The second and third largest US bank failures in the nation’s history occurred within the past week, and on Monday, President Biden attempted to reassure Americans that despite these failures “the banking system is safe” These institutions with connections to cryptocurrency, Silicon Valley Bank and Signature Bank, experienced a run on their deposits. The banks were subsequently shuttered by the Fed and the Treasury Department who believed they posed a systemic risk to the country’s financial system. The Wall Street Journal Senior Writer Jon Hilsenrath joins the podcast to explain what was behind these historic bank failures, how the federal government intervention differs from a bailout and how this will impact the stability of the American economy.
On Monday, President Biden approved the Willow oil drilling in Alaska. Led by the oil company ConocoPhillips, the project aims to produce over 600 million barrels of oil over a 30-year span. Despite the Biden administration paring down the scale of this project, many environmentalists have voiced their opposition to Willow’s approval, arguing that the President is furthering the climate crisis and undermining green energy initiatives. Senior Market Analyst at PRICE Futures Group and FOX Business Contributor Phil Flynn joins the Rundown to discuss what Project Willow will accomplish, how it will help the United States become less reliant on foreign oil supply, and the future of green energy companies in America.
Plus, commentary by former deputy national security adviser K.T. McFarland.