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"content": "\u003cp>It may not be long until Californians can order a beer at a bar to go, walk it straight out the door and drink it outside.\u003c/p>\n\u003cp>Democratic State Sen. \u003ca href=\"https://calmatters.org/legislator-tracker/scott-wiener-1970/\">Scott Wiener\u003c/a> wants to allow California cities and counties to designate “entertainment zones” where bars and restaurants could serve alcoholic drinks that people can consume on public streets and sidewalks. If \u003ca href=\"https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=202320240SB969\">Senate Bill 969\u003c/a> is passed, Californians age 21 and over can raise a toast in the glorious outdoors by Jan. 1, 2025.\u003c/p>\n\u003cp>[pullquote align=\"right\" size=\"medium\" citation=\"State Sen. Scott Wiener\"]‘Getting people back out in the streets is key to the economic recovery of cities across California. By creating Entertainment Zones, we’re giving people a reason to go back to areas where recovery has been slow while creating a vital new revenue stream for bars and restaurants.’[/pullquote]When \u003ca href=\"https://sd11.senate.ca.gov/news/20240126-senator-wiener-introduces-bill-activate-downtown-spaces-boost-local-restaurants-bars\">Wiener announced the measure on Friday\u003c/a>, he said it would help revitalize downtowns where foot traffic has plummeted since the pandemic, including his home of San Francisco. Cities will be able to tailor these zones to their needs, allowing bars and restaurants to sell to-go drinks similar to what vendors do at festivals.\u003c/p>\n\u003cp>Wiener, in a statement: “Getting people back out in the streets is key to the economic recovery of cities across California. By creating Entertainment Zones, we’re giving people a reason to go back to areas where recovery has been slow while creating a vital new revenue stream for bars and restaurants.”\u003c/p>\n\u003cp>Wiener also cited research from the University of Toronto that tracked cell phone activity to \u003ca href=\"https://downtownrecovery.com/charts/rankings?ac_cid=DM906183&ac_bid=893685226\">determine how well cities have rebounded\u003c/a> since the pandemic. In October, it found that San José had recovered 96% of visitors to its downtown area, surpassing Los Angeles at 83%, San Francisco at 67% and Sacramento at 66%.\u003c/p>\n\u003cp>Hoping to continue that momentum, the cities of San José and San Francisco are included as sponsors of the bill, with San José Mayor Matt Mahan saying it will “make it easier for local businesses to host block parties, wine walks” and other events “to help drive the vibrant future of our downtown.”\u003c/p>\n\u003cp>The proposal is likely to get pushback from neighborhood groups worried about public nuisances and noise, as well as organizations concerned with alcohol-related health impacts and harm.\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>Last year, Wiener won a similar law limited to only San Francisco. Groups, including the California Alcohol Policy Alliance and California Council on Alcohol Problems, spoke out against the measure, known then as Senate Bill 76. An organization known as Alcohol Justice said the measure would make it easier for underaged people to “obtain alcohol within these entertainment zones” and “throw open the door to a litany of potential harms, liability entanglements, and unwanted and uncontrollable neighborhood disruptions.”\u003c/p>\n\u003cp>These organizations did not immediately respond to requests for comment.\u003c/p>\n\u003cp>The new bill has not been referred to a committee yet, but a spokesperson for Wiener’s office said the Senate committee on governmental organization will likely consider it, similar to how it reviewed the 2023 measure. That hearing is expected to take place in March, when the public will have a chance to comment.\u003c/p>\n\u003cp>\u003c/p>\n",
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"title": "So Far It's a Great Decade for Billionaires, Says New Report. As for the Masses ...",
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"content": "\u003cp>“Billionaires, for many of them, times have never been better.”\u003c/p>\n\u003cp>That’s a quote from \u003ca href=\"https://www.oxfamamerica.org/explore/people/rebecca-riddell/\">Rebecca Riddell\u003c/a>, the policy lead for economic and racial justice at Oxfam America.\u003c/p>\n\u003cp>“If you’d put their money in a room in 2020, and then you came back at the end of 2023, you would have found that the wealth has grown enormously,” says Riddell. “Three times the rate of inflation.”\u003c/p>\n\u003cp>The success of billionaires is one of the key points in a new report from global charity Oxfam International titled “Inequality Inc.” It’s an annual publication issued to coincide with the meeting of the World Economic Forum in Davos, Switzerland, which begins on Monday, Jan. 15. Each year since 1971, government and business leaders have come to the Swiss mountain resort town to mull over the world’s problems and possibilities.\u003c/p>\n\u003cp>As you might expect, the Oxfam findings have their skeptics.\u003c/p>\n\u003ch2>Oxfam’s assertions\u003c/h2>\n\u003cp>This latest \u003ca href=\"https://webassets.oxfamamerica.org/media/documents/UPDATED_full_English_Davos_2024_embargoed.pdf\">edition of the Oxfam report (PDF)\u003c/a> looks back over the last few years since 2020 and describes the growing unequal distribution of wealth as “the beginnings of a decade of division.”\u003c/p>\n\u003cp>Oxfam spells out just how well billionaires are faring: “The world’s five richest men have more than doubled their fortunes from $405 billion to $869 billion since 2020 — at a rate of $14 million per hour — while nearly five billion people have been made poorer.”\u003c/p>\n\u003cp>(In case you’re wondering, the top five are Bernard Arnault and his family, Jeff Bezos, Warren Buffet, Larry Ellison and Elon Musk.)\u003c/p>\n\u003cp>“You might think there would be little that could surprise us,” says Oxfam’s Riddell. Indeed, their report in 2022 made a very similar point. As \u003ca href=\"https://www.npr.org/sections/goatsandsoda/2022/02/08/1075509346/oxfam-blames-the-rich-for-the-pandemic-plight-of-the-poor-its-a-controversial-cl\">NPR’s headline observed\u003c/a>: “Oxfam says the rich got richer in the pandemic, and the wealth gap is killing the poor.”\u003c/p>\n\u003cp>But there’s something different this time around, says Riddell. “The astronomical nature of gains at the very top since 2020 — during a time when so many suffered — really stood out.”\u003c/p>\n\u003cp>Meanwhile, the report notes that for many “ordinary people” around the world, this decade has so far been tough going.\u003c/p>\n\u003cp>“It opened with a pandemic that devastated lives and economies,” says Riddell. “Add to that the challenges of a really prolonged cost-of-living crisis, climate breakdown and war. Progress against poverty has nearly stalled.”\u003c/p>\n\u003cp>According to Oxfam’s report, since 2020, almost five billion people have lost economic ground — that is, they’ve grown poorer.\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003ch2>What’s happening to the ultra-rich\u003c/h2>\n\u003cp>The gulf between extreme wealth and extreme poverty has always been wide, says Riddell, yet in Oxfam’s view, in this decade, “the ultra-ultra-rich are pulling away from everyone else.”\u003c/p>\n\u003cp>Much of this wealth is concentrated in the Global North — in the U.S., Europe, Australia and parts of Asia. And Riddell says that mega-corporations there generate inequality by funneling profits upward to the ultra-rich.\u003c/p>\n\u003cp>“By squeezing workers, by dodging taxes, they’re doing so at the expense of ordinary people,” she argues.\u003c/p>\n\u003cp>“No corporation or individual should have this much power over our economies and our lives — to be clear, nobody should have a billion dollars,” says \u003ca href=\"https://live.worldbank.org/en/experts/a/amitabh-behar\">Amitabh Behar\u003c/a>, Oxfam International’s interim executive director.\u003c/p>\n\u003ch2>Critics of the Oxfam thesis\u003c/h2>\n\u003cp>No one disputes that the rich are getting richer, but some say Oxfam’s poverty analysis is a bit misleading.\u003c/p>\n\u003cp>“I’m not such a fan of the five-billion-people-are-worse-off number,” says \u003ca href=\"https://www.cgdev.org/expert/charles-kenny\">Charles Kenny\u003c/a>, a senior fellow with the Center for Global Development think tank.\u003c/p>\n\u003cp>[aside postID=news_11941322,news_11906414,news_11895687 label='Income Inequality']He says Oxfam arrived at their number of nearly 5 billion by computing people’s \u003cem>wealth\u003c/em>. It’s a calculation based on taking the value of everything someone owns and subtracting all their debts. But Kenny says there are well-off people in richer countries who may have borrowed money to go to law school, say, or buy a home. When calculating their wealth with all that debt, they may seem poorer by Oxfam’s measure.\u003c/p>\n\u003cp>“But they’re not worse off in terms of their life outcomes,” explains Kenny. “They’re not worse off in terms of how much they can afford to eat or are they getting decent health care? They’ve just borrowed more.”\u003c/p>\n\u003cp>Oxfam pushes back, saying these moneyed individuals with debt represent a small fraction of the 5 billion who are worse off. Most “ordinary people,” they say, are really struggling to get by.\u003c/p>\n\u003cp>But Kenny says if you consider the last two or three \u003cem>decades\u003c/em>, many of the poorest people in the world are actually \u003cem>better\u003c/em> off.\u003c/p>\n\u003cp>“If you look at health,” he says, “worldwide life expectancy \u003ca href=\"https://population.un.org/wpp/Graphs/DemographicProfiles/Line/900\">continues to go up\u003c/a>. If you look at education, the number of people in school continues to \u003ca href=\"https://data.worldbank.org/indicator/SE.SEC.NENR\">go\u003c/a> \u003ca href=\"https://data.worldbank.org/indicator/SE.PRM.NENR\">up\u003c/a>. So if you look at all these measures of the quality of life, they paint a slightly more positive picture. Even though at the very top end, we have extreme concentrations of wealth.”\u003c/p>\n\u003cp>And what about those at the bottom of the economic ladder? “For the poorest people,” the report says, “who are more likely to be women, racialized peoples, and marginalized groups in every society, daily life has become more brutal.”\u003c/p>\n\u003cp>Kenny doesn’t dispute that poverty remains a significant global problem: a total of 700 million people meet the World Bank definition of \u003ca href=\"https://www.worldbank.org/en/topic/poverty\">extreme poverty\u003c/a> as someone who gets by on less than $2.15 per day.\u003c/p>\n\u003ch2>How do you solve inequality?\u003c/h2>\n\u003cp>So what’s to be done about the unequal distribution of resources?\u003c/p>\n\u003cp>The Oxfam report offers a few ideas, like creating businesses based on fair trade and worker cooperatives instead of being structured around benefiting shareholders.\u003c/p>\n\u003cp>Second, it says governments need to step up and better regulate business. “A more equal world is possible if governments shape the market to be fair,” says Riddell.\u003c/p>\n\u003cp>“We need to rein in corporate power directly and that includes breaking up monopolies, empowering workers, calling for a living wage, [and increasing] taxation on corporations and on the ultra-rich.”\u003c/p>\n\u003cp>[pullquote size=\"medium\" align=\"right\" citation=\"Abby Maxman, Oxfam America\"]‘We must stop normalizing extreme inequality. This is not by accident, but by design.’[/pullquote]Some argue that this approach doesn’t always work. “If you’re going to have tax policy that will redistribute income in favor of the poor, especially in favor of the global poor, you’re going to find it very difficult,” says \u003ca href=\"https://www.weber.edu/goddard/John_Mbaku.html\">John Mukum Mbaku\u003c/a>, an economist at Weber State University who’s originally from Cameroon.\u003c/p>\n\u003cp>The reason for that difficulty, explains Mbaku, is that the wealthy tend to be politically engaged and use campaign contributions to influence policy-making. Instead, he argues that governments should invest in improved public services to propel people out of poverty.\u003c/p>\n\u003cp>He says that improving access to free or low-cost education and medical care, nutritious food, clean water and basic sanitation can put someone on the road to employment and economic self-sufficiency.\u003c/p>\n\u003cp>Considering education more closely, Mbaku says large numbers of children in Africa, many of them girls, are unable to go to school. “In many African countries,” he says, “because of traditions and cultures, girls are not favored when it comes to education and training. Boys are favored.”\u003c/p>\n\u003cp>He’s seen firsthand that there are either no schools available or “their parents are so poor that they cannot afford to provide even the textbooks even if the schools are free.”\u003c/p>\n\u003cp>“Education should be considered by governments as an investment in human capital development, the future of your people, [and] the future of your country,” he notes.\u003c/p>\n\u003cp>It’s an intervention the Oxfam report recommends as well, saying that investing in people and communities provides “the best bulwark against extreme corporate power.”\u003c/p>\n\u003cp>“We must stop normalizing extreme inequality,” summarizes \u003ca href=\"https://www.oxfamamerica.org/explore/people/abby-maxman/\">Abby Maxman\u003c/a>, President and CEO of Oxfam America. “This is not by accident, but by design.”\u003c/p>\n\u003cp>Altering that design is a challenge so large that the 1,600 business leaders and 60 heads of state gathered in Davos may need more than five days to surmount it.\u003c/p>\n\u003cp>\u003cem>Copyright 2024 NPR. To see more, visit \u003ca href=\"https://www.npr.org\">npr.org\u003c/a>.\u003c/em>\u003c/p>\n\u003cp>[ad floatright]\u003c/p>\n",
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"excerpt": "As the World Economic Forum kicks off in Davos, the charity Oxfam has issued its annual report on wealth, poverty and inequality. It makes some bold assertions. But there are skeptics.",
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"description": "As the World Economic Forum kicks off in Davos, the charity Oxfam has issued its annual report on wealth, poverty and inequality. It makes some bold assertions. But there are skeptics.",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003cp>“Billionaires, for many of them, times have never been better.”\u003c/p>\n\u003cp>That’s a quote from \u003ca href=\"https://www.oxfamamerica.org/explore/people/rebecca-riddell/\">Rebecca Riddell\u003c/a>, the policy lead for economic and racial justice at Oxfam America.\u003c/p>\n\u003cp>“If you’d put their money in a room in 2020, and then you came back at the end of 2023, you would have found that the wealth has grown enormously,” says Riddell. “Three times the rate of inflation.”\u003c/p>\n\u003cp>The success of billionaires is one of the key points in a new report from global charity Oxfam International titled “Inequality Inc.” It’s an annual publication issued to coincide with the meeting of the World Economic Forum in Davos, Switzerland, which begins on Monday, Jan. 15. Each year since 1971, government and business leaders have come to the Swiss mountain resort town to mull over the world’s problems and possibilities.\u003c/p>\n\u003cp>As you might expect, the Oxfam findings have their skeptics.\u003c/p>\n\u003ch2>Oxfam’s assertions\u003c/h2>\n\u003cp>This latest \u003ca href=\"https://webassets.oxfamamerica.org/media/documents/UPDATED_full_English_Davos_2024_embargoed.pdf\">edition of the Oxfam report (PDF)\u003c/a> looks back over the last few years since 2020 and describes the growing unequal distribution of wealth as “the beginnings of a decade of division.”\u003c/p>\n\u003cp>Oxfam spells out just how well billionaires are faring: “The world’s five richest men have more than doubled their fortunes from $405 billion to $869 billion since 2020 — at a rate of $14 million per hour — while nearly five billion people have been made poorer.”\u003c/p>\n\u003cp>(In case you’re wondering, the top five are Bernard Arnault and his family, Jeff Bezos, Warren Buffet, Larry Ellison and Elon Musk.)\u003c/p>\n\u003cp>“You might think there would be little that could surprise us,” says Oxfam’s Riddell. Indeed, their report in 2022 made a very similar point. As \u003ca href=\"https://www.npr.org/sections/goatsandsoda/2022/02/08/1075509346/oxfam-blames-the-rich-for-the-pandemic-plight-of-the-poor-its-a-controversial-cl\">NPR’s headline observed\u003c/a>: “Oxfam says the rich got richer in the pandemic, and the wealth gap is killing the poor.”\u003c/p>\n\u003cp>But there’s something different this time around, says Riddell. “The astronomical nature of gains at the very top since 2020 — during a time when so many suffered — really stood out.”\u003c/p>\n\u003cp>Meanwhile, the report notes that for many “ordinary people” around the world, this decade has so far been tough going.\u003c/p>\n\u003cp>“It opened with a pandemic that devastated lives and economies,” says Riddell. “Add to that the challenges of a really prolonged cost-of-living crisis, climate breakdown and war. Progress against poverty has nearly stalled.”\u003c/p>\n\u003cp>According to Oxfam’s report, since 2020, almost five billion people have lost economic ground — that is, they’ve grown poorer.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003ch2>What’s happening to the ultra-rich\u003c/h2>\n\u003cp>The gulf between extreme wealth and extreme poverty has always been wide, says Riddell, yet in Oxfam’s view, in this decade, “the ultra-ultra-rich are pulling away from everyone else.”\u003c/p>\n\u003cp>Much of this wealth is concentrated in the Global North — in the U.S., Europe, Australia and parts of Asia. And Riddell says that mega-corporations there generate inequality by funneling profits upward to the ultra-rich.\u003c/p>\n\u003cp>“By squeezing workers, by dodging taxes, they’re doing so at the expense of ordinary people,” she argues.\u003c/p>\n\u003cp>“No corporation or individual should have this much power over our economies and our lives — to be clear, nobody should have a billion dollars,” says \u003ca href=\"https://live.worldbank.org/en/experts/a/amitabh-behar\">Amitabh Behar\u003c/a>, Oxfam International’s interim executive director.\u003c/p>\n\u003ch2>Critics of the Oxfam thesis\u003c/h2>\n\u003cp>No one disputes that the rich are getting richer, but some say Oxfam’s poverty analysis is a bit misleading.\u003c/p>\n\u003cp>“I’m not such a fan of the five-billion-people-are-worse-off number,” says \u003ca href=\"https://www.cgdev.org/expert/charles-kenny\">Charles Kenny\u003c/a>, a senior fellow with the Center for Global Development think tank.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>He says Oxfam arrived at their number of nearly 5 billion by computing people’s \u003cem>wealth\u003c/em>. It’s a calculation based on taking the value of everything someone owns and subtracting all their debts. But Kenny says there are well-off people in richer countries who may have borrowed money to go to law school, say, or buy a home. When calculating their wealth with all that debt, they may seem poorer by Oxfam’s measure.\u003c/p>\n\u003cp>“But they’re not worse off in terms of their life outcomes,” explains Kenny. “They’re not worse off in terms of how much they can afford to eat or are they getting decent health care? They’ve just borrowed more.”\u003c/p>\n\u003cp>Oxfam pushes back, saying these moneyed individuals with debt represent a small fraction of the 5 billion who are worse off. Most “ordinary people,” they say, are really struggling to get by.\u003c/p>\n\u003cp>But Kenny says if you consider the last two or three \u003cem>decades\u003c/em>, many of the poorest people in the world are actually \u003cem>better\u003c/em> off.\u003c/p>\n\u003cp>“If you look at health,” he says, “worldwide life expectancy \u003ca href=\"https://population.un.org/wpp/Graphs/DemographicProfiles/Line/900\">continues to go up\u003c/a>. If you look at education, the number of people in school continues to \u003ca href=\"https://data.worldbank.org/indicator/SE.SEC.NENR\">go\u003c/a> \u003ca href=\"https://data.worldbank.org/indicator/SE.PRM.NENR\">up\u003c/a>. So if you look at all these measures of the quality of life, they paint a slightly more positive picture. Even though at the very top end, we have extreme concentrations of wealth.”\u003c/p>\n\u003cp>And what about those at the bottom of the economic ladder? “For the poorest people,” the report says, “who are more likely to be women, racialized peoples, and marginalized groups in every society, daily life has become more brutal.”\u003c/p>\n\u003cp>Kenny doesn’t dispute that poverty remains a significant global problem: a total of 700 million people meet the World Bank definition of \u003ca href=\"https://www.worldbank.org/en/topic/poverty\">extreme poverty\u003c/a> as someone who gets by on less than $2.15 per day.\u003c/p>\n\u003ch2>How do you solve inequality?\u003c/h2>\n\u003cp>So what’s to be done about the unequal distribution of resources?\u003c/p>\n\u003cp>The Oxfam report offers a few ideas, like creating businesses based on fair trade and worker cooperatives instead of being structured around benefiting shareholders.\u003c/p>\n\u003cp>Second, it says governments need to step up and better regulate business. “A more equal world is possible if governments shape the market to be fair,” says Riddell.\u003c/p>\n\u003cp>“We need to rein in corporate power directly and that includes breaking up monopolies, empowering workers, calling for a living wage, [and increasing] taxation on corporations and on the ultra-rich.”\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>Some argue that this approach doesn’t always work. “If you’re going to have tax policy that will redistribute income in favor of the poor, especially in favor of the global poor, you’re going to find it very difficult,” says \u003ca href=\"https://www.weber.edu/goddard/John_Mbaku.html\">John Mukum Mbaku\u003c/a>, an economist at Weber State University who’s originally from Cameroon.\u003c/p>\n\u003cp>The reason for that difficulty, explains Mbaku, is that the wealthy tend to be politically engaged and use campaign contributions to influence policy-making. Instead, he argues that governments should invest in improved public services to propel people out of poverty.\u003c/p>\n\u003cp>He says that improving access to free or low-cost education and medical care, nutritious food, clean water and basic sanitation can put someone on the road to employment and economic self-sufficiency.\u003c/p>\n\u003cp>Considering education more closely, Mbaku says large numbers of children in Africa, many of them girls, are unable to go to school. “In many African countries,” he says, “because of traditions and cultures, girls are not favored when it comes to education and training. Boys are favored.”\u003c/p>\n\u003cp>He’s seen firsthand that there are either no schools available or “their parents are so poor that they cannot afford to provide even the textbooks even if the schools are free.”\u003c/p>\n\u003cp>“Education should be considered by governments as an investment in human capital development, the future of your people, [and] the future of your country,” he notes.\u003c/p>\n\u003cp>It’s an intervention the Oxfam report recommends as well, saying that investing in people and communities provides “the best bulwark against extreme corporate power.”\u003c/p>\n\u003cp>“We must stop normalizing extreme inequality,” summarizes \u003ca href=\"https://www.oxfamamerica.org/explore/people/abby-maxman/\">Abby Maxman\u003c/a>, President and CEO of Oxfam America. “This is not by accident, but by design.”\u003c/p>\n\u003cp>Altering that design is a challenge so large that the 1,600 business leaders and 60 heads of state gathered in Davos may need more than five days to surmount it.\u003c/p>\n\u003cp>\u003cem>Copyright 2024 NPR. To see more, visit \u003ca href=\"https://www.npr.org\">npr.org\u003c/a>.\u003c/em>\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"slug": "san-francisco-restaurants-bounce-back-but-downtown-retail-still-struggles",
