The basic formula here is actually correct… 1. No bailout for SVB stockholders/bond holders. 2. But we will meet the needs of depositors. 3. And prevent contagion… But it all sounds hopeless vague. Half-measures won’t stop a banking crisis.

What Yellen should have said: 1. No bailout for SVB stockholders/bond holders. 2. But deposits are safe—not just at SVB but at all regional banks. You can trust the US banking system. 3. We will backstop it if necessary to prevent contagion. We will defend the US banking system.

Update: This is where they ended up. Good news. 👏

“Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.” And just like that, crisis averted. So easy to do and so unnecessary to ever have this outcome in doubt. Undoubtedly there are deeper issues in the banking system but now there is time to fix them.

Honestly we need people who are not in their 70’s and 80’s leading this nation. Just hearing her talk makes me wary on this entire plan of action

My guess/hope is that she's being vague because Treasury/FDIC is coordinating a sale of assets and that sale will determine the amount of immediate access to deposits come next week.

Listening to Yellen talk was like watching paint dry. For the love of god can we get some young energetic leaders?

Let’s hope they understand the ramifications of not fixing this before the market opens tomorrow

Was this filmed after a soft breakfast at the old age home? Damn

David 👉🏼 "The deposit insurance amount is $250,000 per depositor, per insured bank, for each account ownership category" your tweets won't change this rule

Better yet. Congress needs to know which banks and financial institutions, like SVB, have prioritized ESG/DEI policies over sound financial management. They should then pass a law outlawing such policies & practices by both the institutions and their regulators.