close video Biden’s borrowing and spending putting financial system in peril: Steve Moore
Chief economist at FreedomWorks Steve Moore says inflation, government borrowing and woke priorities put banks in jeopardy.
Moody's Investors Services, a credit rating system, put several banks on review for a potential downgrade following the collapse of Silicon Valley Bank (SVB).
The Federal Deposit Insurance Corporation (FDIC) announced the closure of Silicon Valley Bank on Friday amid a run on the bank, a move that raised concerns about the potential of future bank collapses.
Following that collapse, Moody's placed First Republic Bank (FRC), Zions (ZION), Western Alliance (WAL), Comerica (CMA), UMB Financial (UMBF) and Intrust Financial on review, meaning the banks are now perceived as more risky investments by lenders.
"Today's rating action reflects First Republic Bank's high reliance on more confidence sensitive uninsured deposit funding, its high amount of unrealized losses in its available-for-sale and held-to-maturity securities portfolios, as well as a low level of capitalization relative to peers," the firm said of the First Republic Bank rating.
SIGNATURE BANK SHUT DOWN IN CONNECTION WITH SILICON VALLEY BANK COLLAPSE
Silicon Valley Bank was shut down on Friday morning by California regulators and was put in control of the U.S. Federal Deposit Insurance Corporation. (Justin Sullivan / Getty Images)
"If it were to face higher-than-anticipated deposit outflows and liquidity backstops proved insufficient, the bank could need to sell assets, thus crystallizing unrealized losses," Moody's said of First Republic.
SENATE BANKING REPUBLICANS WARY OF BIDEN OFFICIALS' HANDLING OF SVB COLLAPSE: ‘ASLEEP AT THE WHEEL’
The firm also stated that the banks have significant amounts of deposits that are above the FDIC's insurance threshold of $250,000.
Following the SVB failure, federal regulators announced on Sunday that New York-based Signature Bank was being shut down to reportedly protect the financial system and consumers. Moody's downgraded the rating of Signature Bank and withdrew future ratings after its collapse.
U.S. Treasure Secretary Janet Yellen. (Alberto Pezzali / AP Newsroom)
Steve Moore, former White House adviser under Trump and chief economist at FreedomWorks, told Fox News' Harris Faulkner that while he does not believe there is an overall crisis, several banks could be in jeopardy following the SVB collapse.
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"I agree with the president that we don't have an overall banking crisis. The system is sound, but I do think you have a lot of major banks that are in some trouble," Moore warned on Monday. "And SVB, the Silicon Valley Bank, may just be the tip of the iceberg here. And I think it's important for people to understand how this potential banking crisis happened. It's not because there aren't enough bank regulators, as Biden is trying to say. It's because of the massive inflation and the trillions and trillions of dollars of borrowing that the federal government has done that has put our financial system in great jeopardy and great peril."
Fox News' Bradford Betz contributed to this report.
YouTuber-turned-boxer Jake Paul has defeated one of the greatest-ever fighters, former heavyweight world champion Mike Tyson, who’s more than twice his age.
The bout was won on a unanimous points decision at the AT&T Stadium in Arlington, Texas – home of the Dallas Cowboys and the biggest NFL stadium in the US.
The fight was already controversial but then arguably failed to live up to the hype. Boos were heard from the crowd in the final two rounds, after a perceived lack of action.
Boxing careers compared
This was not Paul’s first professional fight. The 27-year-old American YouTube star made his debut in 2020 with his most high-profile clash against Tyson Fury’s brother Tommy Fury last year, which he lost by a split decision.
The so-called “Problem Child” has since defeated former UFC contender Nate Diaz, professional boxer Andre August, former Gold Gloves champion Ryan Bourland and most recently MMA fighter Mike Perry.
In contrast, “Iron Mike” Tyson, 58, was ranked among the best heavyweight boxers of all time.
More on Jake Paul
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During his career, he knocked out 44 opponents – retiring from professional boxing in 2005 after defeat against Kevin McBride.
He returned to the ring in 2020 for a bout against fellow boxing icon Roy Jones, which ended in an unofficial draw.
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‘Someone’s getting put to sleep’
Earlier this week, Paul said he believed the bout would not go the distance. “No, someone’s getting put to sleep,” he said. “It’s going to be a war, and we’re both heavy hitters. It’s not going the full 16 minutes.”
Tyson was more reflective: “I’ve been through so many ups and downs since my last fight with Kevin McBride,” he said.
