Rep. Ritchie Torres
A
New legislation: In 2008, Washington Mutual, the largest bank failure, lost $16.7 billion in deposits in 10 days. By contrast, Silicon Valley Bank lost $42 billion in a few hours.

My bill requires bank regulators to examine the role of social media in causing financial panic and bank runs.
06:23 AM - Apr 11, 2023 (Edited)
Avatar Avatar Avatar
0
3
214
Tom Joad
A
In response to Rep. Ritchie Torres.
Very important, but part of the larger problem of the way most social media creates echo chambers filled with very cherry-picked, one-sided, or just plain wrong information that propagates like a virus.
It's why our covid measures were doomed to failure.
02:15 PM - Apr 12, 2023
0
0
PhoenixWomanMN
A
In response to Rep. Ritchie Torres.
Thanks, Ritchie!
12:05 PM - Apr 11, 2023
0
0
Al Moop
B
In response to Rep. Ritchie Torres.
Ritchie, any reason you aren't introducing legislation to actually prevent bank runs, say for instance, getting rid of fractional reserve banking and forcing banks to keep a 1:1 deposit ratio; instead of legislation to "monitor" social media. Why not push actual solutions?
11:05 AM - Apr 11, 2023
0
1

 

{{ notificationModalContent }} {{ promptModalMessage }}