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Looks Like We Have a Debt Deal

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the staff of the Ridgewood blog

Washington DC, looks like we have a debt deal.  The compromise announced late Saturday includes a two-year budget deal that would essentially hold spending flat for 2024, while boosting it for defense and veterans, and capping increases at 1% for 2025. That’s alongside raising the debt limit for two years, pushing the volatile political issue past the next presidential election.

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Silicon Valley Bank Shut Down by Regulators Marking the Biggest Bank Failure Since the 2008 Financial Crisis

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the staff of the Ridgewood blog

Ridgewood NJ, regulators shut down Silicon Valley Bank on Friday, marking the biggest bank failure since the 2008 financial crisis and sending shockwaves across the tech world. The Federal Insurance Corporation (FDIC) created a National Bank of Santa Clara to hold deposits and other assets of the failed Silicon Valley Bank, but the abrupt closing is impacting tech firms that face immediate effects, like ensuring employees get paid. More than 93 percent of the $161 billion deposited at Silicon Valley Bank is not insured by the FDIC, according to a Bloomberg News analysis.

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The “Inflation is Transitory” Crowd is Claiming We are Not in a Recession

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the staff of the Ridgewood blog

Ridgewood NJ, not sure why so many Wall Street economic geniuses predicted that the GDP report would show a positive number, given that inflation is running at 9%.  “Stuck on Stupid” seems to be a growing pandemic.

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