“I’ve been in rehab. I’ve been in prison, been locked up. Never in a million years did I believe I’d be doing this.”
Several states would not allow the bout to go ahead, and the Texas Athletic Commission only agreed to the fight if there were changes, due to Tyson’s age.
It limited the contest to eight rounds lasting a maximum of two minutes instead of three. Both boxers were also required to wear heavier gloves, designed to lessen the force of punches.
The fight was initially scheduled for 20 July, but was postponed when Tyson suffered an ulcer flareup.
Taylor defends title
Meanwhile, among the undercard fights, Irish boxer Katie Taylor successfully defended her super lightweight world title against Puerto Rico’s Amanda Serrano.
But it was tight. Taylor claimed the rematch 95-94 for all three judges in an epic battle.
The bout came two and a half years after the pair fought at Madison Square Garden, which Taylor won on a split decision.
Bout suffered from buffering
Earlier in the evening thousands of Netflix users in the US reported problems seeing the coverage, with some posting on social media about buffering.
At one point, more than 98,000 people had reported issues according to Downdetector, which tracks outages.
This breaking news story is being updated and more details will be published shortly.
Please refresh the page for the fullest version.
You can receive Breaking News alerts on a smartphone or tablet via theSky News App. You can also follow@SkyNews on X or subscribe to ourYouTube channel to keep up with the latest news.
YouTuber-turned-boxer Jake Paul has defeated one of the greatest-ever fighters, former heavyweight world champion Mike Tyson, who’s more than twice his age.
The bout was won on a unanimous points decision at the AT&T Stadium in Arlington, Texas – home of the Dallas Cowboys and the biggest NFL stadium in the US.
The fight was already controversial but then arguably failed to live up to the hype. Boos were heard from the crowd in the final two rounds, after a perceived lack of action.
Boxing careers compared
This was not Paul’s first professional fight. The 27-year-old American YouTube star made his debut in 2020 with his most high-profile clash against Tyson Fury’s brother Tommy Fury last year, which he lost by a split decision.
The so-called “Problem Child” has since defeated former UFC contender Nate Diaz, professional boxer Andre August, former Gold Gloves champion Ryan Bourland and most recently MMA fighter Mike Perry.
In contrast, “Iron Mike” Tyson, 58, was ranked among the best heavyweight boxers of all time.
More on Jake Paul
Related Topics:
During his career, he knocked out 44 opponents – retiring from professional boxing in 2005 after defeat against Kevin McBride.
He returned to the ring in 2020 for a bout against fellow boxing icon Roy Jones, which ended in an unofficial draw.
Advertisement
‘Someone’s getting put to sleep’
Earlier this week, Paul said he believed the bout would not go the distance. “No, someone’s getting put to sleep,” he said. “It’s going to be a war, and we’re both heavy hitters. It’s not going the full 16 minutes.”
Tyson was more reflective: “I’ve been through so many ups and downs since my last fight with Kevin McBride,” he said.
“I’ve been in rehab. I’ve been in prison, been locked up. Never in a million years did I believe I’d be doing this.”
Several states would not allow the bout to go ahead, and the Texas Athletic Commission only agreed to the fight if there were changes, due to Tyson’s age.
It limited the contest to eight rounds lasting a maximum of two minutes instead of three. Both boxers were also required to wear heavier gloves, designed to lessen the force of punches.
The fight was initially scheduled for 20 July, but was postponed when Tyson suffered an ulcer flareup.
Taylor defends title
Meanwhile, among the undercard fights, Irish boxer Katie Taylor successfully defended her super lightweight world title against Puerto Rico’s Amanda Serrano.
But it was tight. Taylor claimed the rematch 95-94 for all three judges in an epic battle.
The bout came two and a half years after the pair fought at Madison Square Garden, which Taylor won on a split decision.
Bout suffered from buffering
Earlier in the evening thousands of Netflix users in the US reported problems seeing the coverage, with some posting on social media about buffering.
At one point, more than 98,000 people had reported issues according to Downdetector, which tracks outages.
This breaking news story is being updated and more details will be published shortly.
Please refresh the page for the fullest version.
You can receive Breaking News alerts on a smartphone or tablet via theSky News App. You can also follow@SkyNews on X or subscribe to ourYouTube channel to keep up with the latest news.
According to a court filing, Elon Musk said that the proposed initial coin offering (ICO) “would simply result in a massive loss of credibility for OpenAI.”