blackduke Жыл бұрын

@thenewmiLONNIEum Please explain what Marx said in relation to either what OP said or SVB crashing.

@snoop_diggity_dogg6059 Жыл бұрын

@@Lahng_Blackduke - I don't know, but he certainly knew that the apostrophe comes before the s.

@Phil-fw2ib Жыл бұрын

Greedy bankers and politicians “Free market “ Deregulation

@kenthendrix. 10 ай бұрын

Putting well earned money into the stock market can be over emphasize for first time investors unlike a bank where interest is sure thing. Well basically times are uncertain, the stock market is out of control and banks are gradually failing. I’m planning on a ballpark figure of $3million for retirement and I have about $700k loaded up for this, could they be any opportunities for a boomer like me?

@luis-gabriel1 10 ай бұрын

As a business owner in both the service industry and eBay reseller of all product categories, I can tell you we’re in a deep recession and everyone is running out of money, sincerely your best opportunity is seeking a financial advisor unless you’re canny yourself.

@williamculligan 10 ай бұрын

That’s why I always make it a point to speak with a financial advisor before choosing any investments. Apparently, I’ve been using one since the pandemic, using profits oriented tactics and minimizing risks as a buffer against inevitable downtrends. In addition they have valuable access to insider knowledge and analysis, making failure virtually impossible for them. I’ve made over $1.5million passively investing with John Desmond Heppolette, my advisor for over three years now.

@kenthendrix. 10 ай бұрын

Thank you for this tip, it was easy to find your advisor. I conducted a google research of his full names on-line before messaging him. Base on his on-line resume, he appears to possess a high level of proficiency. Thanks for the information!

@c.moeller 10 ай бұрын

Working with a financial advisor who has worked in a solid financial firm for a long time, will actually set you up for success in life. I'm delighted I was able to scale from $86k to $220k in this red season because my financial advisor John Desmond Heppolette, figure out defensive strategies which help portfolios be less vulnerable to market downturns..

@jvcyt298 Жыл бұрын

Every time that I hear Economists talking about raising interest rates to fix inflation, without a care for the 3 million people that this will put out of work, makes me angry. When wages increase they say that it's driving inflation. What does that tell me, that they want to help make the rich, richer at the expense of working people?

@stella3265 Жыл бұрын

The employers raise the prices not the workers. The capitalists for whatever reasons choose to raise the prices of goods and services to make more money. Plain and simple. Raising interest rates does not, never has nor will it do anything but punish the most vulnerable among us.

@hyong-qc3ss Жыл бұрын

Yeah like each and every unemployed person have hopes and dreams but the govt doesn't give a shit

@radscorpion8 Жыл бұрын

You can't look at it with only one eye. If you don't fight inflation, then it hurts the poor much harder. Life isn't perfect, there is no system that guarantees no pain for everyone. But there are government programs and forms of social assistance (welfare) for those who are struggling.

@victoews6842 Жыл бұрын

@@stella3265 increasing interest rates is simply a transfer of wealth from the poor to the rich. That's all it ever will be and that's all it's ever has been

@AWildBard Жыл бұрын

Yes, and it's not just to transfer wealth from the citizens to the rich, it's much more to prevent the working class from gaining power and stability.

@nonsense9464 Жыл бұрын

thinking on it, we're NOT "all in this together". The creeps that cause this, actively, and/or by failure to properly regulate & warn the public, seem to get richer, or at least keep their jobs, as "regulators", while the common people get hosed.

@matthewfaherty Жыл бұрын

God, this guy is brilliant!

@obston2846 Жыл бұрын

lmfao, you're a donkey, Matt.

@reggiebald2830 Жыл бұрын

Thank you professor! Somehow I always feel a little better after a good solid slap of knowledge! You are very much appreciated!

@queermelancholy1562 Жыл бұрын

Thank you for breaking all this information into easier to understand bits. ❤️

@anarchisttechsupport6644 Жыл бұрын

"Are we going to have another crash?" We're ALWAYS going to have another crash - that's how Capitalism works.

