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California’s Tech-Fueled Economy in Trouble After First Republic, SVB Woes

  • Politicians and VC investors rally to aid SVB depositors
  • Collapse of key tech lender still brings concern for economy
Bloomberg business news
US Backstops Bank Deposits to Avert Crisis After SVB Collapse

The worst thing to hit California this week was supposed to be the weather, with drenching rainstorms, flooding and the evacuation of thousands of residents.

Then came the sudden collapse of Silicon Valley Bank, a key lender for California’s almighty tech industry and the second finance company to fail in the state in days.