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Silicon Valley Bank collapse stirs up fears of 2008 bailouts

Published Fri, 07 Feb 2025 16:35:07 GMT

The collapse of Silicon Valley Bank brings back memories on Capitol Hill of rescuing the financial markets during the 2008 collapse, raising concerns among lawmakers that taxpayers may have to pay to bail out risky financial bets. President Biden assured the nation Monday that no taxpayer money will be used after lawmakers warned over the weekend they will not support bailouts, which are unpopular with voters.  The president said the money to cover depositors would come from the fees banks pay into the Federal Deposit Insurance Corporation (FDIC) and promised that managers at failed banks would be fired and stock-holding investors would not be protected — sidestepping a fight with Congress.  Still, there is already disagreement over what constitutes a “bailout” and the fund being used to pay depositors — including over the $250,000 for standard insurance from the FDIC — is backed by “the full faith and credit of the United States government.”And some conservative...

Paul Sorvino got the same Oscars tribute as Sacheen Littlefeather

Published Fri, 07 Feb 2025 16:35:07 GMT

Oscar winner Mira Sorvino is speaking out against the Academy of Motion Picture Arts and Sciences for omitting her father, the late great character actor Paul Sorvino, from the “In Memoriam” segment that was played on the show Sunday night.The “Goodfellas” star, who died in July at age 83, was relegated to an online tribute page on the Academy’s website, as were “Wag the Dog” star Anne Heche and Charlbi Dean, the South African star of this year’s best picture nominee, “Triangle of Sadness.” These three actors and several others have emerged as the Oscars’ most troubling omissions from the video segment that played during Sunday’s live broadcast, with a moving tribute by John Travolta and musical accompaniment by Lenny Kravitz.What could be even more troubling for Sorvino’s family, friends and fans is that he received the same level of attention from the Oscars as problematic Bay Area activist and actor Sac...

Steph Curry turns 35, carrying weight of Warriors’ hopes on his shoulders

Published Fri, 07 Feb 2025 16:35:07 GMT

SAN FRANCISCO — Donte DiVincenzo was a Stephen Curry hater before this season.It was nothing personal, he assures. It was resentment born from respect. Curry’s quickness and skill give even the league’s most dogged defenders trouble. It’s why teams often double- or triple-team him just to try to slow his roll.“I really didn’t like him when I wasn’t here. I had to chase him all around the court,” DiVincenzo said. “He was quiet, I didn’t understand him at all… but when I got here, he’s amazing.”After years of cowering in fear whenever Curry launched a shot, now DiVincenzo gets to watch in awe and reap the rewards.“It’s fun to watch,” he said of his teammate’s sweet shooting. “Sometimes I’m looking at some of the shots and I’m like, ‘There’s no way’ and they don’t even touch the rim. Every time it leaves his hand, I think it’s good.”Curry has shown no signs of taking his foot off the gas in his 14th NBA season. He’s stil...

Why 49ers’ addition of Sam Darnold is no small-time deal

Published Fri, 07 Feb 2025 16:35:07 GMT

The biggest news for the 49ers on the opening day of the free agency negotiating period was agreeing to terms with defensive tackle Javon Hargrave, another high-profile, top-dollar star to go along with Trent Williams, Chrisitan McCaffrey, George Kittle, Deebo Samuel, Fred Warner, Arik Armstead and Charvarius Ward.The 49ers aren’t afraid of big names and big contracts.But as OTAs give way to training camp, the preseason, the regular season and beyond, the most significant Day 1 acquisition could be the insurance policy coach Kyle Shanahan and general manager John Lynch are planning on purchasing in quarterback Sam Darnold.The same Sam Darnold who, like Trey Lance, was the No. 3 overall pick of an NFL Draft. The same Darnold who lasted three ineffective seasons with the New York Jets and couldn’t seize the moment in 2021-22 with the Carolina Panthers.Darnold reportedly agreeing to terms on a one-year deal brought a collective groan from a segment of 49ers fans in social media. ...

Bay Area powers to strong job gains in January despite tech layoffs

Published Fri, 07 Feb 2025 16:35:07 GMT

Downtown Oakland skyline. (Jane Tyska/Bay Area News Group)The Bay Area economy powered to robust job gains in January, an upswing led by the South Bay, the East Bay and the San Francisco-San Mateo metro region, newly released government figures show.In addition, the Bay Area and California have now both reached crucial milestones in what has literally been a years-long quest: to fully recover from the mammoth job losses that occurred during the first two months of the government-mandated business shutdowns to curb the spread of the coronavirus.California and the Bay Area have managed to gain more jobs than they lost during March and April 2020, according to this news organization’s analysis of figures posted by the U.S. Bureau of Labor Statistics.Some disappointing trends, however, emerged from the new calculations that were produced as a result of the government’s annual revision of nonfarm job totals in California, the other 49 states and hundreds of metro regions...