@stevechance150 Жыл бұрын

They make money on the way up, They make money on the crash. They make ALL the money.

@kostasp8631 Жыл бұрын

@@stevechance150 👌

@Name-ot3xw Жыл бұрын

We're still in the crash of '08, we've just been papering over it with ever increasing vigor. Arguably we're still in the Dot-Com bust.

@NeoFreshair Жыл бұрын

Crash means bailouts which means taxpayers money stolen by banks when they never worked for the money

@johnsmith-cw3wo Жыл бұрын

@@Name-ot3xw Arguably we're still in the... whatever made Nixon get dollar off gold.

@conors4430 Жыл бұрын

Remember those 50 years we had between the great depression and the 1980s, where we didn’t have a banking crisis, and if banks ever went out of business, they didn’t threaten to top of the whole national or world economy with it. Remember that when somebody tells you, there’s no alternative. to what we have now

@stuckinthemud4352 Жыл бұрын

Remember when the government printed trillions and handed it out less than a few years before the banks started to collapse?

@RobinHerzig Жыл бұрын

I depend on Proff Wolff to provide a correct perspective on the mess we've got Now it's time to contact your congress members to make the necessary demands - No to bailouts - yes to regulations with teeth, accountability for Peter Theil (+ his ghouls) + enforcement of existing regs, etc…

@sbfcapnj Жыл бұрын

Sure. I'll register a complaint with Barnum and Baily's too, while I'm at it.

@ortforshort7652 Жыл бұрын

There are no minimum qualifications for Congress people to hold office. Some of these folks did not even graduate high school. Almost all of them have little, if any, economic savvy. I can't imagine what I would be writing to them that would suddenly turn them into something useful to face up to the economic problems at hand.

@aluisious Жыл бұрын

My Congressman is Ro Khanna and he's not going to do shit. Amusingly my first job was temping on his first political campaign where he was trying to primary someone who had high approval ratings and had held the seat longer than Ro had been alive. He obviously lost. In the process his campaign manager tried to get the temps to work unpaid overtime, violating their contract and his contract with the agency, saying "when we win, we will need good people in Washington," knowing full well they wouldn't win and that the whole thing was pointless exploitation. Suffice to say I have no respect for Ro Khanna, who also happens to be the Congress rep for SVB.

@RobinHerzig Жыл бұрын

@@aluisious Should check OpenSecrets to see if Khanna accepted any money / ind. expenditures from SVB I know he won't take corp cash but… worth looking up Also Ro Khanna signed the ‘Horrors of Socialism’ ref - beyond forgiveable!! If he runs for senate, support Porter or Barbara Lee

@RobinHerzig Жыл бұрын

@@ortforshort7652 Don't know who YOUR member of congress is or senators, but you should 😒

@msjoanofthearc Жыл бұрын

Thank you Dr. Wolff, Thank you!

@davidlim5 Жыл бұрын

Prof. Wolff, thank you for your frank & honest opinion of the recent bank crashed. .😢😢

@arvindkala5191 Жыл бұрын

Excellent Prof Wolff. What is shameful is SVB Bank top honchos selling their SVB stocks. When they realised SVB was sinking but depositors did not . Doesn't that qualify as a crime?

@RiaSwiftHealing Жыл бұрын

Thank you so much for your intelligence and honesty!!!

@ddespinosse Жыл бұрын

Finally someone that is able to explain this minuse emotion. Thank you ❤️👏🏾👍🏽

@saadalnour472 Жыл бұрын

Thank you Professor

@williamblack4097 Жыл бұрын

Hopefully, this will ignite a militant popular movement against capitalism.

@theaconite1400 Жыл бұрын

If people actually want that, they need to start acting on that belief. It would start with unionizing your workplace.

@theaconite1400 Жыл бұрын

To be more clear, what I mean is that we need to stop hoping that it will just magically happen some day or that random other people will do it but we don't need to do anything. It takes time, work, and strong community. And it starts small.

