TechLife Chronicle

As the collapse of California's Silicon Valley Bank sparked fears of a bank run and financial crash, no one from the Biden administration called House Speaker Kevin McCarthy, the most influential politician from California and the most powerful Republican in Congress. Although McCarthy proactively contacted Treasury Secretary Janet Yellen, he did not connect with any top White House officials over the weekend. An internal White House memo shows that Biden has reached out to the House Republican leader again and again, calling him on his birthday and on his becoming speaker. Overall, the White House has invited McCarthy to visit more than 20 times; he came eight. Despite this, the two leaders are barely on speaking terms, which is a major problem as they will need to strike a compromise in the coming months to keep the nation from defaulting on its debt and to prevent the government from shutting down in the fall. Biden accuses some Republicans of wanting to 'take the economy ho...

 The recent bankruptcy of Silicon Valley Bank (SVB) has caused First Republic Bank to face its largest crisis yet, with large-scale withdrawals and a steep decline in stock prices. This has led to anxiety in the market, with concerns that small and medium-sized U.S. banks could also face collapse. In response, Jamie Dimon, Chairman of JPMorgan Chase, is gathering large banks to come up with a strategy to stabilize First Republic. According to The Wall Street Journal (WSJ), Dimon is leading the preparation of measures to stabilize First Republic by considering ways to increase its capital with the CEOs of large banks. The options on the table include selling First Republic, injecting external capital, or direct investment by the banks. These banks are also beneficiaries of attracting deposits withdrawn from SVB and First Republic. The situation facing First Republic is dire. After the news of SVB bankruptcy broke on the 10th, First Republic's customers withdrew USD 70 billion, which...