"title": "San Francisco Restaurants Bounce Back, But Downtown Retail Still Struggles",
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"content": "\u003cp>San Francisco is not in a “\u003ca href=\"https://www.sfgate.com/local/article/san-francisco-doom-loop-imprecise-thinkpieces-18106896.php\">doom loop\u003c/a>.”\u003c/p>\n\u003cp>That’s what the city’s top economist said at a Government Audit and Oversight Committee meeting on Thursday. But businesses and neighborhoods are adjusting unevenly to the current state of the economy, presenting new challenges for the city’s tax revenue and public services that rely on it. [pullquote size=\"medium\" align=\"right\" citation=\"Ted Egan, San Francisco’s chief economist\"]‘I don’t think the doom loop exists now. It just isn’t growing very fast.’[/pullquote]San Francisco has earned a reputation for a slower economic recovery following the pandemic than many other metropolitan areas in the U.S. However, city officials presented a \u003ca href=\"https://www.kqed.org/news/11953787/saving-downtown-san-francisco\">more optimistic outlook\u003c/a> at the committee meeting.\u003c/p>\n\u003cp>“I don’t think the doom loop exists now,” Ted Egan, the city’s chief economist, said at the hearing, referring to a popularized idea around the city’s compounding economic and social problems. “It just isn’t growing very fast. That’s certainly a problem, but it’s not the problem that the doom loop people are pointing to. I certainly don’t think we are in one.”\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>Concerns about the state of San Francisco’s downtown have been high since the start of the pandemic when businesses shut down longer than in many other cities to prevent the spread of COVID-19. Sales taxes — which fund social services, affordable housing and many other critical city programs — plummeted in 2020 as a result.\u003c/p>\n\u003cp>Excluding downtown, total sales tax remitted from neighborhood businesses have \u003ca href=\"https://www.documentcloud.org/documents/24112924-con-presentation-110223\">largely bounced back to their pre-pandemic levels\u003c/a>, data from the city’s controller’s office shows.\u003c/p>\n\u003cp>That’s especially true for restaurants, which have surpassed their 2018 sales tax levels in areas beyond downtown, according to city data. [pullquote size=\"medium\" align=\"right\" citation=\"Supervisor Catherine Stefani\"]‘The city is rebounding in ways that we weren’t months ago.’[/pullquote]But even in the city’s financial core — hardest hit by pandemic-related economic woes — restaurants have bounced back to nearly 90% of those levels.\u003c/p>\n\u003cp>“The city is rebounding in ways that we weren’t months ago,” Supervisor Catherine Stefani said at the hearing, which Supervisor Joel Engardio requested.\u003c/p>\n\u003cp>Retail businesses, however, are seeing a different, more downward trend.\u003c/p>\n\u003cp>Across the city, sales tax from retail businesses remain below their pre-pandemic levels. The city is recouping less than 80% of its pre-pandemic sales tax revenue, and that’s closer to 90% for the rest of the city. [aside postID=news_11960940 hero='https://ww2.kqed.org/app/uploads/sites/10/2023/09/004_KQED_BerkeleyYMCAEricaDavis_11162022-KQED-1020x680.jpg']That’s largely due to changes in overall shopping behavior, including the prevalence of online purchases for non-immediate needs, which began before the pandemic and is the cause of many major retail closures across the country.\u003c/p>\n\u003cp>Another significant challenge downtown faces is that commercial real estate and office buildings dominate the market, but many companies have adopted more relaxed daily in-person work requirements, so overall foot traffic in the area has declined.\u003c/p>\n\u003cp>“The more the district is relying straight on offices, the slower the recovery has been,” Egan said. “This is very tied to remote work.”\u003c/p>\n\u003cp>The problem isn’t only that businesses have closed but also that new ones are not opening as fast as they have in the past.\u003c/p>\n\u003cfigure id=\"attachment_11966292\" class=\"wp-caption aligncenter\" style=\"max-width: 1920px\">\u003cimg loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-11966292\" src=\"https://ww2.kqed.org/app/uploads/sites/10/2023/11/20230915-SunsetNightMarket-44-JY-qut.jpg\" alt=\"A bustling night market with food and live performances sees crowds of patrons.\" width=\"1920\" height=\"1280\" srcset=\"https://cdn.kqed.org/wp-content/uploads/sites/10/2023/11/20230915-SunsetNightMarket-44-JY-qut.jpg 1920w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/11/20230915-SunsetNightMarket-44-JY-qut-800x533.jpg 800w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/11/20230915-SunsetNightMarket-44-JY-qut-1020x680.jpg 1020w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/11/20230915-SunsetNightMarket-44-JY-qut-160x107.jpg 160w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/11/20230915-SunsetNightMarket-44-JY-qut-1536x1024.jpg 1536w\" sizes=\"(max-width: 1920px) 100vw, 1920px\">\u003cfigcaption class=\"wp-caption-text\">Dozens of people wait in line at Wooly Pig at the Sunset Night market in San Francisco on Friday, Sept. 15, 2023. The market’s inaugural night drew thousands of attendees, who enjoyed shops, food, games and live performances. \u003ccite>(Juliana Yamada/KQED)\u003c/cite>\u003c/figcaption>\u003c/figure>\n\u003cp>There were 4,000 businesses downtown before the pandemic, for example. Now, there are about 3,200, according to Egan.\u003c/p>\n\u003cp>“We have had fairly weak levels of business formation,” Egan said. “That accounts for the majority of issues downtown.” [pullquote size=\"medium\" align=\"right\" citation=\"Supervisor Joel Engardio\"]‘With this shift to remote work, our downtown was overdue for a seismic imbalance. We need to continue to bring foot traffic and life to our streets.’[/pullquote]The city has been actively trying to bring people back downtown for other non-work-related reasons to make up for the gap, like lively night markets in the South of Market neighborhood.\u003c/p>\n\u003cp>“With this shift to remote work, our downtown was overdue for a seismic imbalance. We need to continue to bring foot traffic and life to our streets,” said Engardio, who recently shepherded the creation of a new Sunset Night Market this summer. “We need to continue reforms to facilitate the adaptation and reuse of underused commercial space.”\u003c/p>\n\u003cp>\u003c/p>\n",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003cp>San Francisco is not in a “\u003ca href=\"https://www.sfgate.com/local/article/san-francisco-doom-loop-imprecise-thinkpieces-18106896.php\">doom loop\u003c/a>.”\u003c/p>\n\u003cp>That’s what the city’s top economist said at a Government Audit and Oversight Committee meeting on Thursday. But businesses and neighborhoods are adjusting unevenly to the current state of the economy, presenting new challenges for the city’s tax revenue and public services that rely on it. \u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>San Francisco has earned a reputation for a slower economic recovery following the pandemic than many other metropolitan areas in the U.S. However, city officials presented a \u003ca href=\"https://www.kqed.org/news/11953787/saving-downtown-san-francisco\">more optimistic outlook\u003c/a> at the committee meeting.\u003c/p>\n\u003cp>“I don’t think the doom loop exists now,” Ted Egan, the city’s chief economist, said at the hearing, referring to a popularized idea around the city’s compounding economic and social problems. “It just isn’t growing very fast. That’s certainly a problem, but it’s not the problem that the doom loop people are pointing to. I certainly don’t think we are in one.”\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>Concerns about the state of San Francisco’s downtown have been high since the start of the pandemic when businesses shut down longer than in many other cities to prevent the spread of COVID-19. Sales taxes — which fund social services, affordable housing and many other critical city programs — plummeted in 2020 as a result.\u003c/p>\n\u003cp>Excluding downtown, total sales tax remitted from neighborhood businesses have \u003ca href=\"https://www.documentcloud.org/documents/24112924-con-presentation-110223\">largely bounced back to their pre-pandemic levels\u003c/a>, data from the city’s controller’s office shows.\u003c/p>\n\u003cp>That’s especially true for restaurants, which have surpassed their 2018 sales tax levels in areas beyond downtown, according to city data. \u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>But even in the city’s financial core — hardest hit by pandemic-related economic woes — restaurants have bounced back to nearly 90% of those levels.\u003c/p>\n\u003cp>“The city is rebounding in ways that we weren’t months ago,” Supervisor Catherine Stefani said at the hearing, which Supervisor Joel Engardio requested.\u003c/p>\n\u003cp>Retail businesses, however, are seeing a different, more downward trend.\u003c/p>\n\u003cp>Across the city, sales tax from retail businesses remain below their pre-pandemic levels. The city is recouping less than 80% of its pre-pandemic sales tax revenue, and that’s closer to 90% for the rest of the city. \u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>That’s largely due to changes in overall shopping behavior, including the prevalence of online purchases for non-immediate needs, which began before the pandemic and is the cause of many major retail closures across the country.\u003c/p>\n\u003cp>Another significant challenge downtown faces is that commercial real estate and office buildings dominate the market, but many companies have adopted more relaxed daily in-person work requirements, so overall foot traffic in the area has declined.\u003c/p>\n\u003cp>“The more the district is relying straight on offices, the slower the recovery has been,” Egan said. “This is very tied to remote work.”\u003c/p>\n\u003cp>The problem isn’t only that businesses have closed but also that new ones are not opening as fast as they have in the past.\u003c/p>\n\u003cfigure id=\"attachment_11966292\" class=\"wp-caption aligncenter\" style=\"max-width: 1920px\">\u003cimg loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-11966292\" src=\"https://ww2.kqed.org/app/uploads/sites/10/2023/11/20230915-SunsetNightMarket-44-JY-qut.jpg\" alt=\"A bustling night market with food and live performances sees crowds of patrons.\" width=\"1920\" height=\"1280\" srcset=\"https://cdn.kqed.org/wp-content/uploads/sites/10/2023/11/20230915-SunsetNightMarket-44-JY-qut.jpg 1920w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/11/20230915-SunsetNightMarket-44-JY-qut-800x533.jpg 800w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/11/20230915-SunsetNightMarket-44-JY-qut-1020x680.jpg 1020w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/11/20230915-SunsetNightMarket-44-JY-qut-160x107.jpg 160w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/11/20230915-SunsetNightMarket-44-JY-qut-1536x1024.jpg 1536w\" sizes=\"(max-width: 1920px) 100vw, 1920px\">\u003cfigcaption class=\"wp-caption-text\">Dozens of people wait in line at Wooly Pig at the Sunset Night market in San Francisco on Friday, Sept. 15, 2023. The market’s inaugural night drew thousands of attendees, who enjoyed shops, food, games and live performances. \u003ccite>(Juliana Yamada/KQED)\u003c/cite>\u003c/figcaption>\u003c/figure>\n\u003cp>There were 4,000 businesses downtown before the pandemic, for example. Now, there are about 3,200, according to Egan.\u003c/p>\n\u003cp>“We have had fairly weak levels of business formation,” Egan said. “That accounts for the majority of issues downtown.” \u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>The city has been actively trying to bring people back downtown for other non-work-related reasons to make up for the gap, like lively night markets in the South of Market neighborhood.\u003c/p>\n\u003cp>“With this shift to remote work, our downtown was overdue for a seismic imbalance. We need to continue to bring foot traffic and life to our streets,” said Engardio, who recently shepherded the creation of a new Sunset Night Market this summer. “We need to continue reforms to facilitate the adaptation and reuse of underused commercial space.”\u003c/p>\n\u003cp>\u003c/p>\n\u003c/div>\u003c/p>",
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"slug": "longtime-fillmore-resident-hopes-to-restore-commerce-with-black-led-marketplace",
"title": "After Decades of Disenfranchisement, San Francisco's Fillmore Looks to Rebuild With Black-Led Marketplace",
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"headTitle": "After Decades of Disenfranchisement, San Francisco’s Fillmore Looks to Rebuild With Black-Led Marketplace | KQED",
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"content": "\u003cp>Pia Harris was at In The Black in November, the month the Black-led marketplace debuted in the Fillmore, when a non-Black customer walked into the store wearing a shirt designed by Joseph Broussard.\u003c/p>\n\u003cp>Broussard, a Fillmore native who owns Dreamer Boyz clothing, was also in the store. According to Harris, who created the concept of In The Black, the customer expressed his love for the design that featured the Eye of Horus, a symbol of protection, health and restoration in ancient Egyptian religion.\u003c/p>\n\u003cp>\u003ca href=\"https://intheblackshop.com/\">In The Black\u003c/a> is a shared retail space for Black-owned businesses on Fillmore Street near the Geary Boulevard intersection. There are around 20 businesses in the space that was once Money Mart, a check cashing and payday lender.\u003c/p>\n\u003cfigure id=\"attachment_11952805\" class=\"wp-caption aligncenter\" style=\"max-width: 2000px\">\u003ca href=\"https://ww2.kqed.org/app/uploads/sites/10/2023/06/RS66205_230609-InTheBlack-09-BL-KQED.jpg\">\u003cimg loading=\"lazy\" decoding=\"async\" class=\"wp-image-11952805 size-full\" src=\"https://ww2.kqed.org/app/uploads/sites/10/2023/06/RS66205_230609-InTheBlack-09-BL-KQED.jpg\" alt=\"A woman holding a coffee cup looks at merchandise set out on a table inside a brightly-lit storefront.\" width=\"2000\" height=\"1333\" srcset=\"https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66205_230609-InTheBlack-09-BL-KQED.jpg 2000w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66205_230609-InTheBlack-09-BL-KQED-800x533.jpg 800w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66205_230609-InTheBlack-09-BL-KQED-1020x680.jpg 1020w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66205_230609-InTheBlack-09-BL-KQED-160x107.jpg 160w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66205_230609-InTheBlack-09-BL-KQED-1536x1024.jpg 1536w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66205_230609-InTheBlack-09-BL-KQED-1920x1280.jpg 1920w\" sizes=\"(max-width: 2000px) 100vw, 2000px\">\u003c/a>\u003cfigcaption class=\"wp-caption-text\">Natasha Chatlein shops at In The Black in the Fillmore district of San Francisco on June 9, 2023. \u003ccite>(Beth LaBerge/KQED)\u003c/cite>\u003c/figcaption>\u003c/figure>\n\u003cp>Rent for the businesses, which sell clothing, accessories and skincare products, is based on the size of the retail area businesses occupy in the 1,500-square-foot space owned by the San Francisco Housing Development Corporation. Harris, 45, is the program director of SFHDC’s economic development team. In The Black is her brainchild, and last month the marketplace celebrated six months in business.[pullquote size=\"medium\" align=\"right\" citation=\"Tyra Fennell, founding director, Imprint City\"]‘People have to own where they are. That’s the only way for them to be stabilized.’[/pullquote]Black people thrived in the Fillmore before being targeted for displacement. The neighborhood was once known as the “Harlem of the West” because of the large number of Black businesses and entertainment venues in the area.\u003c/p>\n\u003cp>Black residents, many of whom migrated west for wartime work in the Navy shipyards and to escape racial terrorism in the south, settled in Bay Area cities like Richmond, Oakland and San Francisco. Despite anti-Black housing discrimination, Black neighborhoods flourished.\u003c/p>\n\u003cp>From the 1950s to the 1970s, however, the Fillmore underwent drastic changes driven by the federally-funded redevelopment of areas that were deemed “blighted” by the city’s leaders. The Fillmore, with its old Victorian houses and mostly Black population, became the \u003ca href=\"https://www.kqed.org/news/11825401/how-urban-renewal-decimated-the-fillmore-district-and-took-jazz-with-it\">focus of San Francisco’s urban renewal\u003c/a>. Many homes were bulldozed while many others were relocated. Many Black-owned businesses were forced to shut down. According to Rachel Brahinsky, a politics and urban studies professor at USF, an estimated 10,000 to 13,000 Fillmore residents were incrementally displaced.\u003c/p>\n\u003cp>“There isn’t a sort of instant disappearance,” Brahinsky said. “Culture is very resilient. People are very resilient.”\u003c/p>\n\u003cp>In The Black is centering Black people in the Fillmore at a time when the Black population in the city continues to decline. According to U.S. Census Bureau data, the Black population in San Francisco peaked in 1970 with \u003ca href=\"http://www.bayareacensus.ca.gov/counties/SanFranciscoCounty70.htm\">96,078 residents\u003c/a>, or roughly 13% of the city’s total population. That number has steadily dwindled to around \u003ca href=\"https://www.census.gov/quickfacts/sanfranciscocountycalifornia\">45,135 residents\u003c/a>, or 5% of the total population in 2021.\u003c/p>\n\u003cp>Harris wanted to create a store where Black entrepreneurs could thrive. A combination of high commercial rent prices and the lack of access to credit present steep barriers for Black entrepreneurs to open brick-and-mortar businesses. Harris thought businesses that shared rent would have a better chance to survive and maintain a foothold in San Francisco.\u003c/p>\n\u003cfigure id=\"attachment_11952807\" class=\"wp-caption aligncenter\" style=\"max-width: 2000px\">\u003ca href=\"https://ww2.kqed.org/app/uploads/sites/10/2023/06/RS66215_230609-InTheBlack-25-BL-KQED.jpg\">\u003cimg loading=\"lazy\" decoding=\"async\" class=\"wp-image-11952807 size-full\" src=\"https://ww2.kqed.org/app/uploads/sites/10/2023/06/RS66215_230609-InTheBlack-25-BL-KQED.jpg\" alt='A woman wears a green hoodie reading \"Black Girl Magic\" standing beside some brightly colored clothes hanging on a rack.' width=\"2000\" height=\"1333\" srcset=\"https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66215_230609-InTheBlack-25-BL-KQED.jpg 2000w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66215_230609-InTheBlack-25-BL-KQED-800x533.jpg 800w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66215_230609-InTheBlack-25-BL-KQED-1020x680.jpg 1020w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66215_230609-InTheBlack-25-BL-KQED-160x107.jpg 160w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66215_230609-InTheBlack-25-BL-KQED-1536x1024.jpg 1536w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66215_230609-InTheBlack-25-BL-KQED-1920x1280.jpg 1920w\" sizes=\"(max-width: 2000px) 100vw, 2000px\">\u003c/a>\u003cfigcaption class=\"wp-caption-text\">Pia Harris, founder of In The Black and program director at San Francisco Housing Development Corporation, at the shop in the Fillmore district of San Francisco on June 9, 2023. \u003ccite>(Beth LaBerge/KQED)\u003c/cite>\u003c/figcaption>\u003c/figure>\n\u003cp>Harris, a longtime Fillmore resident, had to give up where she lived two years ago.\u003c/p>\n\u003cp>She had to move out of the city because she made too much for public housing according to the San Francisco Housing Authority’s \u003ca href=\"https://sfha.org/files/documents/Payment%20Standards%20-%202023.pdf\">income limits (PDF)\u003c/a>, but did not make enough to afford renting in San Francisco.\u003c/p>\n\u003ch2>A series of moves\u003c/h2>\n\u003cp>Harris moved several times when she was growing up. When she was 4, her mother couldn’t keep up with payments for their Oceanview neighborhood home so they both moved to Chicago. They returned to San Francisco 10 years later, first living on 16th Street and Potrero Avenue before settling in the Fillmore. Around the time Harris graduated from George Washington High School, they were evicted from their one bedroom apartment and became homeless.\u003c/p>\n\u003cp>“All you have to do is lose a job,” Harris said. “I’m so terrified for myself right now. If any part of my income changes, I can’t afford the basic cost of living in the Bay Area.”\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>In 2006, Harris moved to the Robert B. Pitts Apartments on Scott Street in the Fillmore. She lived there for 15 years, raising her two daughters. She moved to Oakland in 2021, and her oldest daughter took over the lease of Harris’ former apartment with a roommate. Harris currently rents a house on 99th Avenue near San Leandro where she lives with her youngest daughter.\u003c/p>\n\u003cp>“It’s people like me now that have made it,” Harris said. “But then you’re in this weird in-between spot where you still can’t afford to live here, but you also make too much money for any subsidy.”\u003c/p>\n\u003cp>During the early stages of the pandemic, Harris paused her catering delivery business, Nia Soul, and prepared meals that were distributed to homeless people living in hotels through \u003ca href=\"https://sfnewdeal.org/\">SF New Deal\u003c/a>, a nonprofit that helps local businesses stay open.\u003c/p>\n\u003ch2>Rebuilding the Fillmore\u003c/h2>\n\u003cp>Harris is a founding member of the Fillmore Merchants and Neighborhood Collaborative, a group focused on creating economic opportunity. Before joining the SFHDC, Harris and the collaborative helped businesses apply for grants during the pandemic. She received a grant from San Francisco’s Office of Economic and Workforce Development to do the work.\u003c/p>\n\u003cp>Harris wants to rebuild the Black prosperity in the Fillmore.\u003c/p>\n\u003cp>“I think that we just want to have representation,” Harris said. “We’re not asking for this to be an all-Black neighborhood. We’re saying we see that there’s boba across the street. We see that there’s poke and a Jewish deli and Japanese food, but where is the African American voice?”\u003c/p>\n\u003cp>When Black Fillmore residents were displaced decades ago, they had limited options on where they could live in San Francisco because realtors would steer Black residents away from living in certain areas in the city. Steering is a form of redlining, the act of denying loans and other financial services based on race and gender.\u003c/p>\n\u003cfigure id=\"attachment_11952804\" class=\"wp-caption aligncenter\" style=\"max-width: 2000px\">\u003ca href=\"https://ww2.kqed.org/app/uploads/sites/10/2023/06/RS66198_230609-InTheBlack-03-BL-KQED.jpg\">\u003cimg loading=\"lazy\" decoding=\"async\" class=\"wp-image-11952804 size-full\" src=\"https://ww2.kqed.org/app/uploads/sites/10/2023/06/RS66198_230609-InTheBlack-03-BL-KQED.jpg\" alt='A person walks down a nearly empty city sidewalk featuring a street sign reading \"Feel More in the Fillmore.\"' width=\"2000\" height=\"1333\" srcset=\"https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66198_230609-InTheBlack-03-BL-KQED.jpg 2000w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66198_230609-InTheBlack-03-BL-KQED-800x533.jpg 800w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66198_230609-InTheBlack-03-BL-KQED-1020x680.jpg 1020w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66198_230609-InTheBlack-03-BL-KQED-160x107.jpg 160w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66198_230609-InTheBlack-03-BL-KQED-1536x1024.jpg 1536w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66198_230609-InTheBlack-03-BL-KQED-1920x1280.jpg 1920w\" sizes=\"(max-width: 2000px) 100vw, 2000px\">\u003c/a>\u003cfigcaption class=\"wp-caption-text\">A sign for the Fillmore is reflected in the window of the Fillmore Heritage Center in San Francisco on June 9, 2023. \u003ccite>(Beth LaBerge/KQED)\u003c/cite>\u003c/figcaption>\u003c/figure>\n\u003cp>Many Black people displaced from the Fillmore settled in Bayview-Hunters Point, an affordable neighborhood with an existing Black community.