The right is claiming that political correctness – not capitalism – caused this financial catastrophe. Really?
You’d think that witnessing the second-biggest bank failure in US history would be a sobering moment. Since Silicon Valley Bank collapsed on Friday amid a bank run, however, Republicans have instead been twisting themselves into inelegant pretzels to blame “wokeness” for the financial disaster.
For context, SVB – which before it collapsed was the 16th largest bank in the US and worth more than $200bn in assets – proudly reported that aside from 45% of its board being women, it also had “1 Black”, “1 LGBTQ+” and “2 Veterans”. According to Republicans, the bank’s focus on “woke” ideals is what led to its ultimate demise.
Tayo Bero is a Guardian US contributing writer
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The right is claiming that political correctness – not capitalism – caused this financial catastrophe. Really?
You’d think that witnessing the second-biggest bank failure in US history would be a sobering moment. Since Silicon Valley Bank collapsed on Friday amid a bank run, however, Republicans have instead been twisting themselves into inelegant pretzels to blame “wokeness” for the financial disaster.
For context, SVB – which before it collapsed was the 16th largest bank in the US and worth more than $200bn in assets – proudly reported that aside from 45% of its board being women, it also had “1 Black”, “1 LGBTQ+” and “2 Veterans”. According to Republicans, the bank’s focus on “woke” ideals is what led to its ultimate demise.
Tayo Bero is a Guardian US contributing writer Continue reading…Technology | The Guardian