@stuckinthemud4352 Жыл бұрын

One problem the reason we are in this mess is because we printed trillllons of dollars. Hate to break it to you but a centralized government controlling currency is not a capitalist idea it’s a Marxist idea. No true free market system would print money and hand it out.

@truthseeker2222 Жыл бұрын

incredibly articulate and clear explanation. Thanks !

@lawrieyoutube4375 Жыл бұрын

A man who can see the woods AND the trees.

@skc-wg2yq Жыл бұрын

Thank you, Prof! You explain it the best.

@dimasrahardja Жыл бұрын

SVB’s real problem was the homogeneity of their depositors. A liquidity crunch in the startup scene meant that pretty much all of their cash was gone. Had they had a more diversified pool of depositors, this wouldn’t have stung as badly. And banks should not be bailed out. They should take responsibility for terrible decision-making.

@nuqwestr Жыл бұрын

Yes, SVB was a specialty bank funded by IPOs in the innovation economy and bet inflation would be transitory. FDIC will do a technical sale of assets at par value and the balance sheet will be positive.

@stuckinthemud4352 Жыл бұрын

No mention of the bond market problem caused directly from printing money?

@jarichards99utube Жыл бұрын

Thank You Richards... Stay Well 😊 👍 -70SomethingGuy

@lawrieyoutube4375 Жыл бұрын

If only 'confidence' could be spent in the shops. Banks and Wall St are like drunks spinning plates above their heads while dancing on quicksand. Pocketing fortunes for their 'performance' while skipping off when the plates fall and letting the audience to drown in the quicksand.

@uuakata Жыл бұрын

thank you so much Mr. Wolff. informative

@stefania.padalino Жыл бұрын

Thanks for explaining this in plain English!

@ivclaoshi Жыл бұрын

Thanks!

@RichardDWolff Жыл бұрын

Thank you so much @Joanne Chen for your generous contribution. We really appreciate it!

@nancya8262 Жыл бұрын

Thank you sir!! This was more than informative, it is the first time I feel I really understand what happened and why. You are a treasure and your work is invaluable. It's people like you who help keep my faith in humanity. Please stay strong and keep up the great work it is TRULY appreciated.

@scroopynooperz9051 Жыл бұрын

The Wolff of Main Street never disappoints.

@iart2838 Жыл бұрын

Omg, this is insanity. Love your wisdom

@AWildBard Жыл бұрын

It seems ironic that interest rates are being raised to undermine the working class and an investor bank that argued for deregulation is the first to collapse.

@tethergobrrr Жыл бұрын

Fed accidentally unemployed the wrong workers. Won’t be surprised if there’s a strategy rethink.

@anhedonic-voting Жыл бұрын

Thank you for the truth. 🌎✊🗽🌹

@NoThatRyan Жыл бұрын

It's always great to see Professor Wolff post another video to this channel and not just d@w.

@mohammedibrahim6902 Жыл бұрын

Thank you Mr Wolff

@pelbriones7017 Жыл бұрын

KNOWLEDGE IS POWER MABUHAY from PHILIPPINES MARCH 2023 ! Thank You Dr WOLFF....

@user-wp8yx Жыл бұрын

I found the Wolffs Den! I assume we are supposed to howl around here? HowwWWwwwL!

@kimmyp3275 Жыл бұрын

Thank you Richard Wolf!

@shenkoyah Жыл бұрын

I am always grateful for your work! I truly wish I had currency to give, I most certainly would for my understanding grows as I listen to you elaborate so kindly that even a fool could understand!🙏🏽🙌🏽

@HoneyBadger80886 Жыл бұрын

Keep Shining the Light

@Papawcanner Жыл бұрын

The contradiction of raising rates made me chuckle. I obviously have a sick sense of humor . Professor Wolf is the man .

@half-life30 Жыл бұрын

Love your stuff!

@tamarabartolo9185 Жыл бұрын

We need a new system.....