\u003c/p>\n\u003cp>Tyra Fennell has made it her mission to expand awareness of the Bayview’s art and culture scene. Fennell, who moved to San Francisco in 2009, saw that the historically Black neighborhood was culturally overlooked during her time at the San Francisco Arts Commission.[aside postID=\"forum_2010101891368,arts_13848442\" label=\"Related Posts\"]Through her nonprofit, Imprint City, she hosted events such as Bayview Live, a music and arts festival that ran from 2016-19. A challenge she faced while promoting events was figuring out how to attract Black people to a city where there aren’t a lot of people that identify as Black.\u003c/p>\n\u003cp>“The landscape here just isn’t Black,” said Fennell, who now works in Mayor London Breed’s administration. “It’s not majority Black, it’s super-minority Black. I prefer to program Black events for Black people, so I generally have to promote outside of San Francisco.”\u003c/p>\n\u003cp>Fennell said that predatory lending and increased home pricing are issues that have contributed to the out-migration of Black residents.\u003c/p>\n\u003cp>“Without strong economic policies to maintain the Black community, it’s all just social policies,” Fennell said. “People have to own where they are. That’s the only way for them to be stabilized.”\u003c/p>\n\u003cp>Jameel Rasheed Patterson sees redevelopment as a force of nature, but only when the government is in lockstep with the community. Labeling a community as blighted, he said, allows the government to make changes without the consent of residents.\u003c/p>\n\u003cp>“They throw out little dog whistle type code words to imply that the community isn’t taking care of the neighborhood,” said Patterson, the associate director of the \u003ca href=\"https://www.nclfinc.org/\">New Community Leadership Foundation\u003c/a>, a nonprofit that works to empower disenfranchised communities. “So we got to remove the people in order to change the neighborhood, then it becomes pest control gentrification.”\u003c/p>\n\u003ch2>How In The Black works\u003c/h2>\n\u003cp>In The Black receives funding from the Office of Economic and Workforce Development and the \u003ca href=\"https://www.dreamkeepersf.org/\">Dream Keeper Initiative\u003c/a>, which is under the direction of the San Francisco Human Rights Commission. Dr. Sheryl Evans Davis, the executive director of the commission, applauded Harris’ selflessness and her ability to focus on a project outside of her comfort zone in the culinary industry.\u003c/p>\n\u003cp>“I think In The Black has offered a level of hope for folks about sharing spaces and being able to work together collaboratively,” Davis said. “I think it’s also opened up the opportunity, even along the Fillmore corridor, to be able to access and activate other spaces.”\u003c/p>\n\u003cfigure id=\"attachment_11952806\" class=\"wp-caption aligncenter\" style=\"max-width: 2000px\">\u003ca href=\"https://ww2.kqed.org/app/uploads/sites/10/2023/06/RS66207_230609-InTheBlack-16-BL-KQED.jpg\">\u003cimg loading=\"lazy\" decoding=\"async\" class=\"wp-image-11952806 size-full\" src=\"https://ww2.kqed.org/app/uploads/sites/10/2023/06/RS66207_230609-InTheBlack-16-BL-KQED.jpg\" alt='Camouflage and military-print jackets hang on a rack with patches sewn on reading \"Rooting for Everybody Black\" and Not Today KAREN!\" inside a store. Behind and out of focus, two people talk to each other.' width=\"2000\" height=\"1333\" srcset=\"https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66207_230609-InTheBlack-16-BL-KQED.jpg 2000w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66207_230609-InTheBlack-16-BL-KQED-800x533.jpg 800w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66207_230609-InTheBlack-16-BL-KQED-1020x680.jpg 1020w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66207_230609-InTheBlack-16-BL-KQED-160x107.jpg 160w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66207_230609-InTheBlack-16-BL-KQED-1536x1024.jpg 1536w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66207_230609-InTheBlack-16-BL-KQED-1920x1280.jpg 1920w\" sizes=\"(max-width: 2000px) 100vw, 2000px\">\u003c/a>\u003cfigcaption class=\"wp-caption-text\">CIK Apparel hangs at the store In The Black in the Fillmore district of San Francisco on June 9, 2023. The rent for the marketplace is around $8,000 per month, and the businesses pay between $600 to $1,500. According to Harris, In The Black made $20,000 in sales in December. Because of unsteady retail trends, it has made around $8,000 to $12,000 a month in sales since. \u003ccite>(Beth LaBerge/KQED)\u003c/cite>\u003c/figcaption>\u003c/figure>\n\u003cp>Still, Joshua Farr, In The Black’s manager, hopes to see the marketplace expand to cities like Oakland in the near future.\u003c/p>\n\u003cp>“It’s just business as usual,” said Farr, 40. “Us trying to learn and document and put together our story so that we’re able to do it again and do it better, and do it in new spaces and do it for new industries even.”\u003c/p>\n\u003cp>Some of the businesses currently in the store were part of the first SFHDC’s \u003ca href=\"https://sfhdc.org/mmbob/\">Minding My Black-Owned Business\u003c/a> cohort in 2022. The 12-week pilot program gave businesses $7,500 grants.\u003c/p>\n\u003cp>Cianni Jackson participated in the program. She created her business, \u003ca href=\"https://cikapparel.com/\">CIK Apparel\u003c/a>, during the racial unrest in 2020 because she wanted to showcase the pride and strength inherent in Black culture.\u003c/p>\n\u003cp>A Fillmore native, Jackson designs and sells jackets, hoodies and other gear that features unique patches with messages such as “Black Girl Magic” and “Rooting for Everybody Black.” She likes to see people trying on her clothes in the store.\u003c/p>\n\u003cp>“I feel like when you’re in their face, they’ll grab it from you sooner,” Jackson, 43, said. “So In The Black has been a great opportunity for me to have my projects out in front of the public.”\u003c/p>\n\u003cp>In The Black is currently looking for merchants who sell haircare and other essential lifestyle products, according to Harris, who is in the process of opening a cafe a few blocks from the marketplace.\u003c/p>\n\u003cp>She would like to live in the Fillmore again.\u003c/p>\n\u003cp>“Just waiting for the market to get better to try to take my chance on purchasing something,” Harris said. “I’m always worried about having to get a second or third job if I have to just to maintain our lifestyle.”\u003c/p>\n\u003cp>[ad floatright]\u003c/p>\n",
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"title": "After Decades of Disenfranchisement, San Francisco's Fillmore Looks to Rebuild With Black-Led Marketplace | KQED",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003cp>Pia Harris was at In The Black in November, the month the Black-led marketplace debuted in the Fillmore, when a non-Black customer walked into the store wearing a shirt designed by Joseph Broussard.\u003c/p>\n\u003cp>Broussard, a Fillmore native who owns Dreamer Boyz clothing, was also in the store. According to Harris, who created the concept of In The Black, the customer expressed his love for the design that featured the Eye of Horus, a symbol of protection, health and restoration in ancient Egyptian religion.\u003c/p>\n\u003cp>\u003ca href=\"https://intheblackshop.com/\">In The Black\u003c/a> is a shared retail space for Black-owned businesses on Fillmore Street near the Geary Boulevard intersection. There are around 20 businesses in the space that was once Money Mart, a check cashing and payday lender.\u003c/p>\n\u003cfigure id=\"attachment_11952805\" class=\"wp-caption aligncenter\" style=\"max-width: 2000px\">\u003ca href=\"https://ww2.kqed.org/app/uploads/sites/10/2023/06/RS66205_230609-InTheBlack-09-BL-KQED.jpg\">\u003cimg loading=\"lazy\" decoding=\"async\" class=\"wp-image-11952805 size-full\" src=\"https://ww2.kqed.org/app/uploads/sites/10/2023/06/RS66205_230609-InTheBlack-09-BL-KQED.jpg\" alt=\"A woman holding a coffee cup looks at merchandise set out on a table inside a brightly-lit storefront.\" width=\"2000\" height=\"1333\" srcset=\"https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66205_230609-InTheBlack-09-BL-KQED.jpg 2000w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66205_230609-InTheBlack-09-BL-KQED-800x533.jpg 800w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66205_230609-InTheBlack-09-BL-KQED-1020x680.jpg 1020w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66205_230609-InTheBlack-09-BL-KQED-160x107.jpg 160w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66205_230609-InTheBlack-09-BL-KQED-1536x1024.jpg 1536w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66205_230609-InTheBlack-09-BL-KQED-1920x1280.jpg 1920w\" sizes=\"(max-width: 2000px) 100vw, 2000px\">\u003c/a>\u003cfigcaption class=\"wp-caption-text\">Natasha Chatlein shops at In The Black in the Fillmore district of San Francisco on June 9, 2023. \u003ccite>(Beth LaBerge/KQED)\u003c/cite>\u003c/figcaption>\u003c/figure>\n\u003cp>Rent for the businesses, which sell clothing, accessories and skincare products, is based on the size of the retail area businesses occupy in the 1,500-square-foot space owned by the San Francisco Housing Development Corporation. Harris, 45, is the program director of SFHDC’s economic development team. In The Black is her brainchild, and last month the marketplace celebrated six months in business.\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>Black people thrived in the Fillmore before being targeted for displacement. The neighborhood was once known as the “Harlem of the West” because of the large number of Black businesses and entertainment venues in the area.\u003c/p>\n\u003cp>Black residents, many of whom migrated west for wartime work in the Navy shipyards and to escape racial terrorism in the south, settled in Bay Area cities like Richmond, Oakland and San Francisco. Despite anti-Black housing discrimination, Black neighborhoods flourished.\u003c/p>\n\u003cp>From the 1950s to the 1970s, however, the Fillmore underwent drastic changes driven by the federally-funded redevelopment of areas that were deemed “blighted” by the city’s leaders. The Fillmore, with its old Victorian houses and mostly Black population, became the \u003ca href=\"https://www.kqed.org/news/11825401/how-urban-renewal-decimated-the-fillmore-district-and-took-jazz-with-it\">focus of San Francisco’s urban renewal\u003c/a>. Many homes were bulldozed while many others were relocated. Many Black-owned businesses were forced to shut down. According to Rachel Brahinsky, a politics and urban studies professor at USF, an estimated 10,000 to 13,000 Fillmore residents were incrementally displaced.\u003c/p>\n\u003cp>“There isn’t a sort of instant disappearance,” Brahinsky said. “Culture is very resilient. People are very resilient.”\u003c/p>\n\u003cp>In The Black is centering Black people in the Fillmore at a time when the Black population in the city continues to decline. According to U.S. Census Bureau data, the Black population in San Francisco peaked in 1970 with \u003ca href=\"http://www.bayareacensus.ca.gov/counties/SanFranciscoCounty70.htm\">96,078 residents\u003c/a>, or roughly 13% of the city’s total population. That number has steadily dwindled to around \u003ca href=\"https://www.census.gov/quickfacts/sanfranciscocountycalifornia\">45,135 residents\u003c/a>, or 5% of the total population in 2021.\u003c/p>\n\u003cp>Harris wanted to create a store where Black entrepreneurs could thrive. A combination of high commercial rent prices and the lack of access to credit present steep barriers for Black entrepreneurs to open brick-and-mortar businesses. Harris thought businesses that shared rent would have a better chance to survive and maintain a foothold in San Francisco.\u003c/p>\n\u003cfigure id=\"attachment_11952807\" class=\"wp-caption aligncenter\" style=\"max-width: 2000px\">\u003ca href=\"https://ww2.kqed.org/app/uploads/sites/10/2023/06/RS66215_230609-InTheBlack-25-BL-KQED.jpg\">\u003cimg loading=\"lazy\" decoding=\"async\" class=\"wp-image-11952807 size-full\" src=\"https://ww2.kqed.org/app/uploads/sites/10/2023/06/RS66215_230609-InTheBlack-25-BL-KQED.jpg\" alt='A woman wears a green hoodie reading \"Black Girl Magic\" standing beside some brightly colored clothes hanging on a rack.' width=\"2000\" height=\"1333\" srcset=\"https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66215_230609-InTheBlack-25-BL-KQED.jpg 2000w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66215_230609-InTheBlack-25-BL-KQED-800x533.jpg 800w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66215_230609-InTheBlack-25-BL-KQED-1020x680.jpg 1020w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66215_230609-InTheBlack-25-BL-KQED-160x107.jpg 160w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66215_230609-InTheBlack-25-BL-KQED-1536x1024.jpg 1536w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66215_230609-InTheBlack-25-BL-KQED-1920x1280.jpg 1920w\" sizes=\"(max-width: 2000px) 100vw, 2000px\">\u003c/a>\u003cfigcaption class=\"wp-caption-text\">Pia Harris, founder of In The Black and program director at San Francisco Housing Development Corporation, at the shop in the Fillmore district of San Francisco on June 9, 2023. \u003ccite>(Beth LaBerge/KQED)\u003c/cite>\u003c/figcaption>\u003c/figure>\n\u003cp>Harris, a longtime Fillmore resident, had to give up where she lived two years ago.\u003c/p>\n\u003cp>She had to move out of the city because she made too much for public housing according to the San Francisco Housing Authority’s \u003ca href=\"https://sfha.org/files/documents/Payment%20Standards%20-%202023.pdf\">income limits (PDF)\u003c/a>, but did not make enough to afford renting in San Francisco.\u003c/p>\n\u003ch2>A series of moves\u003c/h2>\n\u003cp>Harris moved several times when she was growing up. When she was 4, her mother couldn’t keep up with payments for their Oceanview neighborhood home so they both moved to Chicago. They returned to San Francisco 10 years later, first living on 16th Street and Potrero Avenue before settling in the Fillmore. Around the time Harris graduated from George Washington High School, they were evicted from their one bedroom apartment and became homeless.\u003c/p>\n\u003cp>“All you have to do is lose a job,” Harris said. “I’m so terrified for myself right now. If any part of my income changes, I can’t afford the basic cost of living in the Bay Area.”\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>In 2006, Harris moved to the Robert B. Pitts Apartments on Scott Street in the Fillmore. She lived there for 15 years, raising her two daughters. She moved to Oakland in 2021, and her oldest daughter took over the lease of Harris’ former apartment with a roommate. Harris currently rents a house on 99th Avenue near San Leandro where she lives with her youngest daughter.\u003c/p>\n\u003cp>“It’s people like me now that have made it,” Harris said. “But then you’re in this weird in-between spot where you still can’t afford to live here, but you also make too much money for any subsidy.”\u003c/p>\n\u003cp>During the early stages of the pandemic, Harris paused her catering delivery business, Nia Soul, and prepared meals that were distributed to homeless people living in hotels through \u003ca href=\"https://sfnewdeal.org/\">SF New Deal\u003c/a>, a nonprofit that helps local businesses stay open.\u003c/p>\n\u003ch2>Rebuilding the Fillmore\u003c/h2>\n\u003cp>Harris is a founding member of the Fillmore Merchants and Neighborhood Collaborative, a group focused on creating economic opportunity. Before joining the SFHDC, Harris and the collaborative helped businesses apply for grants during the pandemic. She received a grant from San Francisco’s Office of Economic and Workforce Development to do the work.\u003c/p>\n\u003cp>Harris wants to rebuild the Black prosperity in the Fillmore.\u003c/p>\n\u003cp>“I think that we just want to have representation,” Harris said. “We’re not asking for this to be an all-Black neighborhood. We’re saying we see that there’s boba across the street. We see that there’s poke and a Jewish deli and Japanese food, but where is the African American voice?”\u003c/p>\n\u003cp>When Black Fillmore residents were displaced decades ago, they had limited options on where they could live in San Francisco because realtors would steer Black residents away from living in certain areas in the city. Steering is a form of redlining, the act of denying loans and other financial services based on race and gender.\u003c/p>\n\u003cfigure id=\"attachment_11952804\" class=\"wp-caption aligncenter\" style=\"max-width: 2000px\">\u003ca href=\"https://ww2.kqed.org/app/uploads/sites/10/2023/06/RS66198_230609-InTheBlack-03-BL-KQED.jpg\">\u003cimg loading=\"lazy\" decoding=\"async\" class=\"wp-image-11952804 size-full\" src=\"https://ww2.kqed.org/app/uploads/sites/10/2023/06/RS66198_230609-InTheBlack-03-BL-KQED.jpg\" alt='A person walks down a nearly empty city sidewalk featuring a street sign reading \"Feel More in the Fillmore.\"' width=\"2000\" height=\"1333\" srcset=\"https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66198_230609-InTheBlack-03-BL-KQED.jpg 2000w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66198_230609-InTheBlack-03-BL-KQED-800x533.jpg 800w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66198_230609-InTheBlack-03-BL-KQED-1020x680.jpg 1020w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66198_230609-InTheBlack-03-BL-KQED-160x107.jpg 160w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66198_230609-InTheBlack-03-BL-KQED-1536x1024.jpg 1536w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66198_230609-InTheBlack-03-BL-KQED-1920x1280.jpg 1920w\" sizes=\"(max-width: 2000px) 100vw, 2000px\">\u003c/a>\u003cfigcaption class=\"wp-caption-text\">A sign for the Fillmore is reflected in the window of the Fillmore Heritage Center in San Francisco on June 9, 2023. \u003ccite>(Beth LaBerge/KQED)\u003c/cite>\u003c/figcaption>\u003c/figure>\n\u003cp>Many Black people displaced from the Fillmore settled in Bayview-Hunters Point, an affordable neighborhood with an existing Black community.\u003c/p>\n\u003cp>Tyra Fennell has made it her mission to expand awareness of the Bayview’s art and culture scene. Fennell, who moved to San Francisco in 2009, saw that the historically Black neighborhood was culturally overlooked during her time at the San Francisco Arts Commission.\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>Through her nonprofit, Imprint City, she hosted events such as Bayview Live, a music and arts festival that ran from 2016-19. A challenge she faced while promoting events was figuring out how to attract Black people to a city where there aren’t a lot of people that identify as Black.\u003c/p>\n\u003cp>“The landscape here just isn’t Black,” said Fennell, who now works in Mayor London Breed’s administration. “It’s not majority Black, it’s super-minority Black. I prefer to program Black events for Black people, so I generally have to promote outside of San Francisco.”\u003c/p>\n\u003cp>Fennell said that predatory lending and increased home pricing are issues that have contributed to the out-migration of Black residents.\u003c/p>\n\u003cp>“Without strong economic policies to maintain the Black community, it’s all just social policies,” Fennell said. “People have to own where they are. That’s the only way for them to be stabilized.”\u003c/p>\n\u003cp>Jameel Rasheed Patterson sees redevelopment as a force of nature, but only when the government is in lockstep with the community. Labeling a community as blighted, he said, allows the government to make changes without the consent of residents.\u003c/p>\n\u003cp>“They throw out little dog whistle type code words to imply that the community isn’t taking care of the neighborhood,” said Patterson, the associate director of the \u003ca href=\"https://www.nclfinc.org/\">New Community Leadership Foundation\u003c/a>, a nonprofit that works to empower disenfranchised communities. “So we got to remove the people in order to change the neighborhood, then it becomes pest control gentrification.”\u003c/p>\n\u003ch2>How In The Black works\u003c/h2>\n\u003cp>In The Black receives funding from the Office of Economic and Workforce Development and the \u003ca href=\"https://www.dreamkeepersf.org/\">Dream Keeper Initiative\u003c/a>, which is under the direction of the San Francisco Human Rights Commission. Dr. Sheryl Evans Davis, the executive director of the commission, applauded Harris’ selflessness and her ability to focus on a project outside of her comfort zone in the culinary industry.\u003c/p>\n\u003cp>“I think In The Black has offered a level of hope for folks about sharing spaces and being able to work together collaboratively,” Davis said. “I think it’s also opened up the opportunity, even along the Fillmore corridor, to be able to access and activate other spaces.”\u003c/p>\n\u003cfigure id=\"attachment_11952806\" class=\"wp-caption aligncenter\" style=\"max-width: 2000px\">\u003ca href=\"https://ww2.kqed.org/app/uploads/sites/10/2023/06/RS66207_230609-InTheBlack-16-BL-KQED.jpg\">\u003cimg loading=\"lazy\" decoding=\"async\" class=\"wp-image-11952806 size-full\" src=\"https://ww2.kqed.org/app/uploads/sites/10/2023/06/RS66207_230609-InTheBlack-16-BL-KQED.jpg\" alt='Camouflage and military-print jackets hang on a rack with patches sewn on reading \"Rooting for Everybody Black\" and Not Today KAREN!\" inside a store. Behind and out of focus, two people talk to each other.' width=\"2000\" height=\"1333\" srcset=\"https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66207_230609-InTheBlack-16-BL-KQED.jpg 2000w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66207_230609-InTheBlack-16-BL-KQED-800x533.jpg 800w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66207_230609-InTheBlack-16-BL-KQED-1020x680.jpg 1020w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66207_230609-InTheBlack-16-BL-KQED-160x107.jpg 160w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66207_230609-InTheBlack-16-BL-KQED-1536x1024.jpg 1536w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/06/RS66207_230609-InTheBlack-16-BL-KQED-1920x1280.jpg 1920w\" sizes=\"(max-width: 2000px) 100vw, 2000px\">\u003c/a>\u003cfigcaption class=\"wp-caption-text\">CIK Apparel hangs at the store In The Black in the Fillmore district of San Francisco on June 9, 2023. The rent for the marketplace is around $8,000 per month, and the businesses pay between $600 to $1,500. According to Harris, In The Black made $20,000 in sales in December. Because of unsteady retail trends, it has made around $8,000 to $12,000 a month in sales since. \u003ccite>(Beth LaBerge/KQED)\u003c/cite>\u003c/figcaption>\u003c/figure>\n\u003cp>Still, Joshua Farr, In The Black’s manager, hopes to see the marketplace expand to cities like Oakland in the near future.\u003c/p>\n\u003cp>“It’s just business as usual,” said Farr, 40. “Us trying to learn and document and put together our story so that we’re able to do it again and do it better, and do it in new spaces and do it for new industries even.”\u003c/p>\n\u003cp>Some of the businesses currently in the store were part of the first SFHDC’s \u003ca href=\"https://sfhdc.org/mmbob/\">Minding My Black-Owned Business\u003c/a> cohort in 2022. The 12-week pilot program gave businesses $7,500 grants.\u003c/p>\n\u003cp>Cianni Jackson participated in the program. She created her business, \u003ca href=\"https://cikapparel.com/\">CIK Apparel\u003c/a>, during the racial unrest in 2020 because she wanted to showcase the pride and strength inherent in Black culture.