Two large banks catering to the tech industry have collapsed after a bank run enabled by digital banking and fueled by panic on social media. In response, the U.S. government has seized the two financial institutions and President Joe Biden has reassured Americans that their money is safe. The collapse of Silicon Valley Bank is the largest bank failure since Washington Mutual in 2008, and the government is taking steps to ensure the financial system remains stable.
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Meanwhile, Republicans and conservative influencers have argued that the collapse of Silicon Valley Bank was due to its focus on diversity, equity and inclusion, but the 2018 repeal of stricter regulations on regional banks and the Federal Reserve's decision to hike interest rates are seen as more likely causes.
President Joe Biden and former President Jimmy Carter have a long history of friendship and mutual respect, with Carter endorsing Biden in the 2020 election and presenting him with the Presidential Medal of Freedom in 2002. At a fundraiser in Rancho Santa Fe, California, Biden announced that Carter had asked him to deliver his eulogy when he passes away. Carter, 91, is currently the longest-living president in United States history and has been in hospice care since 2015.
The New York Yankees are mourning the loss of former player Joe Pepitone, who passed away at the age of 82. He was a three-time All-Star and Gold Glove first baseman who played for the Yankees from 1962 to 1969 and was beloved by generations of fans for his flamboyant personality and on-field contributions. Pepitone was born in Brooklyn and was part of the Yankees team that won the World Series in 1962, his rookie season. The Yankees organization sends their condolences to his family and friends during this difficult time.
Archaeologists have made a remarkable discovery in Leeds, England, unearthing a 1,600-year-old cemetery that bridges the gap between the ancient and medieval periods. The remains of 62 people were found, including a late-Roman aristocratic woman found in a lead coffin, offering a rare glimpse into life in Britain during the decline of the Roman empire and the establishment of Anglo-Saxon kingdoms. The cemetery is being preserved and the remains of the deceased will be reburied in accordance with the wishes of their descendants, with Leeds City Council committed to ensuring that the remains are treated with respect and dignity.
President Joe Biden is expected to sign an executive order on Tuesday to increase background checks and promote better firearms storage. The order will direct Attorney General Merrick Garland to clarify the statutory definition of who is “engaged in the business” of selling firearms. The order is part of a larger effort by the Biden administration to reduce gun violence in the United States, including a ban on so-called “ghost guns” and a requirement for buyers to undergo background checks for all firearms purchases.
At least 100 people have been killed and scores injured after Cyclone Freddy battered southern Africa over the weekend. Malawi authorities have declared a state of disaster and confirmed 99 deaths, while the full extent of the damage in Mozambique is not yet clear. The World Meteorological Organization has said that Cyclone Freddy could be the longest-lasting tropical cyclone ever recorded.
Dick Fosbury, an Olympic gold medalist and high jumper, passed away on March 7th after a short battle with lymphoma. He is best known for revolutionizing the high jump event with his signature technique, the "Fosbury Flop", which earned him the gold medal and set an Olympic record at the 1968 Mexico City Olympics. His success at the Olympics and collegiate level cemented his place in track and field history.