@DidierWierdsma6335 Жыл бұрын

How about a new country just an idea 😊

@goblinpresident4234 Жыл бұрын

Socialism

@muscularclassrepresentativ5663 Жыл бұрын

@@DidierWierdsma6335 I think the USSA would be kinda sweet

@yexacom Жыл бұрын

Very good presentation. And I am listening this in Helsinki Finland. Thank You.

@insomniac2007 Жыл бұрын

Been waiting for this video all weekend!

@producaldo Жыл бұрын

I did find it really useful and clarifying!

@AmyK007 Жыл бұрын

Excellent information.

@RobinHerzig Жыл бұрын

They had what David Harvey calls ‘fictitious capital’

@stella3265 Жыл бұрын

I just watched that segment too with David Harvey. They underprice systemic risk. They do it because the banks know they will be bailed out, and we the ordinary people will be left with paying for the consequences.

@craigbowers4016 Жыл бұрын

I love David Harvey. Check out his recent "READING THE GRUNDRISSE WITH DAVID HARVEY" videos where he goes into detail about Marx's work.

@RobinHerzig Жыл бұрын

@@stella3265 🎯

@stuckinthemud4352 Жыл бұрын

Would you consider the trillions in stimulus checks and unemployment checks fictitious capital?

@RobinHerzig Жыл бұрын

@@stuckinthemud4352 obviously the stimulus was actual money going into actual people's hands - our real money from the US treasury 💯 legit No comparison in any sense

@oldmansailor Жыл бұрын

Best reporting of this I have seen yet

@PapiCthulu2 Жыл бұрын

Why has no one taken the question of the constitutionality of bank bailouts to the Supreme Court? Especially after they shot down student debt loan relief.

@patrickrado2423 Жыл бұрын

Watching twice in a row 👌

@carlosw1687 Жыл бұрын

Thanks very much

@fanyong7883 Жыл бұрын

Good info, professor.

@rochelleiscanadian Жыл бұрын

Very comprehensive video. I enjoyed it.

@joe197301 Жыл бұрын

Thanks for your insight Dr. Wolff

@edwardmiessner6502 Жыл бұрын

Thank you Prof. Wolff, for letting us know how the system is crashing due to the contradictions of capitalism. You mention 3 banks but couldn't remember one of them. That one was Silvergate Bank which was invested heavily in bitcoin, and it became the first to go when Peter Thiel pulled money out of it. But it's more than 3! We've actually had 4 banks fail so far, and 2 more are in trouble. The failed ones in order of failure are: Silvergate Bank, Silicon Valley Bank, Signature Bank, and Credit Suisse. The other 2 that are in trouble are First Republic Bank and Charles Schwab and Associates. Credit Suisse and Schwab are huge, systemically important banks with Schwab holding $7 trillion in assets. God knows how many of those $7 trln in assets are in trouble.

@Rompelstaump Жыл бұрын

This is enlightening 💡 Ty Dr. Wolff

@boombot934 Жыл бұрын

Thank you❤🌹🙏 dear professor Wolff. Your understanding of the situation is admirable👍🤗😄!

@zmani4379 Жыл бұрын

Very informative - I'd like to hear more about the distinction between banks and credit unions in terms of what to expect during such a crisis

@josephmontjoly5211 Жыл бұрын

Merci beaucoup !

@destinyscrackdealer5099 Жыл бұрын

Thanks for the clarification doc 🧐

@chongjcj6977 Жыл бұрын

Thx Professor,I never understood economics as a student till I heard you talk.

@pas9ify Жыл бұрын

Bravo, relating this to the train derailment. The value of regulations!

@bjornbaron5940 Жыл бұрын

Thanks

@sabelotodo4u Жыл бұрын

Well said..

@eliyahubenysrael6272 Жыл бұрын

Thanks Professor Wolff for your analysis

@abrahamsasa3439 Жыл бұрын

Thank sir that was very interesting and educational

@andreen888 Жыл бұрын

Now I understand the SV collapse better. Thanks Prof.

@richardmcmanus2587 Жыл бұрын

I share it on FACEBOOK. Thanks

@ahmedal5769 Жыл бұрын

You are inspiration to continually strive for knowledge Professor Wolff.