\u003c/p>\n\u003cp>A Fillmore native, Jackson designs and sells jackets, hoodies and other gear that features unique patches with messages such as “Black Girl Magic” and “Rooting for Everybody Black.” She likes to see people trying on her clothes in the store.\u003c/p>\n\u003cp>“I feel like when you’re in their face, they’ll grab it from you sooner,” Jackson, 43, said. “So In The Black has been a great opportunity for me to have my projects out in front of the public.”\u003c/p>\n\u003cp>In The Black is currently looking for merchants who sell haircare and other essential lifestyle products, according to Harris, who is in the process of opening a cafe a few blocks from the marketplace.\u003c/p>\n\u003cp>She would like to live in the Fillmore again.\u003c/p>\n\u003cp>“Just waiting for the market to get better to try to take my chance on purchasing something,” Harris said. “I’m always worried about having to get a second or third job if I have to just to maintain our lifestyle.”\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cp>About 1,000 employees of First Republic Bank are being let go about a month after \u003ca href=\"https://apnews.com/article/first-republic-bank-silicon-valley-fdic-5ab48702b7136d42f73ac13e0a20955d\">the bank was seized by regulators\u003c/a> and acquired by JPMorgan Chase.\u003c/p>\n\u003cp>The vast majority of First Republic employees, roughly 7,200 before it ran into trouble, were offered jobs by JPMorgan, but about 15% of the bank’s employees are being laid off.\u003c/p>\n\u003cp>When First Republic failed and was bought by JPMorgan on May 1, JPMorgan executives said they planned to take 30 days to figure out new roles for the First Republic employees and that not every employee would be guaranteed a job.[aside label=\"Related Stories\" postID=\"forum_2010101893009,news_11948206\"]“We recognize that they have been under stress and uncertainty since March and hope that today will bring clarity and closure,” the bank said in a written statement.\u003c/p>\n\u003cp>First Republic cut roughly 25% of its workforce before JPMorgan stepped in. Bank employees who are not being offered jobs at JPMorgan will get an additional 60 days of pay and benefits, the bank said. Additional payments to those being let go will be based on how long they worked at First Republic.\u003c/p>\n\u003cp>The failure of First Republic Bank, based in San Francisco, became the second-largest in U.S. history. Regulators sold all of its deposits and most of its assets to JPMorgan Chase to restore order after three banks, including \u003ca href=\"https://apnews.com/article/signature-fdic-failure-new-york-community-bank-3c820646cc6574439fa158095594505e\">Signature\u003c/a> and \u003ca href=\"https://apnews.com/article/silicon-valley-bank-uk-bailout-hsbc-sale-4d2da0e9c6f39c0fd8faf321a2b295cf\">Silicon Valley\u003c/a> banks, collapsed and threatened to undermine faith in the U.S. banking system.\u003c/p>\n\u003cp>The banks were unique, however, due to the large, uninsured deposits held by their customers and exposure to the tech industry, which had been hammered by rising interest rates that made borrowing more expensive.\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>\u003c/p>\n",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003cp>About 1,000 employees of First Republic Bank are being let go about a month after \u003ca href=\"https://apnews.com/article/first-republic-bank-silicon-valley-fdic-5ab48702b7136d42f73ac13e0a20955d\">the bank was seized by regulators\u003c/a> and acquired by JPMorgan Chase.\u003c/p>\n\u003cp>The vast majority of First Republic employees, roughly 7,200 before it ran into trouble, were offered jobs by JPMorgan, but about 15% of the bank’s employees are being laid off.\u003c/p>\n\u003cp>When First Republic failed and was bought by JPMorgan on May 1, JPMorgan executives said they planned to take 30 days to figure out new roles for the First Republic employees and that not every employee would be guaranteed a job.\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>“We recognize that they have been under stress and uncertainty since March and hope that today will bring clarity and closure,” the bank said in a written statement.\u003c/p>\n\u003cp>First Republic cut roughly 25% of its workforce before JPMorgan stepped in. Bank employees who are not being offered jobs at JPMorgan will get an additional 60 days of pay and benefits, the bank said. Additional payments to those being let go will be based on how long they worked at First Republic.\u003c/p>\n\u003cp>The failure of First Republic Bank, based in San Francisco, became the second-largest in U.S. history. Regulators sold all of its deposits and most of its assets to JPMorgan Chase to restore order after three banks, including \u003ca href=\"https://apnews.com/article/signature-fdic-failure-new-york-community-bank-3c820646cc6574439fa158095594505e\">Signature\u003c/a> and \u003ca href=\"https://apnews.com/article/silicon-valley-bank-uk-bailout-hsbc-sale-4d2da0e9c6f39c0fd8faf321a2b295cf\">Silicon Valley\u003c/a> banks, collapsed and threatened to undermine faith in the U.S. banking system.\u003c/p>\n\u003cp>The banks were unique, however, due to the large, uninsured deposits held by their customers and exposure to the tech industry, which had been hammered by rising interest rates that made borrowing more expensive.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"title": "Another Bay Area Bank Collapsed. Here's How Big Deposits From the Very Wealthy Contributed",
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"content": "\u003cp>After California regulators seized San Francisco’s troubled First Republic Bank early Monday, the Federal Deposit Insurance Corporation (FDIC) \u003ca href=\"https://www.fdic.gov/news/press-releases/2023/pr23034.html\">promptly sold\u003c/a> all of its deposits and most of its assets to JPMorgan Chase in a bid to \u003ca href=\"https://apnews.com/article/silicon-valley-fed-supervision-review-30f56061bf5d103cef7e9445d50fd759\">end the turmoil\u003c/a> that has raised questions about the health of the U.S. banking system.\u003c/p>\n\u003cp>The bank’s demise marked the second-largest bank failure in U.S. history. It was also the second Bay Area-based bank to fail in less than two months, joining Silicon Valley Bank — for just over seven weeks the second-largest bank failure, and now the third — which \u003ca href=\"https://apnews.com/article/silicon-valley-bank-failure-fdic-tech-vc-f343cdc6a8adee4a3635b756cec1f787\">was seized by the FDIC \u003c/a>on March 10 after its collapse following a bank run.\u003c/p>\n\u003cp>In the wake of Silicon Valley Bank’s failure, concerned depositors also began pulling money out of First Republic, which has more than three dozen branches in the Bay Area.\u003c/p>\n\u003cp>[pullquote size=\"medium\" align=\"right\" citation=\"Filippo Rebessi, economics professor, Cal State East Bay\"]‘Other banks across the nation, they don’t have these very large uninsured depositors that all of a sudden may be more prone to make a run.’[/pullquote]\u003c/p>\n\u003cp>That’s an especially significant problem for banks based in a region where the tech industry has created enormous wealth for some. For both failed banks, big money meant big deposits that often exceeded federal insurance maximums.\u003c/p>\n\u003cp>“Other banks across the nation, they don’t have these very large uninsured depositors that all of a sudden may be more prone to make a run on the bank,” said Cal State East Bay economics professor Filippo Rebessi. “Because if the bank goes bankrupt, they don’t have their money insured.”\u003c/p>\n\u003cp>Rebessi said it’s hard to tell whether there will be more large-scale bank failures in the near future.\u003c/p>\n\u003cp>“A month ago, I would have told you the worst is behind us, because I really thought that the action that had been taken was decisive,” he said. “At the same time, it seems like we’re going through some very unpredictable times and depositors are not feeling completely safe in their circumstances.”\u003c/p>\n\u003cp>Despite a $30 billion infusion of capital by major U.S. banks and other efforts by federal regulators to restore confidence in First Republic, it’s now the third midsize bank, with Signature Bank, to fail in less than two months. The only larger bank failure in U.S. history was \u003ca href=\"https://apnews.com/article/silicon-valley-bank-failure-fdic-tech-vc-f343cdc6a8adee4a3635b756cec1f787\">Washington Mutual\u003c/a>, which collapsed at the height of the 2008 financial crisis and was also taken over by JPMorgan in a similar government-orchestrated deal.\u003c/p>\n\u003cp>“Our government invited us and others to step up, and we did,” said Jamie Dimon, chair and CEO of JPMorgan Chase.\u003c/p>\n\u003cp>First Republic’s 84 branches opened on Monday as branches of JPMorgan Chase, which acquired the bank’s $92 billion in deposits and $203 billion in loans and other securities. The bank’s shareholders are likely to be wiped out as part of the deal.\u003c/p>\n\u003cp>Dimon said in a conference call with both reporters and investors that he believed “this part of this (banking) crisis is over.” Other midsize banks reported their results last week and the vast majority showed that deposits had stabilized and profits remained relatively healthy. The outlier was First Republic.\u003c/p>\n\u003ch2>When catering to the very rich becomes a liability\u003c/h2>\n\u003cp>Before this year, First Republic was the envy of the banking industry. Its well-appointed branches served warm cookies to its clients — who were almost exclusively the rich and powerful. Its bankers lured in wealthy clients with low-cost mortgages and attractive savings rates in order to sell them on higher-profit businesses like wealth management and brokerage accounts. In return, the wealthy rarely defaulted on their loans and parked substantial sums of money in the bank that could be lent elsewhere.\u003c/p>\n\u003cp>But that business model of catering to the rich became a liability with the \u003ca href=\"https://apnews.com/article/silicon-valley-bank-uk-bailout-hsbc-sale-4d2da0e9c6f39c0fd8faf321a2b295cf\">collapses of Silicon Valley Bank\u003c/a> and \u003ca href=\"https://apnews.com/article/signature-fdic-failure-new-york-community-bank-3c820646cc6574439fa158095594505e\">Signature Bank\u003c/a>. These banks had large amount of uninsured deposits — that is, deposits above the $250,000 limit set by the FDIC. As was the case with Silicon Valley Bank and Signature Bank, First Republic clients with large accounts were quick to pull their money at the first sign of trouble.\u003c/p>\n\u003cp>“Too many (First Republic) customers showed their true loyalties were to their own fears,” wrote Timothy Coffey, analyst with Janney Montgomery Scott, in a note to investors.\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>A coalition of a dozen banks pulled together \u003ca href=\"https://apnews.com/article/first-republic-bank-deposits-rescue-9daaea0e7133007d5e7f8257030d1b1c\">a $30 billion funding package\u003c/a> for First Republic last month that, for a while, seemed to stanch the bleeding of deposits. But it became increasingly clear that First Republic was on borrowed time: It needed to find a buyer, or find new forms of funding to replace the deposits that had left the bank.\u003c/p>\n\u003cp>First Republic planned to sell off unprofitable assets, including low-interest mortgages that it provided to wealthy clients. It also announced plans to lay off up to a quarter of its workforce, which totaled about 7,200 employees in late 2022. But it was seen as too little, too late, by analysts. The bank seemed to be on the brink of failure for weeks.\u003c/p>\n\u003cp>The $30 billion package “bought time when time was needed” for First Republic, said Jeremy Barnum, JPMorgan’s chief financial officer, in a call with reporters.\u003c/p>\n\u003cp>Last Monday, First Republic reported its first-quarter results and stunned analysts and investors when it revealed that $100 billion in deposits had flowed out of the bank, most in mid-March immediately after the failure of Silicon Valley Bank and Signature Bank. Its executives took no questions from analysts on an earning conference call. First Republic’s stock plunged more than 50% the day after the report.\u003c/p>\n\u003cp>By the middle of last week, it became clear government intervention in First Republic was necessary. Treasury officials asked banks to submit bids for First Republic, and bankers and regulators worked through the weekend to find a way forward.\u003c/p>\n\u003cp>Once again JPMorgan Chase, the nation’s biggest bank with a reputation as a dealmaker during times of crisis, became the government’s go-to bank; Treasury officials had enlisted JPMorgan last month to lead the $30 billion rescue package. Also, back in 2008, Dimon was the go-to banker for Washington to find private solutions for that banking crisis, and JPMorgan acquired both Bear Stearns and Washington Mutual.\u003c/p>\n\u003cp>[aside postID=\"news_11943901,news_11948019,news_11944608\" label=\"Related Posts\"]The Federal Reserve and FDIC, which regulate the banking industry along with the Office of the Comptroller of the Currency, could face renewed criticism over their handling of First Republic. Both acknowledged Friday in separate reports that \u003ca href=\"https://apnews.com/article/silicon-valley-fed-supervision-review-30f56061bf5d103cef7e9445d50fd759\">lax supervision had contributed\u003c/a> to the failures of Silicon Valley Bank and Signature Bank.\u003c/p>\n\u003cp>“These banks were allowed to get too big too quickly when interest rates were low,” Coffey said in an interview.\u003c/p>\n\u003cp>There could also now be questions about the size of JPMorgan Chase, which has more than $3 trillion in assets and is by far the biggest of the “too big to fail” institutions around the world.\u003c/p>\n\u003cp>Regulators “permitted the country’s biggest bank to get even bigger. We expect this will be a Democratic focus for months,” said Jaret Seiberg, banking analyst at TD Cowen.\u003c/p>\n\u003cp>JPMorgan is so big that by law it would not be allowed to buy First Republic because no one bank can have more than a 10% market share of deposits in the U.S. It is only because First Republic failed that JPMorgan was allowed to step in.\u003c/p>\n\u003cp>In a statement, JPMorgan portrayed the First Republic deal as beneficial both to the financial system and the company. As part of the agreement, the FDIC will share losses with JPMorgan on First Republic’s loans. The FDIC expects First Republic’s failure to cost the insurance fund roughly $13 billion, which is funded by bank assessments, not by taxpayers.\u003c/p>\n\u003cp>JPMorgan expects the addition of First Republic to add $500 million to its net income per year, although it expects to incur $2 billion in costs integrating First Republic into its operations over the next 18 months.\u003c/p>\n\u003cp>\u003cem>This story includes reporting by Ken Sweet, Matt O’Brien and Christopher Rugaber of The Associated Press, and KQED’s Erin Baldassari and Spencer Whitney.\u003c/em>\u003c/p>\n\u003cp>[ad floatright]\u003c/p>\n",
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"headline": "Another Bay Area Bank Collapsed. Here's How Big Deposits From the Very Wealthy Contributed",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003cp>After California regulators seized San Francisco’s troubled First Republic Bank early Monday, the Federal Deposit Insurance Corporation (FDIC) \u003ca href=\"https://www.fdic.gov/news/press-releases/2023/pr23034.html\">promptly sold\u003c/a> all of its deposits and most of its assets to JPMorgan Chase in a bid to \u003ca href=\"https://apnews.com/article/silicon-valley-fed-supervision-review-30f56061bf5d103cef7e9445d50fd759\">end the turmoil\u003c/a> that has raised questions about the health of the U.S. banking system.\u003c/p>\n\u003cp>The bank’s demise marked the second-largest bank failure in U.S. history. It was also the second Bay Area-based bank to fail in less than two months, joining Silicon Valley Bank — for just over seven weeks the second-largest bank failure, and now the third — which \u003ca href=\"https://apnews.com/article/silicon-valley-bank-failure-fdic-tech-vc-f343cdc6a8adee4a3635b756cec1f787\">was seized by the FDIC \u003c/a>on March 10 after its collapse following a bank run.\u003c/p>\n\u003cp>In the wake of Silicon Valley Bank’s failure, concerned depositors also began pulling money out of First Republic, which has more than three dozen branches in the Bay Area.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "‘Other banks across the nation, they don’t have these very large uninsured depositors that all of a sudden may be more prone to make a run.’",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>That’s an especially significant problem for banks based in a region where the tech industry has created enormous wealth for some. For both failed banks, big money meant big deposits that often exceeded federal insurance maximums.\u003c/p>\n\u003cp>“Other banks across the nation, they don’t have these very large uninsured depositors that all of a sudden may be more prone to make a run on the bank,” said Cal State East Bay economics professor Filippo Rebessi. “Because if the bank goes bankrupt, they don’t have their money insured.”\u003c/p>\n\u003cp>Rebessi said it’s hard to tell whether there will be more large-scale bank failures in the near future.\u003c/p>\n\u003cp>“A month ago, I would have told you the worst is behind us, because I really thought that the action that had been taken was decisive,” he said. “At the same time, it seems like we’re going through some very unpredictable times and depositors are not feeling completely safe in their circumstances.”\u003c/p>\n\u003cp>Despite a $30 billion infusion of capital by major U.S. banks and other efforts by federal regulators to restore confidence in First Republic, it’s now the third midsize bank, with Signature Bank, to fail in less than two months. The only larger bank failure in U.S. history was \u003ca href=\"https://apnews.com/article/silicon-valley-bank-failure-fdic-tech-vc-f343cdc6a8adee4a3635b756cec1f787\">Washington Mutual\u003c/a>, which collapsed at the height of the 2008 financial crisis and was also taken over by JPMorgan in a similar government-orchestrated deal.\u003c/p>\n\u003cp>“Our government invited us and others to step up, and we did,” said Jamie Dimon, chair and CEO of JPMorgan Chase.\u003c/p>\n\u003cp>First Republic’s 84 branches opened on Monday as branches of JPMorgan Chase, which acquired the bank’s $92 billion in deposits and $203 billion in loans and other securities. The bank’s shareholders are likely to be wiped out as part of the deal.\u003c/p>\n\u003cp>Dimon said in a conference call with both reporters and investors that he believed “this part of this (banking) crisis is over.” Other midsize banks reported their results last week and the vast majority showed that deposits had stabilized and profits remained relatively healthy. The outlier was First Republic.\u003c/p>\n\u003ch2>When catering to the very rich becomes a liability\u003c/h2>\n\u003cp>Before this year, First Republic was the envy of the banking industry. Its well-appointed branches served warm cookies to its clients — who were almost exclusively the rich and powerful. Its bankers lured in wealthy clients with low-cost mortgages and attractive savings rates in order to sell them on higher-profit businesses like wealth management and brokerage accounts. In return, the wealthy rarely defaulted on their loans and parked substantial sums of money in the bank that could be lent elsewhere.\u003c/p>\n\u003cp>But that business model of catering to the rich became a liability with the \u003ca href=\"https://apnews.com/article/silicon-valley-bank-uk-bailout-hsbc-sale-4d2da0e9c6f39c0fd8faf321a2b295cf\">collapses of Silicon Valley Bank\u003c/a> and \u003ca href=\"https://apnews.com/article/signature-fdic-failure-new-york-community-bank-3c820646cc6574439fa158095594505e\">Signature Bank\u003c/a>. These banks had large amount of uninsured deposits — that is, deposits above the $250,000 limit set by the FDIC. As was the case with Silicon Valley Bank and Signature Bank, First Republic clients with large accounts were quick to pull their money at the first sign of trouble.\u003c/p>\n\u003cp>“Too many (First Republic) customers showed their true loyalties were to their own fears,” wrote Timothy Coffey, analyst with Janney Montgomery Scott, in a note to investors.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>A coalition of a dozen banks pulled together \u003ca href=\"https://apnews.com/article/first-republic-bank-deposits-rescue-9daaea0e7133007d5e7f8257030d1b1c\">a $30 billion funding package\u003c/a> for First Republic last month that, for a while, seemed to stanch the bleeding of deposits. But it became increasingly clear that First Republic was on borrowed time: It needed to find a buyer, or find new forms of funding to replace the deposits that had left the bank.\u003c/p>\n\u003cp>First Republic planned to sell off unprofitable assets, including low-interest mortgages that it provided to wealthy clients. It also announced plans to lay off up to a quarter of its workforce, which totaled about 7,200 employees in late 2022. But it was seen as too little, too late, by analysts. The bank seemed to be on the brink of failure for weeks.\u003c/p>\n\u003cp>The $30 billion package “bought time when time was needed” for First Republic, said Jeremy Barnum, JPMorgan’s chief financial officer, in a call with reporters.\u003c/p>\n\u003cp>Last Monday, First Republic reported its first-quarter results and stunned analysts and investors when it revealed that $100 billion in deposits had flowed out of the bank, most in mid-March immediately after the failure of Silicon Valley Bank and Signature Bank. Its executives took no questions from analysts on an earning conference call. First Republic’s stock plunged more than 50% the day after the report.\u003c/p>\n\u003cp>By the middle of last week, it became clear government intervention in First Republic was necessary. Treasury officials asked banks to submit bids for First Republic, and bankers and regulators worked through the weekend to find a way forward.\u003c/p>\n\u003cp>Once again JPMorgan Chase, the nation’s biggest bank with a reputation as a dealmaker during times of crisis, became the government’s go-to bank; Treasury officials had enlisted JPMorgan last month to lead the $30 billion rescue package. Also, back in 2008, Dimon was the go-to banker for Washington to find private solutions for that banking crisis, and JPMorgan acquired both Bear Stearns and Washington Mutual.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>The Federal Reserve and FDIC, which regulate the banking industry along with the Office of the Comptroller of the Currency, could face renewed criticism over their handling of First Republic. Both acknowledged Friday in separate reports that \u003ca href=\"https://apnews.com/article/silicon-valley-fed-supervision-review-30f56061bf5d103cef7e9445d50fd759\">lax supervision had contributed\u003c/a> to the failures of Silicon Valley Bank and Signature Bank.\u003c/p>\n\u003cp>“These banks were allowed to get too big too quickly when interest rates were low,” Coffey said in an interview.\u003c/p>\n\u003cp>There could also now be questions about the size of JPMorgan Chase, which has more than $3 trillion in assets and is by far the biggest of the “too big to fail” institutions around the world.\u003c/p>\n\u003cp>Regulators “permitted the country’s biggest bank to get even bigger. We expect this will be a Democratic focus for months,” said Jaret Seiberg, banking analyst at TD Cowen.\u003c/p>\n\u003cp>JPMorgan is so big that by law it would not be allowed to buy First Republic because no one bank can have more than a 10% market share of deposits in the U.S. It is only because First Republic failed that JPMorgan was allowed to step in.