March 13, 2023

No Bailout For Collapsed Silicon Valley Bank. Musk Open To Buying Silcon Valley Bank. Newsom's California Pushes Billions In Reparations Payments. CA $18 Minimum Wage

36 minutes

Treasury Secretary Janet Yellen said Sunday that there would be no bailout for the collapsed Silicon Valley Bank. Business Insider reports that in a recent reply to a tweet, Twitter owner and Tesla CEO Elon Musk stated that he was “open to the idea” of purchasing Silicon Valley Bank after the financial institution was shut down by U.S. regulator due to a run on deposits by customers. While some social media users have supported the idea, Tesla investors expressed reservations. California, which never allowed slavery, is nonetheless considering giving hundreds of billions of dollars to Black residents in reparations as a way to make amends for slavery, raising practical questions about how a state already facing a massive budget deficit could swing such an expensive program. Californians will be able to vote on a new measure in 2024 that would raise the state’s minimum wage to $18, as inflation and cost of living increases have exacerbated the effects of income inequality in the state.

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