@leewahkay Жыл бұрын

Sir, you are the rational person in the USA. It is easier to blame all the problems on someone like China.

@lawrieyoutube4375 Жыл бұрын

China executes its corrupt entrepreneurs. Brutal, but it keeps the others on their toes. No wonder the US business class hate China (especially media executives and owners).

@jokerwick Жыл бұрын

That's what FOX news is doing. Trying to distract their domestic audience by blaming anyone but the people responsible.

@user-qe4vg5cy3i Жыл бұрын

Thanks for everything you do Prof Wolff. ❤

@josehawkins4276 Жыл бұрын

Actually, banks make money on mortgage and other loans by using them as credit. Once a mortgage loan is made, the Fed credits the account that in turn lends it out for interest. I wouldn’t worry about insuring all deposits.

@eziodeldegan414 Жыл бұрын

good video thank you

@BlessedAreTheCheesemakers Жыл бұрын

well said

@peternyc Жыл бұрын

Loss of confidence in the safety of capital in the US will cause foreign capital to exit, which will cause interest rates to rise, which will cause more bank insolvencies, which will cause more capital flight and so on.

@marks7192 Жыл бұрын

What the heck? Who is this guy and why is he making sense.? Im guessing the result of me trying to learn about what is happening here, his channel was bound to materialize. Great info. Ya got another sub sir !

@bobguard Жыл бұрын

Although I have read and seen many media regarding this issue, I find that this is the simplest to understand and digest. Great work and kudos to Prof Wolff. As always.

@SeniBua007 Жыл бұрын

Nice and simple explanation.

@user-uh8qd6eo5l Жыл бұрын

Thank you for your informations sir🎉

@godfatherofcinema Жыл бұрын

Mr. Wolf you are a national treasure thank you so much for educating us on this subject

@dienekes4364 Жыл бұрын

I've heard the term _"Socialism for the rich, rugged individualism for everyone else."_ I absolutely loathe this saying. Bailing out banks and the rich is NOT Socialism. It's Crony Capitalism. There is nothing in the Socialist ideology that says we need to prevent someone that is being reckless with their money from going broke. These banks invested their money poorly and are suffering the consequences. Having the government bail them out just proves the corporate capture, the corruption of Wallstreet that we suffer in the U.S. (and, indeed, the world over).

@lengtayguan1109 Жыл бұрын

Good explanation

@jillblase6820 Жыл бұрын

Awesome

@mgchandrakanth Жыл бұрын

Thanks immense. It was very clear and liked the way conveyed. Hope things would improve

@davidluckens3479 Жыл бұрын

Thank you Prof Wolff for bringing us to the intersection of Hegel and "Firesign Theater",asking the banksters yet again,"how can you be in two two places at once,when you're really nowhere at all"?Its funny,but not in a good way.Even the staunchest supporters of this grotesquely corrupt system cannot fail to notice when and where the government vows to provide ,"limitless" funds to resolve crises.

@edwardmiessner6502 Жыл бұрын

"Limitless funds" ---> Hyperinflation like the Weimar Republic and Zimbabwe.

@AprilWatters Жыл бұрын

LOVE Prof Wolff!! Telling it like it IS as usual!

@guytruth5598 Жыл бұрын

Very informative for the broader public.

@radscorpion8 Жыл бұрын

SVB definitely made a mistake and they should be punished for it, but the decision by the federal reserve is a good one. It basically limits the impact of a bank failure on the rest of the economy by guaranteeing payment to depositors. Of course the only downside might be inflation...but for a moderate sized bank, and to only satisfying depositors, I hardly think it will be unmanageable.

@mlayton1904 Жыл бұрын

The problem is that this bank was too important to fail. So, for those smaller banks that aren't, it will be unwise for depositors to keep their money in them because they don't matter and will not get the same bailout. SVP and its depositors are major democratic funders, therefore they matter. There will be a migration of depositors from small banks to too-big-to-fail banks.

