It’s been more than three years since Silicon Valley Bank lost a quarter of its deposits in a day, kicking off a string of bank rescues. The shocking speed of that run was attributed, in part, to the rapid spread of information on social media and the efficiency of digital banking.
Artificial intelligence might be the most transformative technology ever devised. Exactly how its effects will work through the economy is impossible to say, but serious disruption of one kind or another seems likely. Millions of jobs — in the end, maybe most jobs — could radically change, and many will disappear entirely.
All but unnoticed last month, a bipartisan group of legislators introduced a resolution calling for Congress to keep budget deficits at no more than 3% of gross domestic product. Though not enough by itself to solve America’s fiscal problems, the proposal is a rare step in the right direction. It deserves strong support.
As private equity investment in health care has surged to almost $1 trillion over the past decade — funding new technologies, clinical trials and more — a lack of transparency has made it hard to assess whether the industry is also putting patients at risk.
America’s approach to health care is an outlier among the world’s rich countries, and not in a good way. Extraordinarily complex and hideously expensive, it still manages to leave some 26 million people without coverage.
One big reason the global financial system nearly collapsed in 2008 was that banks had shifted risks into the shadows, relying on insurance-like instruments that proved incapable of absorbing losses.
Around the world, major cities are struggling with a severe crisis: Housing has become so expensive that it’s repelling skilled workers, undermining growth and even fomenting political extremism.