\u003c/p>\n\u003cp>In a statement, JPMorgan portrayed the First Republic deal as beneficial both to the financial system and the company. As part of the agreement, the FDIC will share losses with JPMorgan on First Republic’s loans. The FDIC expects First Republic’s failure to cost the insurance fund roughly $13 billion, which is funded by bank assessments, not by taxpayers.\u003c/p>\n\u003cp>JPMorgan expects the addition of First Republic to add $500 million to its net income per year, although it expects to incur $2 billion in costs integrating First Republic into its operations over the next 18 months.\u003c/p>\n\u003cp>\u003cem>This story includes reporting by Ken Sweet, Matt O’Brien and Christopher Rugaber of The Associated Press, and KQED’s Erin Baldassari and Spencer Whitney.\u003c/em>\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cp>The Federal Reserve says its own light-touch approach to bank regulation is partly to blame for the collapse of Silicon Valley Bank last month, and it promised more vigorous oversight in the future.\u003c/p>\n\u003cp>In a \u003ca href=\"https://www.federalreserve.gov/publications/files/svb-review-20230428.pdf\">scathing 114-page report (PDF)\u003c/a>, the Fed says its own supervisors were slow to grasp the extent of the problems at Silicon Valley Bank, and when problems were identified, supervisors failed to move aggressively enough to ensure those problems were fixed.\u003c/p>\n\u003cfigure id=\"attachment_11948027\" class=\"wp-caption alignright\" style=\"max-width: 640px\">\u003cimg loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-11948027\" src=\"https://ww2.kqed.org/app/uploads/sites/10/2023/04/GettyImages-1250750434-1020x679.jpg\" alt=\"Headshot of a white middle-aged man with a suit looking away from the camera with a serious expression.\" width=\"640\" height=\"426\" srcset=\"https://cdn.kqed.org/wp-content/uploads/sites/10/2023/04/GettyImages-1250750434-1020x679.jpg 1020w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/04/GettyImages-1250750434-800x533.jpg 800w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/04/GettyImages-1250750434-160x107.jpg 160w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/04/GettyImages-1250750434.jpg 1024w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\">\u003cfigcaption class=\"wp-caption-text\">Michael Barr, vice chair for supervision of the Board of Governors of the Federal Reserve System, testifies during the House Financial Services Committee hearing titled The Federal Regulators’ Response to Recent Bank Failures, in Rayburn Building in Washington DC, March 29, 2023. \u003ccite>(Tom Williams/CQ-Roll Call, Inc via Getty Images)\u003c/cite>\u003c/figcaption>\u003c/figure>\n\u003cp>The report says changes adopted in 2019 that exempted all but the biggest banks from strict scrutiny — along with a cultural shift toward less-assertive policing of banks — allowed problems at Silicon Valley Bank to fester until it was too late.\u003c/p>\n\u003cp>“Following Silicon Valley Bank’s failure, we must strengthen the Federal Reserve’s supervision and regulation, based on what we have learned,” said Michael Barr, the Fed’s vice chair for supervision, who led the review.\u003c/p>\n\u003cp>Barr took over as the Fed’s top bank regulator last July, replacing Randal Quarles, who oversaw the changes made in 2019. Barr’s more aggressive approach to bank regulation has drawn criticism from Senate Republicans. But it has the backing of Fed chairman Jerome Powell.\u003c/p>\n\u003cp>“I welcome this thorough and self-critical report on Federal Reserve supervision from Vice Chair Barr,” Powell said in a statement. “I agree with and support his recommendations to address our rules and supervisory practices, and I am confident they will lead to a stronger and more resilient banking system.”[aside label=\"Related Stories\" postID=\"forum_2010101892482,news_11943452,news_11945075\"]Barr found that some of the problems at Silicon Valley Bank were unique, based on its heavy concentration in the tech industry, its shoddy risk-management practices, and its large share of uninsured deposits — which customers raced to withdraw when problems surfaced.\u003c/p>\n\u003cp>But the failure holds lessons for the broader financial system and the way it’s regulated.\u003c/p>\n\u003cp>The speed of the bank run at Silicon Valley — where customers tried to withdraw an unprecedented $140 billion over the course of two days — will force the Fed to rethink its approach, in an age where rumors can spread rapidly on social media and money can be moved instantly with a tap on a smart phone.\u003c/p>\n\u003cp>The experience also shows that any bank failure can have widespread ripple effects, even if the bank is not extremely large or well-connected. The collapse of Silicon Valley Bank and Signature Bank in New York two days later rattled confidence in the nation’s overall banking system and required the federal government to take emergency steps to prevent a wider bank run.\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>\u003c/p>\n",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003cp>The Federal Reserve says its own light-touch approach to bank regulation is partly to blame for the collapse of Silicon Valley Bank last month, and it promised more vigorous oversight in the future.\u003c/p>\n\u003cp>In a \u003ca href=\"https://www.federalreserve.gov/publications/files/svb-review-20230428.pdf\">scathing 114-page report (PDF)\u003c/a>, the Fed says its own supervisors were slow to grasp the extent of the problems at Silicon Valley Bank, and when problems were identified, supervisors failed to move aggressively enough to ensure those problems were fixed.\u003c/p>\n\u003cfigure id=\"attachment_11948027\" class=\"wp-caption alignright\" style=\"max-width: 640px\">\u003cimg loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-11948027\" src=\"https://ww2.kqed.org/app/uploads/sites/10/2023/04/GettyImages-1250750434-1020x679.jpg\" alt=\"Headshot of a white middle-aged man with a suit looking away from the camera with a serious expression.\" width=\"640\" height=\"426\" srcset=\"https://cdn.kqed.org/wp-content/uploads/sites/10/2023/04/GettyImages-1250750434-1020x679.jpg 1020w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/04/GettyImages-1250750434-800x533.jpg 800w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/04/GettyImages-1250750434-160x107.jpg 160w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/04/GettyImages-1250750434.jpg 1024w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\">\u003cfigcaption class=\"wp-caption-text\">Michael Barr, vice chair for supervision of the Board of Governors of the Federal Reserve System, testifies during the House Financial Services Committee hearing titled The Federal Regulators’ Response to Recent Bank Failures, in Rayburn Building in Washington DC, March 29, 2023. \u003ccite>(Tom Williams/CQ-Roll Call, Inc via Getty Images)\u003c/cite>\u003c/figcaption>\u003c/figure>\n\u003cp>The report says changes adopted in 2019 that exempted all but the biggest banks from strict scrutiny — along with a cultural shift toward less-assertive policing of banks — allowed problems at Silicon Valley Bank to fester until it was too late.\u003c/p>\n\u003cp>“Following Silicon Valley Bank’s failure, we must strengthen the Federal Reserve’s supervision and regulation, based on what we have learned,” said Michael Barr, the Fed’s vice chair for supervision, who led the review.\u003c/p>\n\u003cp>Barr took over as the Fed’s top bank regulator last July, replacing Randal Quarles, who oversaw the changes made in 2019. Barr’s more aggressive approach to bank regulation has drawn criticism from Senate Republicans. But it has the backing of Fed chairman Jerome Powell.\u003c/p>\n\u003cp>“I welcome this thorough and self-critical report on Federal Reserve supervision from Vice Chair Barr,” Powell said in a statement. “I agree with and support his recommendations to address our rules and supervisory practices, and I am confident they will lead to a stronger and more resilient banking system.”\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>Barr found that some of the problems at Silicon Valley Bank were unique, based on its heavy concentration in the tech industry, its shoddy risk-management practices, and its large share of uninsured deposits — which customers raced to withdraw when problems surfaced.\u003c/p>\n\u003cp>But the failure holds lessons for the broader financial system and the way it’s regulated.\u003c/p>\n\u003cp>The speed of the bank run at Silicon Valley — where customers tried to withdraw an unprecedented $140 billion over the course of two days — will force the Fed to rethink its approach, in an age where rumors can spread rapidly on social media and money can be moved instantly with a tap on a smart phone.\u003c/p>\n\u003cp>The experience also shows that any bank failure can have widespread ripple effects, even if the bank is not extremely large or well-connected. The collapse of Silicon Valley Bank and Signature Bank in New York two days later rattled confidence in the nation’s overall banking system and required the federal government to take emergency steps to prevent a wider bank run.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cp>Teresa Partain has a job few people know exists. She’s a content moderator for Google’s ads engine and many of her colleagues do the same work for Google Search. Their job is to make sure the results people see are accurate and not spam or scams. Google calls these workers “quality raters,” but Partain said they call themselves “ghost workers.”\u003c/p>\n\u003cp>“Most people — even at Google — have no idea that we exist,” Partain said. “They don’t know that there are human beings doing a lot of the work. They think that the software is magic and already perfect and doesn’t need maintenance. And that’s just not true.”\u003c/p>\n\u003cp>But now they want to be seen. They’ve written letters to Google executives, held a rally outside the company’s Silicon Valley headquarters and created a petition to demand benefits and better pay.\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>Partain isn’t employed by Google directly, but by a subcontractor called Appen. And, she said, that employment setup is what has led to worker grievances — mainly low wages, no benefits and isolation from colleagues. Partain is one of at least 10,000 people worldwide doing this job, according to Google.\u003c/p>\n\u003cp>They work from home and even though they’re employed by subcontractors, they’re given assignments directly by Google. Partain evaluates the quality and placement of Google ads, while her colleagues rate the quality of Google Search results. Their tasks can range from confirming a search for “carrot cake recipe” brings up relevant results to making sure an airfare ad doesn’t appear next to a news story about a plane crash.\u003c/p>\n\u003cp>Without them, Google Search wouldn’t function smoothly. Google says it gets \u003ca href=\"https://www.google.com/search/howsearchworks/how-search-works/rigorous-testing/\">billions of queries\u003c/a> every day and it’s constantly making improvements to ensure its algorithms keep up. Danny Sullivan, the company’s public liaison for Search, wrote in a\u003ca href=\"https://blog.google/products/search/raters-experiments-improve-google-search/\"> blog post\u003c/a> that getting feedback from raters is “a key part of our evaluation process.”[pullquote align=\"right\" size=\"medium\" citation=\"Roberto Clack, executive director, Temp Worker Justice\"]‘A lot of people don’t really understand just how prevalent the subcontracting and staffing agency usage is. These models are really the driving force towards lower labor standards.’[/pullquote]Raters work on Google’s two most vital products — Search and ads. In 2022, Google made more than \u003ca href=\"https://abc.xyz/investor/static/pdf/20230203_alphabet_10K.pdf?cache=5ae4398\">$224 billion in revenue (PDF)\u003c/a> from Search and advertising, accounting for more than 79% of its total revenue. For comparison, that’s more than the entire gross domestic product of Greece.\u003c/p>\n\u003cp>“We support billions of dollars of revenue,” Google rater Ed Stackhouse told NPR. “And we get paid less than your average fast food worker.”\u003c/p>\n\u003cp>Google raters who work for Appen make between $14 and $14.50 an hour and under company policy can’t work more than 29 hours a week. Raters who spoke with NPR said they have health conditions or family needs that require them to work from home and they appreciate they can do that. But, since they can’t work more than 29 hours a week, they’re not eligible for benefits like health care and sick leave.\u003c/p>\n\u003cp>Google spokesperson Courtenay Mencini told NPR in a statement that “Our suppliers manage all employment terms for the raters, including pay and benefits.” Appen, which is an Australian company that has other big tech clients such as Salesforce and LinkedIn, didn’t respond to multiple requests for comment.\u003c/p>\n\u003ch2>Ramping up the pressure\u003c/h2>\n\u003cp>A group of about 50 Google workers gathered in an outdoor courtyard at the company’s sprawling California headquarters in February. Many of them wore red t-shirts that sported the Alphabet Workers Union logo, which is a labor group made up of people who work for Google and its parent company Alphabet.\u003c/p>\n\u003cp>They unfurled a massive white cloth banner that read, “Google: End Rater Poverty” and chanted “Equal pay for equal work.”\u003c/p>\n\u003cp>Raters had come from around the country to hand deliver a \u003ca href=\"https://www.ratersunion.org/\">petition\u003c/a> to Prabhakar Raghavan, Google’s senior vice president in charge of Search, ads and other divisions. The petition, which has now been signed by more than 850 raters, asks Raghavan to meet with them to discuss better pay and benefits.[pullquote align=\"right\" size=\"medium\" citation=\"Ed Stackhouse, Google rater\"]‘We support billions of dollars of revenue. And we get paid less than your average fast food worker.’[/pullquote]Partain flew in from Kansas for the rally and said she’d been a rater for more than seven years and that she and her colleagues “want to be able to do our job well, earn a dignified wage and have access to basic benefits.” The raters were joined by worker advocates, local politicians and union representatives.\u003c/p>\n\u003cp>“A lot of people don’t really understand just how prevalent the subcontracting and staffing agency usage is,” said Roberto Clack, executive director of Temp Worker Justice, a nonprofit that advocates for contract workers. “These models are really the driving force towards lower labor standards.”\u003c/p>\n\u003cp>Google’s Mencini declined to provide numbers on the company’s subcontractor workforce. But, according to estimates from the Alphabet Workers Union, Alphabet has around 200,000 contract workers worldwide who do \u003ca href=\"https://everygoogleworker.alphabetworkersunion.org/\">all sorts of jobs\u003c/a>. That’s more than 50% of the company’s total workforce.\u003c/p>\n\u003cdiv>\n\u003cp>The raters’ pressure campaign on Google began last year. With the help of Alphabet Workers Union, they began meeting each other and organizing online.\u003c/p>\n\u003cp>In May, Alphabet Workers Union published an open letter to Raghavan demanding the company raise pay for raters. Then, in January of this year, raters who work for Appen \u003ca href=\"https://www.forbes.com/sites/richardnieva/2023/01/11/google-search-quality-rater-raise/\">got their first-ever raise\u003c/a> to $14 or $14.50 an hour, based on seniority. Previously, workers made roughly $10 to $13 an hour.\u003c/p>\n\u003cp>After the February rally, Appen raters were told they’d get another raise by the end of this year that would increase their pay to $15 an hour. Then, a couple weeks later, Appen sent them an email saying the hours they work could be extended from the previous maximum of 26 hours per week to what raters have now — 29 hours per week. Raters can work their own hours, but it can be no more than 29 per week.\u003c/p>\n\u003cp>“So, the magic 30 hours a week is what we can’t go past,” Partain said.\u003c/p>\n\u003cp>Google’s Mencini told NPR that the company’s \u003ca href=\"https://urldefense.com/v3/__https:/support.google.com/corporate-suppliers/answer/10208902/*zippy=__;Iw!!Iwwt!Ub5DUC5iYYOJz9Y7sePkrMr9s_4Id4QlDovj04rf7c2RxXO5jdmw1TQ2oA5dU4_x1Qyq8MnV7RFg%24\">Wages and Benefits standards\u003c/a> — which would provide health care and sick leave to contractors — only apply to people who are assigned to Google at least 30 hours per week and have access to the company’s corporate systems or campuses.\u003c/p>\n\u003cp>Raters say that as long as they haven’t met that threshold, they’re going to keep up the pressure.\u003c/p>\n\u003cp>“What we’re asking for now is just to be allowed to get the same benefits as people who work 30 hours a week are supposed to get,” Partain said. “And if we have to work 30 hours a week in order to get them, people would be happy to do that.”\u003c/p>\n\u003cp>As far as a response from Raghavan to meet with them, raters say they’re still waiting.\u003c/p>\n\u003c/div>\u003cp>[ad floatright]\u003c/p>\n",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003cp>Teresa Partain has a job few people know exists. She’s a content moderator for Google’s ads engine and many of her colleagues do the same work for Google Search. Their job is to make sure the results people see are accurate and not spam or scams. Google calls these workers “quality raters,” but Partain said they call themselves “ghost workers.”\u003c/p>\n\u003cp>“Most people — even at Google — have no idea that we exist,” Partain said. “They don’t know that there are human beings doing a lot of the work. They think that the software is magic and already perfect and doesn’t need maintenance. And that’s just not true.”\u003c/p>\n\u003cp>But now they want to be seen. They’ve written letters to Google executives, held a rally outside the company’s Silicon Valley headquarters and created a petition to demand benefits and better pay.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>Partain isn’t employed by Google directly, but by a subcontractor called Appen. And, she said, that employment setup is what has led to worker grievances — mainly low wages, no benefits and isolation from colleagues. Partain is one of at least 10,000 people worldwide doing this job, according to Google.\u003c/p>\n\u003cp>They work from home and even though they’re employed by subcontractors, they’re given assignments directly by Google. Partain evaluates the quality and placement of Google ads, while her colleagues rate the quality of Google Search results. Their tasks can range from confirming a search for “carrot cake recipe” brings up relevant results to making sure an airfare ad doesn’t appear next to a news story about a plane crash.\u003c/p>\n\u003cp>Without them, Google Search wouldn’t function smoothly. Google says it gets \u003ca href=\"https://www.google.com/search/howsearchworks/how-search-works/rigorous-testing/\">billions of queries\u003c/a> every day and it’s constantly making improvements to ensure its algorithms keep up. Danny Sullivan, the company’s public liaison for Search, wrote in a\u003ca href=\"https://blog.google/products/search/raters-experiments-improve-google-search/\"> blog post\u003c/a> that getting feedback from raters is “a key part of our evaluation process.”\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>Raters work on Google’s two most vital products — Search and ads. In 2022, Google made more than \u003ca href=\"https://abc.xyz/investor/static/pdf/20230203_alphabet_10K.pdf?cache=5ae4398\">$224 billion in revenue (PDF)\u003c/a> from Search and advertising, accounting for more than 79% of its total revenue. For comparison, that’s more than the entire gross domestic product of Greece.\u003c/p>\n\u003cp>“We support billions of dollars of revenue,” Google rater Ed Stackhouse told NPR. “And we get paid less than your average fast food worker.”\u003c/p>\n\u003cp>Google raters who work for Appen make between $14 and $14.50 an hour and under company policy can’t work more than 29 hours a week. Raters who spoke with NPR said they have health conditions or family needs that require them to work from home and they appreciate they can do that. But, since they can’t work more than 29 hours a week, they’re not eligible for benefits like health care and sick leave.\u003c/p>\n\u003cp>Google spokesperson Courtenay Mencini told NPR in a statement that “Our suppliers manage all employment terms for the raters, including pay and benefits.” Appen, which is an Australian company that has other big tech clients such as Salesforce and LinkedIn, didn’t respond to multiple requests for comment.\u003c/p>\n\u003ch2>Ramping up the pressure\u003c/h2>\n\u003cp>A group of about 50 Google workers gathered in an outdoor courtyard at the company’s sprawling California headquarters in February. Many of them wore red t-shirts that sported the Alphabet Workers Union logo, which is a labor group made up of people who work for Google and its parent company Alphabet.\u003c/p>\n\u003cp>They unfurled a massive white cloth banner that read, “Google: End Rater Poverty” and chanted “Equal pay for equal work.”\u003c/p>\n\u003cp>Raters had come from around the country to hand deliver a \u003ca href=\"https://www.ratersunion.org/\">petition\u003c/a> to Prabhakar Raghavan, Google’s senior vice president in charge of Search, ads and other divisions. The petition, which has now been signed by more than 850 raters, asks Raghavan to meet with them to discuss better pay and benefits.\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>Partain flew in from Kansas for the rally and said she’d been a rater for more than seven years and that she and her colleagues “want to be able to do our job well, earn a dignified wage and have access to basic benefits.” The raters were joined by worker advocates, local politicians and union representatives.\u003c/p>\n\u003cp>“A lot of people don’t really understand just how prevalent the subcontracting and staffing agency usage is,” said Roberto Clack, executive director of Temp Worker Justice, a nonprofit that advocates for contract workers. “These models are really the driving force towards lower labor standards.”\u003c/p>\n\u003cp>Google’s Mencini declined to provide numbers on the company’s subcontractor workforce. But, according to estimates from the Alphabet Workers Union, Alphabet has around 200,000 contract workers worldwide who do \u003ca href=\"https://everygoogleworker.alphabetworkersunion.org/\">all sorts of jobs\u003c/a>. That’s more than 50% of the company’s total workforce.\u003c/p>\n\u003cdiv>\n\u003cp>The raters’ pressure campaign on Google began last year. With the help of Alphabet Workers Union, they began meeting each other and organizing online.\u003c/p>\n\u003cp>In May, Alphabet Workers Union published an open letter to Raghavan demanding the company raise pay for raters. Then, in January of this year, raters who work for Appen \u003ca href=\"https://www.forbes.com/sites/richardnieva/2023/01/11/google-search-quality-rater-raise/\">got their first-ever raise\u003c/a> to $14 or $14.50 an hour, based on seniority. Previously, workers made roughly $10 to $13 an hour.\u003c/p>\n\u003cp>After the February rally, Appen raters were told they’d get another raise by the end of this year that would increase their pay to $15 an hour. Then, a couple weeks later, Appen sent them an email saying the hours they work could be extended from the previous maximum of 26 hours per week to what raters have now — 29 hours per week. Raters can work their own hours, but it can be no more than 29 per week.\u003c/p>\n\u003cp>“So, the magic 30 hours a week is what we can’t go past,” Partain said.\u003c/p>\n\u003cp>Google’s Mencini told NPR that the company’s \u003ca href=\"https://urldefense.com/v3/__https:/support.google.com/corporate-suppliers/answer/10208902/*zippy=__;Iw!!Iwwt!Ub5DUC5iYYOJz9Y7sePkrMr9s_4Id4QlDovj04rf7c2RxXO5jdmw1TQ2oA5dU4_x1Qyq8MnV7RFg%24\">Wages and Benefits standards\u003c/a> — which would provide health care and sick leave to contractors — only apply to people who are assigned to Google at least 30 hours per week and have access to the company’s corporate systems or campuses.\u003c/p>\n\u003cp>Raters say that as long as they haven’t met that threshold, they’re going to keep up the pressure.\u003c/p>\n\u003cp>“What we’re asking for now is just to be allowed to get the same benefits as people who work 30 hours a week are supposed to get,” Partain said. “And if we have to work 30 hours a week in order to get them, people would be happy to do that.”\u003c/p>\n\u003cp>As far as a response from Raghavan to meet with them, raters say they’re still waiting.\u003c/p>\n\u003c/div>\u003cp>\u003c/p>\u003c/div>",