McManus: Biden’s budget was an opening bid. Where’s the GOP plan?

Published Fri, 07 Feb 2025 16:35:07 GMT

President Joe Biden unveiled his $6.8 trillion budget proposal last week, and it drew the customary jaded responses: a work of fiction. A party platform with price tags. And, of course, dead on arrival.All true. But from Biden’s standpoint, the budget rollout was a resounding success that served two purposes.It put the president where he wants to be as he prepares an expected reelection campaign, with one foot in his party’s center and one in its progressive left.Biden gave centrists a promise to cut future deficits by almost $3 trillion and shore up Medicare’s deteriorating finances.But he also asked for more funding for child care, elder care and fighting climate change, and said he’d pay for the whole package by raising taxes on corporations and the wealthy.In a campaign-style speech at a union hall in the swing state of Pennsylvania, he said his budget was designed to “give working-class folks a fighting chance.” Expect to hear more of that as...

Opinion: Let’s talk about guns and basic safety precautions

Published Fri, 07 Feb 2025 16:35:07 GMT

Two years ago, I proposed that the Gilroy City Council approve an ordinance to help prevent gun-caused death and injury. The measure didn’t violate the Second Amendment and banned not a single gun. It was defeated 5-2.Last year I introduced a similar measure. Again, it was defeated 5-2. There was a difference this time, though: I was initially prevented from even describing the measure to my fellow council members. In a small victory, the city attorney ultimately said that taking a few minutes to outline my proposal was probably OK.What was the idea that caused the divisiveness? It’s an ordinance mandating that any firearm within the city limits be stored securely – i.e. in a gun safe, unloaded and separate from ammunition. The Santa Clara County Health Department recommended passing such ordinances in a report on gun violence last year. Several cities and school districts around the state and country have approved such proposals. Gov. Gavin Newsom even signed bill into law in 2022 ...

Elias: California’s fentanyl death rate likely rising due to mislabeled pills

Published Fri, 07 Feb 2025 16:35:07 GMT

Here’s a stunning figure from the federal Drug Enforcement Administration: Six of every 10 counterfeit pills sold in this country now contain a potentially lethal dose of fentanyl, a 50% increase from four out of 10 in 2021.Related ArticlesLocal Opinion | Elias: California’s transit budget cut makes sense in light of numbers Local Opinion | Elias: Six other states ganging up on California over Colorado River water Local Opinion | Elias: California’s slavery reparations plan won’t sell if it lacks credibility Local Opinion | Elias: Reconfigure California’s ‘fruit stops’ to check for illegal guns That means when the 2022 death rate statistics from this very strong and very often faked and polluted opioid come in, they are likely to be far higher than the 5,722 who died in California in 2021, the last full year for which figures are available. In that same year, the national toll topped ...

The 10 most expensive homes reported sold in Oakland in the week of March 6

Published Fri, 07 Feb 2025 16:35:07 GMT

A house in Piedmont that sold for $4.9 million tops the list of the most expensive real estate sales in Oakland in the past week.In total, 11 real estate sales were recorded in the area during the last week, with an average price of $2 million. The average price per square foot was $920.The prices in the list below concern real estate sales where the title was recorded during the week of March 6 even if the property may have been sold earlier.10. $875,000, single-family home in the 600 block of Jean StreetThe property in the 600 block of Jean Street in Oakland has new owners. The price was $875,000. The house was built in 1925 and has a living area of 856 square feet. The price per square foot is $1,022. The house features 1 bedrooms and 1 bathrooms.9. $950,000, detached house in the 700 block of Santa Ray AvenueThe 1,643 square-foot single-family house in the 700 block of Santa Ray Avenue in Oakland has now been sold. The transfer of ownership was settled in February and the total ...

Bay Area atmospheric river updates: Flood Advisory in effect

Published Fri, 07 Feb 2025 16:35:07 GMT

(KRON) -- Heavy rain and strong winds are expected to disturb Tuesday's morning commute. The excessive rainfall from the latest storm could bring the potential for heavy flooding as well as downed trees and power lines. The rain is expected to dry up by Wednesday and Thursday before some more shower for St. Patrick's Day weekend, according to KRON4 meteorologist John Shrable.The National Weather Service also issued a High Wind Warning for the entire Bay Area effective Monday night through Wednesday morning. Peak gusts in the valleys are expected to reach between 40 and 50 miles per hour while coastal gusts are expected to reach between 55 to 70 miles per hour.Preparing your home or business for the next round of rain is crucial as the next storm approaches. Find sandbags near you and stay updated with KRON4.com.Tuesday, March 145 a.m. -- Flood Advisory in effect for North BayThe National Weather Service has issued a Flood Advisory for the North Bay effective until 5 p.m. Tuesday. Ex...