On the Brink of Recession?
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In the continuing fallout of the Silicon Valley Bank (SVB) collapse, it's not only likely but probable that the country will enter into a recession.
The National Bureau of Economic Research is reporting that there could be some 186 financial institutions in the country that are vulnerable to collapse.
It seems like, for the most part, regional banks based in North Carolina may escape the worst of the collapse.
In a statement to The Carolina Journal, State Treasurer Dale Folwell said, "The banks we regulate in North Carolina do not have the same number of unsecured deposits and are more diversified than those troubled banks. At this time, the abbreviation ‘NC’ stands for ‘no crisis.’”
That's good for North Carolina, but doesn't mean the rest of the country is out of the woods. In fact, the North Carolina state pension system had funds in both SVB and Signature Bank, another financial institution that collapsed.
Recession is imminent, as these mini-quakes are probably just the foreshocks to the big one. The question is how bad will the recession be and is North Carolina in a good place to handle the impending fallout? Only time will tell.
Have a wonderful week!
Brittany
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Prices Remain High in February; Bank Drama Raises Interest Rate Concerns
Given the SVB collapse, some, including a former FDIC chair, are calling on the Fed to stop raising rates.
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Cooper Prioritizes Shutting Down School Choice in Budget
According to the Governor, there is money for billions in teacher raises, but there is no more money for school choice.
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Save Oyster Farming from NIMBYism
Complaining about unsightly materials and bad smells, some property owners on the coastline want oyster farmers to do their business elsewhere.
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What’s on the Locke Calendar
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March Civitas Poll Discussion - Locke President Donald Bryson and Dr. Andrew Taylor, professor of Political Science at NC State University, will discuss President Biden and Governor Cooper’s approval numbers and voter opinions about various issues, including possible state constitutional amendments. For more, click here.
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Fighting for the America I Love – Former Secretary of State Mike Pompeo will be speaking at the Jesse Helms Center in Charlotte on March 21. For more, click here.
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Matthew Continetti, senior fellow and Patrick and Charlene Neal Chair in American Prosperity at the American Enterprise Institute, authored the book "The Right: The Hundred Year War for American Conservatism." Continetti discussed the history of American conservatism and the outlook for its future with Carolina Journal.
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