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"slug": "silicon-valley-bank-failure-could-have-outsize-consequences-for-startups-led-by-people-of-color",
"title": "Silicon Valley Bank Failure Could Have Outsize Consequences for Start-Ups Led by People of Color",
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"headTitle": "Silicon Valley Bank Failure Could Have Outsize Consequences for Start-Ups Led by People of Color | KQED",
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"content": "\u003cp>In the hours after some of Silicon Valley Bank’s biggest customers started pulling out their money, a WhatsApp group of start-up founders who are immigrants of color ballooned to more than 1,000 members.\u003c/p>\n\u003cp>Questions flowed as the bank’s financial status worsened. Some desperately sought advice: Could they open an account at a larger bank without a Social Security number? Others questioned whether they had to physically be at a bank to open an account, because they were visiting parents overseas.\u003c/p>\n\u003cp>[aside postID=news_11943901 hero='https://ww2.kqed.org/app/uploads/sites/10/2023/03/RS60216_004_KQED_Biotechnology_11172022-1020x680.jpg']\u003c/p>\n\u003cp>One clear theme emerged: a deep concern about the broader impact on start-ups led by people of color.\u003c/p>\n\u003cp>While Wall Street struggles to contain the banking crisis after the \u003ca href=\"https://apnews.com/article/svb-fed-bonds-rates-banks-inflation-a24b28b3caeede91c76cd120aa9b7966\">swift demise of SVB\u003c/a> — the nation’s 16th-largest bank and the biggest to fail since the 2008 financial meltdown — industry experts predict it could become even harder for people of color to secure funding or a financial home supporting their start-ups.\u003c/p>\n\u003cp>Silicon Valley Bank committed to spending \u003ca href=\"https://www.svb.com/news/company-news/svb-financial-group-announces-%24112.2-billion-community-benefits-plan\">$11 billion on things like affordable housing and small-business loans\u003c/a> in the Bay Area and Los Angeles, as part of a \u003ca href=\"https://www.svb.com/news/company-news/svb-financial-group-completes-acquisition-of-boston-private2\">merger two years ago\u003c/a>.\u003c/p>\n\u003cp>“I think it’s a fair assessment to say that the bank was doing a good job, and maybe a better job, than other banks in providing support to affordable housing, to communities of color, to low-income communities, both small-business support as well as housing support,” said Paulina Gonzalez-Brito, CEO of the California Reinvestment Coalition. “And I think that’s primarily because of this community benefits agreement that we negotiated.”\u003c/p>\n\u003cp>SVB had opened its doors to such entrepreneurs, offering opportunities to form crucial relationships in the technology and financial communities that had been out of reach within larger financial institutions. But smaller players have fewer means of surviving a collapse, reflecting the perilous journey minority entrepreneurs face while attempting to navigate industries historically rife with racism.\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>“All these folks that have very special circumstances based on their identity, it’s not something that they can just change about themselves, and that makes them unbankable by the top four [large banks],” said Asya Bradley, board member of numerous start-ups who has watched the WhatsApp group grapple with SVB’s demise.\u003c/p>\n\u003cp>Bradley said some investors have implored start-ups to switch to larger financial institutions to stymie future financial risks, but that’s not an easy transition.\u003c/p>\n\u003cp>“The reason why we’re going to regional and community banks is because these [large] banks don’t want our business,” Bradley said.\u003c/p>\n\u003cp>Banking expert Aaron Klein, senior fellow in economic studies at the Brookings Institution, said SVB’s collapse could exacerbate racial disparities.\u003c/p>\n\u003cp>“That’s going to be more challenging for people who don’t fit the traditional credit box, including minorities,” Klein said. “A financial system that prefers the existing holders of wealth will perpetuate the legacy of past discrimination.”\u003c/p>\n\u003cp>[pullquote size=\"medium\" align=\"right\" citation=\"Asya Bradley, board member of numerous start-ups\"]‘The reason why we’re going to regional and community banks is because these [large] banks don’t want our business.’[/pullquote]Tiffany Dufu was gutted when she couldn’t access her SVB account and, in turn, could not pay her employees.\u003c/p>\n\u003cp>Dufu raised $5 million as CEO of The Cru, a New York-based career coaching platform and community for women. It was a rare feat for businesses founded by Black women, which get less than 1% of the billions of dollars in venture capital funding doled out yearly to start-ups. She banked with SVB because it was known for its close ties to the tech community and investors.\u003c/p>\n\u003cp>“In order to have raised that money, I pitched nearly 200 investors over the past few years,” said Dufu, who has since regained access to her funds and moved to Bank of America. “It’s very hard to put yourself out there and time after time — you get told this isn’t a good fit. So, the money in the bank account was very precious.”\u003c/p>\n\u003cp>A February Crunchbase News analysis determined \u003ca href=\"https://news.crunchbase.com/diversity/venture-funding-black-startups-2022/\">funding for Black-founded start-ups slowed by more than 50% last year after they received a record $5.1 billion in venture capital in 2021\u003c/a>. Overall venture funding dropped from about $337 billion to roughly $214 billion, while Black founders were hit disproportionately hard, dropping to just $2.3 billion, or 1.1% of the total.\u003c/p>\n\u003cp>Entrepreneur Amy Hilliard, professor at the University of Chicago Booth School of Business, knows how difficult it is to secure financing. It took three years to secure a loan for her cake-manufacturing company, and she had to sell her home to get it started.\u003c/p>\n\u003cp>Banking is based on relationships, and when a bank like SVB goes under, “those relationships go away, too,” said Hilliard, who is African American.\u003c/p>\n\u003cp>Some conservative critics asserted SVB’s commitment to \u003ca href=\"https://apnews.com/article/silicon-valley-bank-fdic-svb-california-d84764deb458371667ac7f850f430f22\">diversity, equity and inclusion\u003c/a> were to blame, but banking experts say those claims were false. The bank slid into insolvency because its larger customers pulled deposits rather than borrow at higher interest rates and the bank’s balance sheets were overexposed, forcing it to sell bonds at a loss to cover the withdrawals.\u003c/p>\n\u003cp>“If we’re focused on climate or communities of color or racial equity, that has nothing to do with what happened with Silicon Valley Bank,” said Valerie Red-Horse Mohl, co-founder of Known Holdings, a Black, Indigenous, Asian American-founded investment banking platform focused on the sustainable growth of minority-managed funds.\u003c/p>\n\u003cp>Red-Horse Mohl — who has raised, structured and managed over $3 billion in capital for tribal nations — said most larger banks are led by white men and majority-white boards, and “even when they do DEI programs, it’s not a really deep sort of shifting of capital.”\u003c/p>\n\u003cp>Smaller financial institutions, however, have worked to build relationships with people of color. “We cannot lose our regional and community banks,” she said. “It would be a travesty.”\u003c/p>\n\u003cp>Historically, smaller and minority-owned banks have addressed funding gaps that larger banks ignored or even created, following exclusionary laws and policies as they turned away customers because of the color of their skin.\u003c/p>\n\u003cp>But the ripple effects from SVB’s collapse are being felt among these banks as well, said Nicole Elam, president and CEO of the National Bankers Association, a 96-year-old trade association representing more than 175 minority-owned banks.\u003c/p>\n\u003cp>Some have seen customers withdraw funds and move to larger banks out of fear, even though most minority-owned banks have a more traditional customer base, with secured loans and minimal risky investments, she said.\u003c/p>\n\u003cp>[pullquote size=\"medium\" align=\"right\" citation=\"Nicole Elam, president and CEO, National Bankers Association\"]‘In response to this national conversation around racial equity, people are really seeing minority banks are key to wealth creation and key to helping to close the wealth gap.’[/pullquote]“You’re seeing customer flight of folks that we’ve been serving for a long time,” Elam said. “How many people may not come to us for a mortgage or small-business loan or to do their banking business because they now have in their mind that they need to bank with a bank that is too big to fail? That’s the first impact of eroding public trust.”\u003c/p>\n\u003cp>Black-owned banks have been hit the hardest as the industry consolidates. Most don’t have as much capital to withstand economic downturns. At its peak, there were 134. Today, there are only 21.\u003c/p>\n\u003cp>But change is on the way. Within the last three years, the federal government, private sector and philanthropic community have invested heavily in minority-run depository institutions.\u003c/p>\n\u003cp>“In response to this national conversation around racial equity, people are really seeing minority banks are key to wealth creation and key to helping to close the wealth gap,” Elam said.\u003c/p>\n\u003cp>Bradley, the board member of many start-ups, also is an angel investor, providing seed money for multiple entrepreneurs, and is seeing new opportunities as people network in the WhatsApp group to help each other remain afloat and grow.\u003c/p>\n\u003cp>“I’m really so hopeful,” Bradley said. “Even in the downfall of SVB, it has managed to form this incredible community of folks that are trying to help each other to succeed. They’re saying, ‘SVB was here for us. Now we’re going to be here for each other.'”\u003c/p>\n\u003cp>\u003ci data-stringify-type=\"italic\">KQED’s Rachael Myrow contributed reporting to this story.\u003c/i>\u003c/p>\n\u003cp>[ad floatright]\u003c/p>\n",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003cp>In the hours after some of Silicon Valley Bank’s biggest customers started pulling out their money, a WhatsApp group of start-up founders who are immigrants of color ballooned to more than 1,000 members.\u003c/p>\n\u003cp>Questions flowed as the bank’s financial status worsened. Some desperately sought advice: Could they open an account at a larger bank without a Social Security number? Others questioned whether they had to physically be at a bank to open an account, because they were visiting parents overseas.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>One clear theme emerged: a deep concern about the broader impact on start-ups led by people of color.\u003c/p>\n\u003cp>While Wall Street struggles to contain the banking crisis after the \u003ca href=\"https://apnews.com/article/svb-fed-bonds-rates-banks-inflation-a24b28b3caeede91c76cd120aa9b7966\">swift demise of SVB\u003c/a> — the nation’s 16th-largest bank and the biggest to fail since the 2008 financial meltdown — industry experts predict it could become even harder for people of color to secure funding or a financial home supporting their start-ups.\u003c/p>\n\u003cp>Silicon Valley Bank committed to spending \u003ca href=\"https://www.svb.com/news/company-news/svb-financial-group-announces-%24112.2-billion-community-benefits-plan\">$11 billion on things like affordable housing and small-business loans\u003c/a> in the Bay Area and Los Angeles, as part of a \u003ca href=\"https://www.svb.com/news/company-news/svb-financial-group-completes-acquisition-of-boston-private2\">merger two years ago\u003c/a>.\u003c/p>\n\u003cp>“I think it’s a fair assessment to say that the bank was doing a good job, and maybe a better job, than other banks in providing support to affordable housing, to communities of color, to low-income communities, both small-business support as well as housing support,” said Paulina Gonzalez-Brito, CEO of the California Reinvestment Coalition. “And I think that’s primarily because of this community benefits agreement that we negotiated.”\u003c/p>\n\u003cp>SVB had opened its doors to such entrepreneurs, offering opportunities to form crucial relationships in the technology and financial communities that had been out of reach within larger financial institutions. But smaller players have fewer means of surviving a collapse, reflecting the perilous journey minority entrepreneurs face while attempting to navigate industries historically rife with racism.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>“All these folks that have very special circumstances based on their identity, it’s not something that they can just change about themselves, and that makes them unbankable by the top four [large banks],” said Asya Bradley, board member of numerous start-ups who has watched the WhatsApp group grapple with SVB’s demise.\u003c/p>\n\u003cp>Bradley said some investors have implored start-ups to switch to larger financial institutions to stymie future financial risks, but that’s not an easy transition.\u003c/p>\n\u003cp>“The reason why we’re going to regional and community banks is because these [large] banks don’t want our business,” Bradley said.\u003c/p>\n\u003cp>Banking expert Aaron Klein, senior fellow in economic studies at the Brookings Institution, said SVB’s collapse could exacerbate racial disparities.\u003c/p>\n\u003cp>“That’s going to be more challenging for people who don’t fit the traditional credit box, including minorities,” Klein said. “A financial system that prefers the existing holders of wealth will perpetuate the legacy of past discrimination.”\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>Tiffany Dufu was gutted when she couldn’t access her SVB account and, in turn, could not pay her employees.\u003c/p>\n\u003cp>Dufu raised $5 million as CEO of The Cru, a New York-based career coaching platform and community for women. It was a rare feat for businesses founded by Black women, which get less than 1% of the billions of dollars in venture capital funding doled out yearly to start-ups. She banked with SVB because it was known for its close ties to the tech community and investors.\u003c/p>\n\u003cp>“In order to have raised that money, I pitched nearly 200 investors over the past few years,” said Dufu, who has since regained access to her funds and moved to Bank of America. “It’s very hard to put yourself out there and time after time — you get told this isn’t a good fit. So, the money in the bank account was very precious.”\u003c/p>\n\u003cp>A February Crunchbase News analysis determined \u003ca href=\"https://news.crunchbase.com/diversity/venture-funding-black-startups-2022/\">funding for Black-founded start-ups slowed by more than 50% last year after they received a record $5.1 billion in venture capital in 2021\u003c/a>. Overall venture funding dropped from about $337 billion to roughly $214 billion, while Black founders were hit disproportionately hard, dropping to just $2.3 billion, or 1.1% of the total.\u003c/p>\n\u003cp>Entrepreneur Amy Hilliard, professor at the University of Chicago Booth School of Business, knows how difficult it is to secure financing. It took three years to secure a loan for her cake-manufacturing company, and she had to sell her home to get it started.\u003c/p>\n\u003cp>Banking is based on relationships, and when a bank like SVB goes under, “those relationships go away, too,” said Hilliard, who is African American.\u003c/p>\n\u003cp>Some conservative critics asserted SVB’s commitment to \u003ca href=\"https://apnews.com/article/silicon-valley-bank-fdic-svb-california-d84764deb458371667ac7f850f430f22\">diversity, equity and inclusion\u003c/a> were to blame, but banking experts say those claims were false. The bank slid into insolvency because its larger customers pulled deposits rather than borrow at higher interest rates and the bank’s balance sheets were overexposed, forcing it to sell bonds at a loss to cover the withdrawals.\u003c/p>\n\u003cp>“If we’re focused on climate or communities of color or racial equity, that has nothing to do with what happened with Silicon Valley Bank,” said Valerie Red-Horse Mohl, co-founder of Known Holdings, a Black, Indigenous, Asian American-founded investment banking platform focused on the sustainable growth of minority-managed funds.\u003c/p>\n\u003cp>Red-Horse Mohl — who has raised, structured and managed over $3 billion in capital for tribal nations — said most larger banks are led by white men and majority-white boards, and “even when they do DEI programs, it’s not a really deep sort of shifting of capital.”\u003c/p>\n\u003cp>Smaller financial institutions, however, have worked to build relationships with people of color. “We cannot lose our regional and community banks,” she said. “It would be a travesty.”\u003c/p>\n\u003cp>Historically, smaller and minority-owned banks have addressed funding gaps that larger banks ignored or even created, following exclusionary laws and policies as they turned away customers because of the color of their skin.\u003c/p>\n\u003cp>But the ripple effects from SVB’s collapse are being felt among these banks as well, said Nicole Elam, president and CEO of the National Bankers Association, a 96-year-old trade association representing more than 175 minority-owned banks.\u003c/p>\n\u003cp>Some have seen customers withdraw funds and move to larger banks out of fear, even though most minority-owned banks have a more traditional customer base, with secured loans and minimal risky investments, she said.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>“You’re seeing customer flight of folks that we’ve been serving for a long time,” Elam said. “How many people may not come to us for a mortgage or small-business loan or to do their banking business because they now have in their mind that they need to bank with a bank that is too big to fail? That’s the first impact of eroding public trust.”\u003c/p>\n\u003cp>Black-owned banks have been hit the hardest as the industry consolidates. Most don’t have as much capital to withstand economic downturns. At its peak, there were 134. Today, there are only 21.\u003c/p>\n\u003cp>But change is on the way. Within the last three years, the federal government, private sector and philanthropic community have invested heavily in minority-run depository institutions.\u003c/p>\n\u003cp>“In response to this national conversation around racial equity, people are really seeing minority banks are key to wealth creation and key to helping to close the wealth gap,” Elam said.\u003c/p>\n\u003cp>Bradley, the board member of many start-ups, also is an angel investor, providing seed money for multiple entrepreneurs, and is seeing new opportunities as people network in the WhatsApp group to help each other remain afloat and grow.\u003c/p>\n\u003cp>“I’m really so hopeful,” Bradley said. “Even in the downfall of SVB, it has managed to form this incredible community of folks that are trying to help each other to succeed. They’re saying, ‘SVB was here for us. Now we’re going to be here for each other.'”\u003c/p>\n\u003cp>\u003ci data-stringify-type=\"italic\">KQED’s Rachael Myrow contributed reporting to this story.\u003c/i>\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"title": "'It Was Like a Hurricane': Silicon Valley Bank Failure Sends Biotech, Climate Tech Industries Scrambling for New Funding",
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"content": "\u003cp>Nkarta Therapeutics, among a throng of \u003ca href=\"https://www.kqed.org/news/11933882/beyond-vaccines-biotech-is-booming-in-the-bay-area-despite-a-cooling-economy\">biotech companies in South San Francisco\u003c/a>, had $350 million in deposits and assets in Silicon Valley Bank.\u003c/p>\n\u003cp>But last Friday, after the bank failed, it suddenly had no access to those funds, said Paul Hastings, the company’s CEO.\u003c/p>\n\u003cp>[aside label=\"More California Coverage\" tag=\"silicon-valley\"]\u003c/p>\n\u003cp>“Oh, my goodness. It was like a hurricane of thoughts about what’s going to happen here,” he said.\u003c/p>\n\u003cp>Hastings said another bank that works with SVB was able to wire him money on Monday, just in time for Nkarta to make payroll the next day.\u003c/p>\n\u003cp>Nearly half of the country’s biotech and climate-technology companies, many of them headquartered in the Bay Area, banked with Silicon Valley Bank. Last year, SVB committed to investing at least $5 billion in the clean-tech industry.\u003c/p>\n\u003cp>But even as the FDIC quickly stepped in to guarantee deposits following the bank’s collapse, many companies have been scrambling to find new banks, open accounts and reorganize payroll systems.\u003c/p>\n\u003cp>Although Rob Chess, chair of Nektar, was deeply relieved the government stepped in, he pointed to another big problem many former SVB clients will undoubtedly face.\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>“Who are we going to negotiate with? Silicon Valley was both the most sophisticated and, frankly, the easiest to deal with, and they were the leaders of the field. So it removes a capital source for many companies,” Chess said.\u003c/p>\n\u003cp>To his point, SVB was widely known for incubating ambitious climate and biotech start-ups, and was a valuable resource for new companies looking for a bank willing to invest in innovative and somewhat risky ventures.\u003c/p>\n\u003cp>[pullquote size=\"medium\" align=\"right\" citation=\"Rob Chess, chair, Nektar Therapeutics\"]‘Who are we going to negotiate with? Silicon Valley was both the most sophisticated and, frankly, the easiest to deal with, and they were the leaders of the field.’[/pullquote]\u003c/p>\n\u003cp>Peter Reinhardt, CEO of Charm Industrial, a carbon-removal company, said his company had millions of dollars in cash deposits at SVB, in addition to checking, savings and other accounts.\u003c/p>\n\u003cp>Reinhardt noted that although most SVB clients with remaining deposits in the bank were essentially “made whole by the FDIC,” it’s still unclear how SVB plans to address companies with large lines of debt offered by the bank in an effort to help start-ups build their assets.\u003c/p>\n\u003cp>“I think there’s some concern that it could have a ripple effect for any companies that are really reliant on these more complicated products than just deposits,” Reinhardt said. “I do think it’s probably more likely to affect hardware and climate-tech companies than software companies.”\u003c/p>\n\u003cp>He added that about 60% of community solar projects across the U.S. banked with SVB, and it remains unclear how those projects will be affected.\u003c/p>\n\u003cp>For Ryan Panchadsaram, an advisor at Kleiner Perkins, a major Silicon Valley venture capital fund that invests in climate-tech companies, SVB’s collapse means existing banks will have to fill the void when it comes to funding early stage companies that have unique ideas.\u003c/p>\n\u003cp>“Will [banks] help finance them? How do you give them a bit of venture debt to do the risky thing?” he said. “I think that’s what we’re all going to have to see together.”\u003c/p>\n\u003cp>\u003c/p>\n",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>“Oh, my goodness. It was like a hurricane of thoughts about what’s going to happen here,” he said.\u003c/p>\n\u003cp>Hastings said another bank that works with SVB was able to wire him money on Monday, just in time for Nkarta to make payroll the next day.\u003c/p>\n\u003cp>Nearly half of the country’s biotech and climate-technology companies, many of them headquartered in the Bay Area, banked with Silicon Valley Bank. Last year, SVB committed to investing at least $5 billion in the clean-tech industry.\u003c/p>\n\u003cp>But even as the FDIC quickly stepped in to guarantee deposits following the bank’s collapse, many companies have been scrambling to find new banks, open accounts and reorganize payroll systems.\u003c/p>\n\u003cp>Although Rob Chess, chair of Nektar, was deeply relieved the government stepped in, he pointed to another big problem many former SVB clients will undoubtedly face.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>“Who are we going to negotiate with? Silicon Valley was both the most sophisticated and, frankly, the easiest to deal with, and they were the leaders of the field. So it removes a capital source for many companies,” Chess said.\u003c/p>\n\u003cp>To his point, SVB was widely known for incubating ambitious climate and biotech start-ups, and was a valuable resource for new companies looking for a bank willing to invest in innovative and somewhat risky ventures.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>Peter Reinhardt, CEO of Charm Industrial, a carbon-removal company, said his company had millions of dollars in cash deposits at SVB, in addition to checking, savings and other accounts.\u003c/p>\n\u003cp>Reinhardt noted that although most SVB clients with remaining deposits in the bank were essentially “made whole by the FDIC,” it’s still unclear how SVB plans to address companies with large lines of debt offered by the bank in an effort to help start-ups build their assets.\u003c/p>\n\u003cp>“I think there’s some concern that it could have a ripple effect for any companies that are really reliant on these more complicated products than just deposits,” Reinhardt said. “I do think it’s probably more likely to affect hardware and climate-tech companies than software companies.”\u003c/p>\n\u003cp>He added that about 60% of community solar projects across the U.S. banked with SVB, and it remains unclear how those projects will be affected.\u003c/p>\n\u003cp>For Ryan Panchadsaram, an advisor at Kleiner Perkins, a major Silicon Valley venture capital fund that invests in climate-tech companies, SVB’s collapse means existing banks will have to fill the void when it comes to funding early stage companies that have unique ideas.\u003c/p>\n\u003cp>“Will [banks] help finance them? How do you give them a bit of venture debt to do the risky thing?” he said. “I think that’s what we’re all going to have to see together.”\u003c/p>\n\u003cp>\u003c/p>\n\u003c/div>\u003c/p>",