@stuckinthemud4352 Жыл бұрын

What should we do about the failure of the government? The reason the banks are failing is because the bond market is messed up and the bond market is messed up because we printed trillions of dollars and caused inflation. Never fails to amaze me when I see Marxist ideas lcrash the economy and then I see people thinking Marxist ideas can save it. Printing money got us in this boat printing money is about as anti capitalist as it gets.

@EarthColonyNet Жыл бұрын

Interestingly, no one talks about Glass/Steagell...under FDR.

@RobinHerzig Жыл бұрын

Glass Steagall + what destroyed it (under Clinton) Gramm-Leach-Bliley 👏

@renzo6490 Жыл бұрын

singular: Phenomenon Plural: Phenomena

@moniqueboyke5879 Жыл бұрын

Great video professor Richard Wolff

@alanchriston6806 Жыл бұрын

Fabulous 😊🏴‍☠️

@stevenhermansikkens6253 Жыл бұрын

limitless introduction of CBDC as a conse to the quence???

@tiamarie1226 Жыл бұрын

I loved this ... the thumbnail is nice as well

@wuba556 Жыл бұрын

Wolf: Just heard your chapo interview and I LOVED your economic/political/world analysis. Keep up the good work! :D

@8088I Жыл бұрын

When the Economy is "Too Good," Markets gripe that it's 'Too Strong!' :-))

@michaelhanson3509 Жыл бұрын

Thank you Prof. Wolff for continuing to explain these concepts with common sense and excellent analogies, it really makes the whole mess a lot easier to navigate.

@homayounshirazi9550 19 күн бұрын

Thank you professor Wolff for educating us on today's topic of why our economy is failing. Do you think there is a probable remedy for the way our governments could at least attempt to save this sinking boat? Thanks again, Sir.

@chuckkottke Жыл бұрын

In a general sense, we have allowed a relationship between us all to be turned into a game, which then, given the desire of the gamblers to rig the system, destabilizes our society. A globally connected system, where if one cable snaps, the whole ship goes down. ⚓ 🚢

@TomRivieremusic Жыл бұрын

“Stagnating economies can, indeed, be very good for the rich, who feast off the carnage.”

@luizamorim1626 Жыл бұрын

Thanks Prof Wolff for having been so clear about the facts that brought the Silicon Valley Bank down. Now l know what actually happened.

@tonyjofenig6833 Жыл бұрын

As somebody else pointed out in another video, all consumer deposits are insured up to $250,000, so when the government starts bailing out the banks, it is not to save you and me (the average joe) from losing our savings, it's to save the rich and the big corporations money.

@DimaDimaDiMaggio Жыл бұрын

Toni Idiotig, you pooor opinion is not appreciated

@JoelSantos-lk9tu Жыл бұрын

Yes but when big corporations have big losses or go broke, thousands/millions of workers lose their jobs, the system keeps the average Joe hostage one way or the other. It's a system based on economic blackmail, if we (the rich) go broke, your children will go hungry.

@tonyjofenig6833 Жыл бұрын

@@JoelSantos-lk9tu There is more information now. Sounds like all the "depositors" will be made whole, which I am fine with, those people and businesses put their money into that bank in good faith. The bank (SVB) will be liquidated, shareholders, speculators and bank execs will all lose everything, which is how it should be. Hopefully they will do a stock sale clawback, so they will take the money back from the bank president and the other execs that sold their stocks in the last few weeks before the colapse.

@JoelSantos-lk9tu Жыл бұрын

@@tonyjofenig6833 let's hope so, but I suspect there's more to it, let's wait see

@chrisgardner4222 Жыл бұрын

After transferring some funds, I spoke with a Fidelity Investment representative a couple of days ago and he informed me that ALL depositors, even those who had accounts in excess of $250,000, would be covered by the government bail out of SVB. Upon hearing that, I immediately wondered how this action will ultimately effect the average American's taxes. However, the bigger question is, "Does anyone still have any faith, whatsoever, in any branch of our corporate owned government and MSM"?