US bank failures reflect capitalist crisis as rulers debate budget
Vol. 87/No. 12 - March 27, 2023![After March 10 collapse of Silicon Valley and Signature banks, major U.S. regional bank stocks plunged, with First Republic Bank closing down over 60% on March 13. Despite capitalists’ claims of "big stock rally" March 14, shares of First Republic remained down.](https://themilitant.com/wp-content/uploads/2023/03/Bank_Stocks_Chart_8712-300x200.jpg)
Democrats and Republicans are tied up in partisan squabbling over President Joseph Biden’s $6.8 trillion budget plan. While they disagree on Biden’s proposed social expenditures and new taxes to fund them, both parties agree on the need to allocate billions…