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"content": "\u003cp>In the aftermath of \u003ca href=\"https://www.kqed.org/news/11943215/us-seizes-silicon-valley-bank-as-stocks-tumble-depositors-scramble-to-withdraw-funds\">Silicon Valley Bank’s abrupt collapse\u003c/a> last week, California’s wine industry is in a state of uncertainty.\u003c/p>\n\u003cp>SVB was one of the primary banks for the industry and, since 1994, has loaned more than $4 billion for things like vineyard acquisitions and wine-making equipment. According to its most recent earnings report, \u003ca href=\"https://s201.q4cdn.com/589201576/files/doc_financials/2022/q4/4Q22-SIVB-Earnings-Release-Final.pdf\">SVB has approximately $1.2 billion in outstanding loans (PDF)\u003c/a> to the wine industry.\u003c/p>\n\u003cp>[pullquote size=\"medium\" align=\"right\" citation=\"Adam Lee, founder and winemaker, Clarice Wine Company\"]‘To me, Silicon Valley Bank was never on the list of banks that I was terribly concerned about. Perhaps I was naive.’[/pullquote]\u003c/p>\n\u003cp>Its collapse came as a shock to Bay Area vintners like Adam Lee.\u003c/p>\n\u003cp>“To me, Silicon Valley Bank was never on the list of banks that I was terribly concerned about,” he said. “Perhaps I was naive.”\u003c/p>\n\u003cp>Lee is the founder and winemaker at \u003ca href=\"https://claricewinecompany.com/\">Clarice Wine Company\u003c/a>, based in Santa Rosa. He’s been a customer with SVB since 1997, and in addition to his account, he has a line of credit open at the bank, on which he owes tens of thousands of dollars. Immediately after the bank’s closure last week, Lee was locked out of those accounts for nearly three days. His sole employee happened to receive her paycheck Friday morning — just a few hours before the bank’s collapse.\u003c/p>\n\u003cfigure id=\"attachment_11943773\" class=\"wp-caption aligncenter\" style=\"max-width: 2560px\">\u003cimg loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-11943773\" src=\"https://ww2.kqed.org/app/uploads/sites/10/2023/03/GettyImages-1248009084-scaled.jpg\" alt=\"The exterior signage of Silicon Valley Bank with white letters on a gray building.\" width=\"2560\" height=\"1707\" srcset=\"https://cdn.kqed.org/wp-content/uploads/sites/10/2023/03/GettyImages-1248009084-scaled.jpg 2560w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/03/GettyImages-1248009084-800x533.jpg 800w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/03/GettyImages-1248009084-1020x680.jpg 1020w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/03/GettyImages-1248009084-160x107.jpg 160w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/03/GettyImages-1248009084-1536x1024.jpg 1536w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/03/GettyImages-1248009084-2048x1365.jpg 2048w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/03/GettyImages-1248009084-1920x1280.jpg 1920w\" sizes=\"auto, (max-width: 2560px) 100vw, 2560px\">\u003cfigcaption class=\"wp-caption-text\">Silicon Valley Bank headquarters is seen in Santa Clara on March 10, 2023. US regulators have shut down SVB amid its sudden collapse, the Federal Deposit Insurance Corporation announced in a statement on Friday. \u003ccite>(Tayfun Coskun/Anadolu Agency via Getty Images)\u003c/cite>\u003c/figcaption>\u003c/figure>\n\u003cp>With less than $250,000 in his account, Lee was never concerned about financial loss, since the Federal Deposit Insurance Corporation (FDIC) immediately announced it would cover up to that amount (and has since \u003ca href=\"https://www.fdic.gov/news/press-releases/2023/pr23019.html\">agreed to cover all deposits\u003c/a>).\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>But others weren’t so calm.\u003c/p>\n\u003cp>“Some couldn’t make payroll, the apps didn’t work, loans couldn’t be made, some couldn’t get advances. It’s clearly frustrating, and I don’t blame them for being angry,” said Rob McMillan, founder and former executive vice president of SVB’s wine division.\u003c/p>\n\u003cp>McMillan added that he was also shocked at the sudden downfall of the bank, where he has worked for more than 30 years.[aside label=\"More California Coverage\" tag=\"silicon-valley\"]“The wine industry is not part of this. We had nothing to do with it. Our clients are in fine shape. The portfolios are in fine shape,” he said.\u003c/p>\n\u003cp>Still, his clients are in a state of uncertainty. “It’s fear of the unknown,” he said. The bank is currently operating under the auspices of the federal government, and McMillan said there are several buyers potentially interested in acquiring \u003ca href=\"https://www.svb.com/industry-solutions/premium-wine-banking\">SVB’s wine division\u003c/a>.\u003c/p>\n\u003cp>In the meantime, though, wineries are dealing with a financial disruption that likely rippled out to their most vulnerable workforce: farmworkers.\u003c/p>\n\u003cp>“If payday was during that period of time and they didn’t get their paycheck, they’re going to be hurting,” said Rosaura Segura, an immigration services provider and farmworker advocate in St. Helena.\u003c/p>\n\u003cp>She’s also worried about the long-term impacts of the bank’s collapse, considering its financial support of the vineyard workforce. SVB was a major sponsor of an \u003ca href=\"https://cincogolf.com/\">annual golf tournament\u003c/a> in Napa Valley that raises money for migrant farmworker housing and other basic needs.\u003c/p>\n\u003cfigure id=\"attachment_11943762\" class=\"wp-caption aligncenter\" style=\"max-width: 2560px\">\u003cimg loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-11943762\" src=\"https://ww2.kqed.org/app/uploads/sites/10/2023/03/RS29229_GettyImages-143709552-scaled.jpg\" alt=\"Dark purple grapes hang from a grapevine with sun-kissed leaves.\" width=\"2560\" height=\"1707\" srcset=\"https://cdn.kqed.org/wp-content/uploads/sites/10/2023/03/RS29229_GettyImages-143709552-scaled.jpg 2560w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/03/RS29229_GettyImages-143709552-800x533.jpg 800w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/03/RS29229_GettyImages-143709552-1020x680.jpg 1020w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/03/RS29229_GettyImages-143709552-160x107.jpg 160w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/03/RS29229_GettyImages-143709552-1536x1024.jpg 1536w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/03/RS29229_GettyImages-143709552-2048x1365.jpg 2048w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/03/RS29229_GettyImages-143709552-1920x1280.jpg 1920w\" sizes=\"auto, (max-width: 2560px) 100vw, 2560px\">\u003cfigcaption class=\"wp-caption-text\">Pinot noir grapes just before harvest at the Byron Vineyard and Winery in Santa Maria. \u003ccite>(Robyn Beck/AFP via Getty Images)\u003c/cite>\u003c/figcaption>\u003c/figure>\n\u003cp>“Those funds are for bedding, for kitchen supplies, for food. So, yeah, we’re going to feel their absence,” Segura said.\u003c/p>\n\u003cp>As will the wine industry as a whole. In addition to lending money, SVB’s McMillan compiled a \u003ca href=\"https://www.svb.com/trends-insights/reports/wine-report\">yearly benchmark report\u003c/a> for the wine industry, which provided a data-driven economic review and forecast for wineries and garnered worldwide readership. McMillan said he’s unsure he’ll be able to continue producing the report.\u003c/p>\n\u003cp>“Silicon Valley Bank has a truly unique understanding of the wine business,” said Clarice Wine Company’s Lee.\u003c/p>\n\u003cp>For now, Lee said, he’s sticking with SVB — or whatever becomes of it — especially now that he has the backing of the FDIC.\u003c/p>\n\u003cp>“In an ironic way, Silicon Valley Bank is the safest place right now to put your money,” he said.\u003c/p>\n\u003cp>\u003c/p>\n",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003cp>In the aftermath of \u003ca href=\"https://www.kqed.org/news/11943215/us-seizes-silicon-valley-bank-as-stocks-tumble-depositors-scramble-to-withdraw-funds\">Silicon Valley Bank’s abrupt collapse\u003c/a> last week, California’s wine industry is in a state of uncertainty.\u003c/p>\n\u003cp>SVB was one of the primary banks for the industry and, since 1994, has loaned more than $4 billion for things like vineyard acquisitions and wine-making equipment. According to its most recent earnings report, \u003ca href=\"https://s201.q4cdn.com/589201576/files/doc_financials/2022/q4/4Q22-SIVB-Earnings-Release-Final.pdf\">SVB has approximately $1.2 billion in outstanding loans (PDF)\u003c/a> to the wine industry.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>Its collapse came as a shock to Bay Area vintners like Adam Lee.\u003c/p>\n\u003cp>“To me, Silicon Valley Bank was never on the list of banks that I was terribly concerned about,” he said. “Perhaps I was naive.”\u003c/p>\n\u003cp>Lee is the founder and winemaker at \u003ca href=\"https://claricewinecompany.com/\">Clarice Wine Company\u003c/a>, based in Santa Rosa. He’s been a customer with SVB since 1997, and in addition to his account, he has a line of credit open at the bank, on which he owes tens of thousands of dollars. Immediately after the bank’s closure last week, Lee was locked out of those accounts for nearly three days. His sole employee happened to receive her paycheck Friday morning — just a few hours before the bank’s collapse.\u003c/p>\n\u003cfigure id=\"attachment_11943773\" class=\"wp-caption aligncenter\" style=\"max-width: 2560px\">\u003cimg loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-11943773\" src=\"https://ww2.kqed.org/app/uploads/sites/10/2023/03/GettyImages-1248009084-scaled.jpg\" alt=\"The exterior signage of Silicon Valley Bank with white letters on a gray building.\" width=\"2560\" height=\"1707\" srcset=\"https://cdn.kqed.org/wp-content/uploads/sites/10/2023/03/GettyImages-1248009084-scaled.jpg 2560w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/03/GettyImages-1248009084-800x533.jpg 800w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/03/GettyImages-1248009084-1020x680.jpg 1020w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/03/GettyImages-1248009084-160x107.jpg 160w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/03/GettyImages-1248009084-1536x1024.jpg 1536w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/03/GettyImages-1248009084-2048x1365.jpg 2048w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/03/GettyImages-1248009084-1920x1280.jpg 1920w\" sizes=\"auto, (max-width: 2560px) 100vw, 2560px\">\u003cfigcaption class=\"wp-caption-text\">Silicon Valley Bank headquarters is seen in Santa Clara on March 10, 2023. US regulators have shut down SVB amid its sudden collapse, the Federal Deposit Insurance Corporation announced in a statement on Friday. \u003ccite>(Tayfun Coskun/Anadolu Agency via Getty Images)\u003c/cite>\u003c/figcaption>\u003c/figure>\n\u003cp>With less than $250,000 in his account, Lee was never concerned about financial loss, since the Federal Deposit Insurance Corporation (FDIC) immediately announced it would cover up to that amount (and has since \u003ca href=\"https://www.fdic.gov/news/press-releases/2023/pr23019.html\">agreed to cover all deposits\u003c/a>).\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>But others weren’t so calm.\u003c/p>\n\u003cp>“Some couldn’t make payroll, the apps didn’t work, loans couldn’t be made, some couldn’t get advances. It’s clearly frustrating, and I don’t blame them for being angry,” said Rob McMillan, founder and former executive vice president of SVB’s wine division.\u003c/p>\n\u003cp>McMillan added that he was also shocked at the sudden downfall of the bank, where he has worked for more than 30 years.\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>“The wine industry is not part of this. We had nothing to do with it. Our clients are in fine shape. The portfolios are in fine shape,” he said.\u003c/p>\n\u003cp>Still, his clients are in a state of uncertainty. “It’s fear of the unknown,” he said. The bank is currently operating under the auspices of the federal government, and McMillan said there are several buyers potentially interested in acquiring \u003ca href=\"https://www.svb.com/industry-solutions/premium-wine-banking\">SVB’s wine division\u003c/a>.\u003c/p>\n\u003cp>In the meantime, though, wineries are dealing with a financial disruption that likely rippled out to their most vulnerable workforce: farmworkers.\u003c/p>\n\u003cp>“If payday was during that period of time and they didn’t get their paycheck, they’re going to be hurting,” said Rosaura Segura, an immigration services provider and farmworker advocate in St. Helena.\u003c/p>\n\u003cp>She’s also worried about the long-term impacts of the bank’s collapse, considering its financial support of the vineyard workforce. SVB was a major sponsor of an \u003ca href=\"https://cincogolf.com/\">annual golf tournament\u003c/a> in Napa Valley that raises money for migrant farmworker housing and other basic needs.\u003c/p>\n\u003cfigure id=\"attachment_11943762\" class=\"wp-caption aligncenter\" style=\"max-width: 2560px\">\u003cimg loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-11943762\" src=\"https://ww2.kqed.org/app/uploads/sites/10/2023/03/RS29229_GettyImages-143709552-scaled.jpg\" alt=\"Dark purple grapes hang from a grapevine with sun-kissed leaves.\" width=\"2560\" height=\"1707\" srcset=\"https://cdn.kqed.org/wp-content/uploads/sites/10/2023/03/RS29229_GettyImages-143709552-scaled.jpg 2560w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/03/RS29229_GettyImages-143709552-800x533.jpg 800w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/03/RS29229_GettyImages-143709552-1020x680.jpg 1020w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/03/RS29229_GettyImages-143709552-160x107.jpg 160w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/03/RS29229_GettyImages-143709552-1536x1024.jpg 1536w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/03/RS29229_GettyImages-143709552-2048x1365.jpg 2048w, https://cdn.kqed.org/wp-content/uploads/sites/10/2023/03/RS29229_GettyImages-143709552-1920x1280.jpg 1920w\" sizes=\"auto, (max-width: 2560px) 100vw, 2560px\">\u003cfigcaption class=\"wp-caption-text\">Pinot noir grapes just before harvest at the Byron Vineyard and Winery in Santa Maria. \u003ccite>(Robyn Beck/AFP via Getty Images)\u003c/cite>\u003c/figcaption>\u003c/figure>\n\u003cp>“Those funds are for bedding, for kitchen supplies, for food. So, yeah, we’re going to feel their absence,” Segura said.\u003c/p>\n\u003cp>As will the wine industry as a whole. In addition to lending money, SVB’s McMillan compiled a \u003ca href=\"https://www.svb.com/trends-insights/reports/wine-report\">yearly benchmark report\u003c/a> for the wine industry, which provided a data-driven economic review and forecast for wineries and garnered worldwide readership. McMillan said he’s unsure he’ll be able to continue producing the report.\u003c/p>\n\u003cp>“Silicon Valley Bank has a truly unique understanding of the wine business,” said Clarice Wine Company’s Lee.\u003c/p>\n\u003cp>For now, Lee said, he’s sticking with SVB — or whatever becomes of it — especially now that he has the backing of the FDIC.\u003c/p>\n\u003cp>“In an ironic way, Silicon Valley Bank is the safest place right now to put your money,” he said.\u003c/p>\n\u003cp>\u003c/p>\n\u003c/div>\u003c/p>",
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"content": "\u003cp>The U.S. government took extraordinary steps Sunday to stop a potential banking crisis after the historic failure of Silicon Valley Bank — the second-largest bank failure in history — assuring all depositors at the failed institution that they could access all their money quickly, even as another major bank was shut down.\u003c/p>\n\u003cp>The announcement came amid fears that the factors that caused the \u003ca href=\"https://www.svb.com/\">bank\u003c/a> to fail could spread. Regulators had worked all weekend to try to find a buyer for the bank; those efforts appeared to have failed Sunday.\u003c/p>\n\u003cp>In a sign of how fast the financial bleeding was occurring, regulators announced that New York-based Signature Bank had also failed and was being seized on Sunday. The failure of Signature Bank, which had more than $110 billion in assets, is the third-largest in U.S. history.\u003c/p>\n\u003cp>In an effort to shore up confidence in the banking system, the Treasury Department, Federal Reserve and Federal Deposit Insurance Corporation (FDIC) said Sunday that all Silicon Valley Bank clients would be protected and able to access their money. They also announced steps that are intended to protect the bank’s customers and prevent additional bank runs.\u003c/p>\n\u003cp>“This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth,” the agencies said in a joint statement.\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>Under the plan, depositors at Silicon Valley Bank and Signature Bank, including those whose holdings exceed the protected $250,000 insurance limit, will be able to access their money on Monday.\u003c/p>\n\u003cp>Also Sunday, another beleaguered bank, First Republic Bank, announced that it had bolstered its financial health by gaining access to funding from the Fed and JPMorgan Chase.\u003c/p>\n\u003cp>In a separate announcement, the Fed late Sunday announced an expansive emergency lending program that’s intended to prevent a wave of bank runs that would threaten the stability of the banking system and the economy as a whole. Fed officials characterized the program as akin to what central banks have done for decades: Lend freely to the banking system so that customers will be confident they can access their accounts whenever needed.\u003c/p>\n\u003cp>The lending facility will allow banks that need to raise cash to pay depositors to borrow that money from the Fed, rather than having to sell bonds and other securities to raise the money. Silicon Valley Bank had been forced to dump some of its bonds at a loss to fund its customers’ withdrawals. Under the Fed’s new program, banks can post those securities as collateral and borrow from the emergency facility.\u003c/p>\n\u003cp>The Treasury has set aside $25 billion to offset any losses incurred under the Fed’s emergency lending facility. Fed officials said, however, that they do not expect to have to use any of that money, given that the securities posted as collateral have a very low risk of default.\u003c/p>\n\u003cp>Analysts said the Fed’s program should be enough to calm financial markets on Monday.\u003c/p>\n\u003cp>“Monday will surely be a stressful day for many in the regional banking sector, but today’s action dramatically reduces the risk of further contagion,” economists at Jefferies, an investment bank, said in a research note.\u003c/p>\n\u003cp>Though Sunday’s steps marked the most extensive government intervention in the banking system since the 2008 financial crisis, its actions are relatively limited compared with what was done 15 years ago. The two failed banks themselves have not been rescued, and taxpayer money has not been provided to the banks.\u003c/p>\n\u003cp>President Joe Biden said Sunday evening as he boarded Air Force One to Washington that he would speak about the bank situation on Monday. In a statement, Biden also said he was “firmly committed to holding those responsible for this mess fully accountable and to continuing our efforts to strengthen oversight and regulation of larger banks so that we are not in this position again.”\u003c/p>\n\u003cp>Regulators had to rush to close Silicon Valley Bank, a financial institution with more than $200 billion in assets, on Friday when it experienced a traditional run on the bank where depositors rushed to withdraw their funds all at once. It is the second-largest bank failure in U.S. history, behind only the 2008 failure of Washington Mutual.\u003c/p>\n\u003cp>Some prominent Silicon Valley executives feared that if the federal government didn’t rescue the failed bank, \u003ca href=\"https://apnews.com/article/silicon-valley-bank-janet-yellen-bailout-fdic-fail-failed-c224cf4d2ef07c70cd27e7d0d3be628b\">customers would make runs on other financial institutions\u003c/a> in the coming days. Stock prices plunged over the last few days at other banks that cater to technology companies, including First Republic Bank and PacWest Bank.\u003c/p>\n\u003cp>Among the bank’s customers are a range of companies, from the local wine industry and technology start-ups devoted to combating climate change. Sunrun, which sells and leases solar energy systems, had less than $80 million of cash deposits with Silicon Valley. Stitch Fix, the clothing retail website, disclosed recently that it had a credit line of up to $100 million with Silicon Valley Bank and other lenders.\u003c/p>\n\u003cp>Tiffany Dufu, founder and CEO of The Cru, a New York-based career coaching platform and community for women, posted a video Sunday on LinkedIn from an airport bathroom, saying the bank crisis was \u003ca href=\"https://www.linkedin.com/feed/update/urn:li:activity:7040727755319037952/\">testing her resiliency\u003c/a>. Given that her money was tied up at Silicon Valley Bank, she had to pay her employees out of her personal bank account. With two teenagers to support who will be heading to college, she said she was relieved to hear that the government’s intent is to make depositors whole.