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On today’s episode of the 5 Things podcast: Regulators offer plan after Silicon Valley Bank collapse
Regulators are speaking out after last week’s Silicon Valley Bank collapse. Plus, eight people are dead after a boat capsized near San Diego, USA TODAY National Correspondent Elizabeth Weise talks about some incentives for going green, March Madness is here, and USA TODAY ‚Entertain This‘ Host Ralphie Aversa recaps the Oscars.
Podcasts:True crime, in-depth interviews and more USA TODAY podcasts right here.
Hit play on the player above to hear the podcast and follow along with the transcript below. This transcript was automatically generated, and then edited for clarity in its current form. There may be some differences between the audio and the text.
Taylor Wilson:
Good morning. I’m Taylor Wilson and this is 5 Things you need to know Monday, the 13th of March 2023. Today, regulators speak out after last week’s Silicon Valley Bank failure. Plus the latest from a tragic boat capsizing near San Diego, and we’ll recap the Oscars.
Treasury Secretary Janet Yellen has ruled out a bailout from the federal government for the now collapsed Silicon Valley Bank, but she said on CBS’s Face the Nation yesterday that the government will step in to help depositors in some capacity. Silicon Valley Bank collapsed last week because of the downturn in technology stock and the Federal Reserve’s interest rate hikes, ultimately leading to a bank run. The Federal Deposit Insurance Corporation or FDIC took over the bank and said that deposits will be available this morning. But the federal government only ensures deposits up to $250,000 per depositor, and a majority of the bank’s deposits are uninsured since much of its customer base was made up of tech workers and wealthy venture capitalists.
Meanwhile, regulators are taking over a second failing financial institution, Signature Bank of New York. The bank failures had eastern markets jittery this morning, including drops in Japan and Australia.
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At least eight people are dead after two boats capsized off the coast of San Diego. Authorities say the tragedy came in a suspected human smuggling operation. James Gartland is the chief of the lifeguard division in San Diego.
James Gartland:
This is one of the worst maritime smuggling tragedies that I can think of in California, certainly here in the city of San Diego.
Taylor Wilson:
Gartland said a woman called 911 shortly before midnight on Saturday saying she was on a panga boat with 15 people on board that made it to the shore. She said another similar boat had capsized with eight people in the water. Pangas are small fishing boats with outboard motors. They’re often used for smuggling operations. Eight bodies have been found but authorities say it’s possible survivors made it to land.
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Going green used to be a luxury. Now, it might be able to save you money. That’s thanks to government incentives that can help you save on cars and at home. I spoke with USA TODAY National Correspondent Elizabeth Weise to learn more. Beth, welcome back to the program.
Elizabeth Weise:
Oh, thank you.
Taylor Wilson:
So first off, let’s talk about electric cars. How many Americans have electric cars right now? What percentage of the population? Because it seems like in some cities right now you’re seeing tons of them.
Elizabeth Weise:
It’s true. Actually, last year, EVs, as they’re called, because it’s cars and trucks, made up 7.1% of all the new cars that were purchased, which was actually higher than I had expected. And that’s numbers probably going to jump again this year and in years to come because these tax breaks are starting to kick in.
Taylor Wilson:
So let’s talk about some of those tax breaks. How exactly do these work, Beth?
Elizabeth Weise:
Oh dear heavens, it is so complicated. I tell you, I have spent the last three days talking to tax lawyers about it. At its basic level, the Inflation Reduction Act, which was passed last year, gives a $7,500 tax credit for buying eligible electric vehicles, and it gives a $4,000 tax credit for eligible used electric vehicles. But oh my goodness, are there so many caveats to that.
Taylor Wilson:
Let’s get into them. I mean, this does seem like the type of thing that there might be a catch, correct?
Elizabeth Weise:
There are so very many catches. I’ll just tell you straight out, the lovely folks at Rewiring America, which is this great nonprofit, have a really nice webpage that you basically input where you live and your income, and it tells you what you’re eligible for, which is a huge help because my goodness, it’s complicated. So basically, there are income eligibility limits.