\u003c/p>\n\u003cp>“Small businesses and early stage start-ups don’t have a lot of access to leverage in a situation like this, and we’re often in a very vulnerable position, particularly when we have to fight so hard to get the wires into your bank account to begin with, particularly for me, as a Black female founder,” Dufu told The Associated Press.\u003c/p>\n\u003cp>Silicon Valley Bank began its slide into insolvency when its customers, largely technology companies that needed cash as they struggled to get financing, started withdrawing their deposits. The bank had to sell bonds at a loss to cover the withdrawals, leading to the largest failure of a U.S. financial institution since the height of the financial crisis.\u003c/p>\n\u003cp>Treasury Secretary Janet Yellen pointed to rising interest rates, which have been \u003ca href=\"https://apnews.com/article/inflation-federal-reserve-interest-rates-powell-unemployment-79b7ead4530ab381a17638a6c9df2d90\">increased by the Federal Reserve\u003c/a> to combat inflation, as the core problem for Silicon Valley Bank. Many of its assets, such as bonds or mortgage-backed securities, lost market value as rates climbed.\u003c/p>\n\u003cp>Sheila Bair, who was chair of the FDIC during the 2008 financial crisis, recalled that with nearly all the bank failures then, “we sold a failed bank to a healthy bank. And usually, the healthy acquirer would also cover the uninsured because they wanted the franchise value of those large depositors, so optimally, that’s the best outcome.”\u003c/p>\n\u003cp>[ad floatright]\u003c/p>\n\u003cp>But with Silicon Valley Bank, she told NBC’s \u003cem>Meet the Press\u003c/em>, “this was a liquidity failure, it was a bank run, so they didn’t have time to prepare to market the bank. So they’re having to do that now, and playing catchup.”\u003c/p>\n\n",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003cp>The U.S. government took extraordinary steps Sunday to stop a potential banking crisis after the historic failure of Silicon Valley Bank — the second-largest bank failure in history — assuring all depositors at the failed institution that they could access all their money quickly, even as another major bank was shut down.\u003c/p>\n\u003cp>The announcement came amid fears that the factors that caused the \u003ca href=\"https://www.svb.com/\">bank\u003c/a> to fail could spread. Regulators had worked all weekend to try to find a buyer for the bank; those efforts appeared to have failed Sunday.\u003c/p>\n\u003cp>In a sign of how fast the financial bleeding was occurring, regulators announced that New York-based Signature Bank had also failed and was being seized on Sunday. The failure of Signature Bank, which had more than $110 billion in assets, is the third-largest in U.S. history.\u003c/p>\n\u003cp>In an effort to shore up confidence in the banking system, the Treasury Department, Federal Reserve and Federal Deposit Insurance Corporation (FDIC) said Sunday that all Silicon Valley Bank clients would be protected and able to access their money. They also announced steps that are intended to protect the bank’s customers and prevent additional bank runs.\u003c/p>\n\u003cp>“This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth,” the agencies said in a joint statement.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>Under the plan, depositors at Silicon Valley Bank and Signature Bank, including those whose holdings exceed the protected $250,000 insurance limit, will be able to access their money on Monday.\u003c/p>\n\u003cp>Also Sunday, another beleaguered bank, First Republic Bank, announced that it had bolstered its financial health by gaining access to funding from the Fed and JPMorgan Chase.\u003c/p>\n\u003cp>In a separate announcement, the Fed late Sunday announced an expansive emergency lending program that’s intended to prevent a wave of bank runs that would threaten the stability of the banking system and the economy as a whole. Fed officials characterized the program as akin to what central banks have done for decades: Lend freely to the banking system so that customers will be confident they can access their accounts whenever needed.\u003c/p>\n\u003cp>The lending facility will allow banks that need to raise cash to pay depositors to borrow that money from the Fed, rather than having to sell bonds and other securities to raise the money. Silicon Valley Bank had been forced to dump some of its bonds at a loss to fund its customers’ withdrawals. Under the Fed’s new program, banks can post those securities as collateral and borrow from the emergency facility.\u003c/p>\n\u003cp>The Treasury has set aside $25 billion to offset any losses incurred under the Fed’s emergency lending facility. Fed officials said, however, that they do not expect to have to use any of that money, given that the securities posted as collateral have a very low risk of default.\u003c/p>\n\u003cp>Analysts said the Fed’s program should be enough to calm financial markets on Monday.\u003c/p>\n\u003cp>“Monday will surely be a stressful day for many in the regional banking sector, but today’s action dramatically reduces the risk of further contagion,” economists at Jefferies, an investment bank, said in a research note.\u003c/p>\n\u003cp>Though Sunday’s steps marked the most extensive government intervention in the banking system since the 2008 financial crisis, its actions are relatively limited compared with what was done 15 years ago. The two failed banks themselves have not been rescued, and taxpayer money has not been provided to the banks.\u003c/p>\n\u003cp>President Joe Biden said Sunday evening as he boarded Air Force One to Washington that he would speak about the bank situation on Monday. In a statement, Biden also said he was “firmly committed to holding those responsible for this mess fully accountable and to continuing our efforts to strengthen oversight and regulation of larger banks so that we are not in this position again.”\u003c/p>\n\u003cp>Regulators had to rush to close Silicon Valley Bank, a financial institution with more than $200 billion in assets, on Friday when it experienced a traditional run on the bank where depositors rushed to withdraw their funds all at once. It is the second-largest bank failure in U.S. history, behind only the 2008 failure of Washington Mutual.\u003c/p>\n\u003cp>Some prominent Silicon Valley executives feared that if the federal government didn’t rescue the failed bank, \u003ca href=\"https://apnews.com/article/silicon-valley-bank-janet-yellen-bailout-fdic-fail-failed-c224cf4d2ef07c70cd27e7d0d3be628b\">customers would make runs on other financial institutions\u003c/a> in the coming days. Stock prices plunged over the last few days at other banks that cater to technology companies, including First Republic Bank and PacWest Bank.\u003c/p>\n\u003cp>Among the bank’s customers are a range of companies, from the local wine industry and technology start-ups devoted to combating climate change. Sunrun, which sells and leases solar energy systems, had less than $80 million of cash deposits with Silicon Valley. Stitch Fix, the clothing retail website, disclosed recently that it had a credit line of up to $100 million with Silicon Valley Bank and other lenders.\u003c/p>\n\u003cp>Tiffany Dufu, founder and CEO of The Cru, a New York-based career coaching platform and community for women, posted a video Sunday on LinkedIn from an airport bathroom, saying the bank crisis was \u003ca href=\"https://www.linkedin.com/feed/update/urn:li:activity:7040727755319037952/\">testing her resiliency\u003c/a>. Given that her money was tied up at Silicon Valley Bank, she had to pay her employees out of her personal bank account. With two teenagers to support who will be heading to college, she said she was relieved to hear that the government’s intent is to make depositors whole.\u003c/p>\n\u003cp>“Small businesses and early stage start-ups don’t have a lot of access to leverage in a situation like this, and we’re often in a very vulnerable position, particularly when we have to fight so hard to get the wires into your bank account to begin with, particularly for me, as a Black female founder,” Dufu told The Associated Press.\u003c/p>\n\u003cp>Silicon Valley Bank began its slide into insolvency when its customers, largely technology companies that needed cash as they struggled to get financing, started withdrawing their deposits. 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"meta": {
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"source": "City Arts & Lectures"
},
"link": "https://www.cityarts.net",
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},
"closealltabs": {
"id": "closealltabs",
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"order": 1
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"title": "Code Switch / Life Kit",
"info": "\u003cem>Code Switch\u003c/em>, which listeners will hear in the first part of the hour, has fearless and much-needed conversations about race. Hosted by journalists of color, the show tackles the subject of race head-on, exploring how it impacts every part of society — from politics and pop culture to history, sports and more.\u003cbr />\u003cbr />\u003cem>Life Kit\u003c/em>, which will be in the second part of the hour, guides you through spaces and feelings no one prepares you for — from finances to mental health, from workplace microaggressions to imposter syndrome, from relationships to parenting. The show features experts with real world experience and shares their knowledge. Because everyone needs a little help being human.\u003cbr />\u003cbr />\u003ca href=\"https://www.npr.org/podcasts/510312/codeswitch\">\u003cem>Code Switch\u003c/em> offical site and podcast\u003c/a>\u003cbr />\u003ca href=\"https://www.npr.org/lifekit\">\u003cem>Life Kit\u003c/em> offical site and podcast\u003c/a>\u003cbr />",
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"id": "commonwealth-club",
"title": "Commonwealth Club of California Podcast",
"info": "The Commonwealth Club of California is the nation's oldest and largest public affairs forum. As a non-partisan forum, The Club brings to the public airwaves diverse viewpoints on important topics. The Club's weekly radio broadcast - the oldest in the U.S., dating back to 1924 - is carried across the nation on public radio stations and is now podcasting. Our website archive features audio of our recent programs, as well as selected speeches from our long and distinguished history. This podcast feed is usually updated twice a week and is always un-edited.",
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"imageSrc": "https://cdn.kqed.org/wp-content/uploads/2024/04/Commonwealth-Club-Podcast-Tile-360x360-1.jpg",
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"source": "Commonwealth Club of California"
},
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"google": "https://podcasts.google.com/feed/aHR0cDovL3d3dy5jb21tb253ZWFsdGhjbHViLm9yZy9hdWRpby9wb2RjYXN0L3dlZWtseS54bWw",
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"id": "forum",
"title": "Forum",
"tagline": "The conversation starts here",
"info": "KQED’s live call-in program discussing local, state, national and international issues, as well as in-depth interviews.",
"airtime": "MON-FRI 9am-11am, 10pm-11pm",
"imageSrc": "https://cdn.kqed.org/wp-content/uploads/2024/04/Forum-Podcast-Tile-703x703-1.jpg",
"imageAlt": "KQED Forum with Mina Kim and Alexis Madrigal",
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"order": 9
},
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"id": "freakonomics-radio",
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"meta": {
"site": "radio",
"source": "WNYC"
},
"link": "/radio/program/freakonomics-radio",
"subscribe": {
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"apple": "https://itunes.apple.com/us/podcast/freakonomics-radio/id354668519",
"tuneIn": "https://tunein.com/podcasts/WNYC-Podcasts/Freakonomics-Radio-p272293/",
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},
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"id": "fresh-air",
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"apple": "https://itunes.apple.com/WebObjects/MZStore.woa/wa/viewPodcast?s=143441&mt=2&id=214089682&at=11l79Y&ct=nprdirectory",
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"info": "A live production of NPR and WBUR Boston, in collaboration with stations across the country, Here & Now reflects the fluid world of news as it's happening in the middle of the day, with timely, in-depth news, interviews and conversation. Hosted by Robin Young, Jeremy Hobson and Tonya Mosley.",
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"hidden-brain": {
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"info": "Shankar Vedantam uses science and storytelling to reveal the unconscious patterns that drive human behavior, shape our choices and direct our relationships.",
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"airtime": "SUN 7pm-8pm",
"meta": {
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"source": "NPR"
},
"link": "/radio/program/hidden-brain",
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"how-i-built-this": {
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"title": "How I Built This with Guy Raz",
"info": "Guy Raz dives into the stories behind some of the world's best known companies. How I Built This weaves a narrative journey about innovators, entrepreneurs and idealists—and the movements they built.",
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"airtime": "SUN 7:30pm-8pm",
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"link": "/radio/program/how-i-built-this",
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"apple": "https://itunes.apple.com/us/podcast/how-i-built-this-with-guy-raz/id1150510297?mt=2",
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"hyphenacion": {
"id": "hyphenacion",
"title": "Hyphenación",
"tagline": "Where conversation and cultura meet",
"info": "What kind of no sabo word is Hyphenación? For us, it’s about living within a hyphenation. Like being a third-gen Mexican-American from the Texas border now living that Bay Area Chicano life. Like Xorje! Each week we bring together a couple of hyphenated Latinos to talk all about personal life choices: family, careers, relationships, belonging … everything is on the table. ",
"imageSrc": "https://cdn.kqed.org/wp-content/uploads/2025/03/Hyphenacion_FinalAssets_PodcastTile.png",
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"officialWebsiteLink": "/podcasts/hyphenacion",
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"order": 15
},
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},
"jerrybrown": {
"id": "jerrybrown",
"title": "The Political Mind of Jerry Brown",
"tagline": "Lessons from a lifetime in politics",
"info": "The Political Mind of Jerry Brown brings listeners the wisdom of the former Governor, Mayor, and presidential candidate. Scott Shafer interviewed Brown for more than 40 hours, covering the former governor's life and half-century in the political game and Brown has some lessons he'd like to share. ",
"imageSrc": "https://cdn.kqed.org/wp-content/uploads/2024/04/The-Political-Mind-of-Jerry-Brown-Podcast-Tile-703x703-1.jpg",
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"officialWebsiteLink": "/podcasts/jerrybrown",
"meta": {
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"order": 18
},
"link": "/podcasts/jerrybrown",
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},
"latino-usa": {
"id": "latino-usa",
"title": "Latino USA",
"airtime": "MON 1am-2am, SUN 6pm-7pm",
"info": "Latino USA, the radio journal of news and culture, is the only national, English-language radio program produced from a Latino perspective.",
"imageSrc": "https://ww2.kqed.org/radio/wp-content/uploads/sites/50/2018/04/latinoUsa.jpg",
"officialWebsiteLink": "http://latinousa.org/",
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},
"link": "/radio/program/latino-usa",
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"apple": "https://itunes.apple.com/WebObjects/MZStore.woa/wa/viewPodcast?s=143441&mt=2&id=79681317&at=11l79Y&ct=nprdirectory",
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"rss": "https://feeds.npr.org/510016/podcast.xml"
}
},
"marketplace": {
"id": "marketplace",
"title": "Marketplace",
"info": "Our flagship program, helmed by Kai Ryssdal, examines what the day in money delivered, through stories, conversations, newsworthy numbers and more. Updated Monday through Friday at about 3:30 p.m. PT.",
"airtime": "MON-FRI 4pm-4:30pm, MON-WED 6:30pm-7pm",
"imageSrc": "https://cdn.kqed.org/wp-content/uploads/2024/04/Marketplace-Podcast-Tile-360x360-1.jpg",
"officialWebsiteLink": "https://www.marketplace.org/",
"meta": {
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"source": "American Public Media"
},
"link": "/radio/program/marketplace",
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},
"masters-of-scale": {
"id": "masters-of-scale",
"title": "Masters of Scale",
"info": "Masters of Scale is an original podcast in which LinkedIn co-founder and Greylock Partner Reid Hoffman sets out to describe and prove theories that explain how great entrepreneurs take their companies from zero to a gazillion in ingenious fashion.",
"airtime": "Every other Wednesday June 12 through October 16 at 8pm (repeats Thursdays at 2am)",
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"officialWebsiteLink": "https://mastersofscale.com/",
"meta": {
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"source": "WaitWhat"
},
"link": "/radio/program/masters-of-scale",
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"rss": "https://rss.art19.com/masters-of-scale"
}
},
"mindshift": {
"id": "mindshift",
"title": "MindShift",
"tagline": "A podcast about the future of learning and how we raise our kids",
"info": "The MindShift podcast explores the innovations in education that are shaping how kids learn. Hosts Ki Sung and Katrina Schwartz introduce listeners to educators, researchers, parents and students who are developing effective ways to improve how kids learn. We cover topics like how fed-up administrators are developing surprising tactics to deal with classroom disruptions; how listening to podcasts are helping kids develop reading skills; the consequences of overparenting; and why interdisciplinary learning can engage students on all ends of the traditional achievement spectrum. This podcast is part of the MindShift education site, a division of KQED News. KQED is an NPR/PBS member station based in San Francisco. You can also visit the MindShift website for episodes and supplemental blog posts or tweet us \u003ca href=\"https://twitter.com/MindShiftKQED\">@MindShiftKQED\u003c/a> or visit us at \u003ca href=\"/mindshift\">MindShift.KQED.org\u003c/a>",
"imageSrc": "https://cdn.kqed.org/wp-content/uploads/2024/04/Mindshift-Podcast-Tile-703x703-1.jpg",
"imageAlt": "KQED MindShift: How We Will Learn",
"officialWebsiteLink": "/mindshift/",
"meta": {
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"source": "kqed",
"order": 12
},
"link": "/podcasts/mindshift",
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"google": "https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkcy5tZWdhcGhvbmUuZm0vS1FJTkM1NzY0NjAwNDI5",
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}
},
"morning-edition": {
"id": "morning-edition",
"title": "Morning Edition",
"info": "\u003cem>Morning Edition\u003c/em> takes listeners around the country and the world with multi-faceted stories and commentaries every weekday. Hosts Steve Inskeep, David Greene and Rachel Martin bring you the latest breaking news and features to prepare you for the day.",
"airtime": "MON-FRI 3am-9am",
"imageSrc": "https://cdn.kqed.org/wp-content/uploads/2024/04/Morning-Edition-Podcast-Tile-360x360-1.jpg",
"officialWebsiteLink": "https://www.npr.org/programs/morning-edition/",
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"link": "/radio/program/morning-edition"
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"onourwatch": {
"id": "onourwatch",
"title": "On Our Watch",
"tagline": "Deeply-reported investigative journalism",
"info": "For decades, the process for how police police themselves has been inconsistent – if not opaque. In some states, like California, these proceedings were completely hidden. After a new police transparency law unsealed scores of internal affairs files, our reporters set out to examine these cases and the shadow world of police discipline. On Our Watch brings listeners into the rooms where officers are questioned and witnesses are interrogated to find out who this system is really protecting. Is it the officers, or the public they've sworn to serve?",
"imageSrc": "https://cdn.kqed.org/wp-content/uploads/2024/04/On-Our-Watch-Podcast-Tile-703x703-1.jpg",
"imageAlt": "On Our Watch from NPR and KQED",
"officialWebsiteLink": "/podcasts/onourwatch",
"meta": {
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"source": "kqed",
"order": 11
},
"link": "/podcasts/onourwatch",
"subscribe": {
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"google": "https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkcy5ucHIub3JnLzUxMDM2MC9wb2RjYXN0LnhtbD9zYz1nb29nbGVwb2RjYXN0cw",
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},
"on-the-media": {
"id": "on-the-media",
"title": "On The Media",
"info": "Our weekly podcast explores how the media 'sausage' is made, casts an incisive eye on fluctuations in the marketplace of ideas, and examines threats to the freedom of information and expression in America and abroad. For one hour a week, the show tries to lift the veil from the process of \"making media,\" especially news media, because it's through that lens that we see the world and the world sees us",
"airtime": "SUN 2pm-3pm, MON 12am-1am",
"imageSrc": "https://ww2.kqed.org/radio/wp-content/uploads/sites/50/2018/04/onTheMedia.png",
"officialWebsiteLink": "https://www.wnycstudios.org/shows/otm",
"meta": {
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"source": "wnyc"
},
"link": "/radio/program/on-the-media",
"subscribe": {
"apple": "https://itunes.apple.com/us/podcast/on-the-media/id73330715?mt=2",
"tuneIn": "https://tunein.com/radio/On-the-Media-p69/",
"rss": "http://feeds.wnyc.org/onthemedia"
}
},
"pbs-newshour": {
"id": "pbs-newshour",
"title": "PBS NewsHour",
"info": "Analysis, background reports and updates from the PBS NewsHour putting today's news in context.",
"airtime": "MON-FRI 3pm-4pm",
"imageSrc": "https://cdn.kqed.org/wp-content/uploads/2024/04/PBS-News-Hour-Podcast-Tile-360x360-1.jpg",
"officialWebsiteLink": "https://www.pbs.org/newshour/",
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},
"link": "/radio/program/pbs-newshour",
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"apple": "https://itunes.apple.com/us/podcast/pbs-newshour-full-show/id394432287?mt=2",
"tuneIn": "https://tunein.com/radio/PBS-NewsHour---Full-Show-p425698/",
"rss": "https://www.pbs.org/newshour/feeds/rss/podcasts/show"
}
},
"perspectives": {
"id": "perspectives",
"title": "Perspectives",
"tagline": "KQED's series of daily listener commentaries since 1991",
"info": "KQED's series of daily listener commentaries since 1991.",
"imageSrc": "https://cdn.kqed.org/wp-content/uploads/2025/01/Perspectives_Tile_Final.jpg",
"imageAlt": "KQED Perspectives",
"officialWebsiteLink": "/perspectives/",
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"source": "kqed",
"order": 14
},
"link": "/perspectives",
"subscribe": {
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"npr": "https://www.npr.org/podcasts/432309616/perspectives",
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},
"planet-money": {
"id": "planet-money",
"title": "Planet Money",
"info": "The economy explained. Imagine you could call up a friend and say, Meet me at the bar and tell me what's going on with the economy. Now imagine that's actually a fun evening.",
"airtime": "SUN 3pm-4pm",
"imageSrc": "https://ww2.kqed.org/radio/wp-content/uploads/sites/50/2018/04/planetmoney.jpg",
"officialWebsiteLink": "https://www.npr.org/sections/money/",
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