newportbeachindy . com MARCH 17 , 2023 7
Chamber
PAGE 1
“ Most of you are probably wondering why did this happen ?” stated Rosansky . “ There are several contributing factors . On the surface , the banks were experiencing an additional run on deposits . This happens when depositors start pulling their money out and the bank doesn ’ t have enough liquid funds to satisfy all the requests . A bank doesn ’ t just have your money sitting in a vault . As George Baily pointed out in the movie ‘ It ’ s a Wonderful Life ,’ the bank takes the deposits and lends them out for a term of months or years to other bank customers for things like car loans , credit cards , working capital , and mortgages , or the bank invests the funds in things like treasury bills .”
If the bank doesn ’ t properly anticipate the amount needed to satisfy depositors withdrawals , explained Rosansky , it can get into the situation that Silicon Valley Bank did and have to sell assets at a loss in order to raise cash .
Rosansky noted that Silicon Valley Bank was unusual in that most of the money it had on deposit was related to the tech industry , which is one of the few sectors of the economy that has been struggling , thereby creating an unusually high demand by its customers to spend the money they had on deposit to support their businesses .
Most banks are not as highly concentrated on one sector , said Rosansky , and not subject to the same dilemma .
Photo by Mercedes Kanada
“ Another contributing factor has been the rapid increase in interest rates by the Federal Reserve that has caused the banks to pay more in interest for investor deposits , and has caused a decline in their longer term assets like fixed rate mortgages or treasury bills ,” said Rosansky . “ All banks are subject to rising interest rates but most balance their investments between short and long term so as to not wind up in the crunch as Silicon Valley and Signature banks did .”
At this time , the concern of the markets seems to be limited to the regional banks , not large banks like Chase , Bank of America Wells Fargo , said Rosansky . However , he suggested those with bank deposits should be looking at their accounts with an eye towards limiting amounts on deposit to the $ 250,000 limit insured by the FDIC .
“ You will be insured to the limit on multiple accounts if the account ownership is different , so if you have a personal account and an account for your company or a joint account with a spouse , each account should be protected to the $ 250,000 limit ,” said Rosansky . “ As with any financial matter , you should consult your financial advisor , accountant or lawyer with regard to your situation .”
For more information , visit newportbeach . com .
NEWPORT BEACH PUBLIC LIBRARY FOUNDATION
CRISTINA MITTERMEIER
PHOTOGRAPHER & CONSERVATIONIST MARCH 31 , 2023 | 7PM & APRIL 1 , 2023 | 2PM
With the urgent need to protect our increasingly fragile planet , we are proud to present 2018 National Geographic ’ s Adventure of the Year and the Smithsonian Conservation Photographer of the Year awardee , Cristina Mittermeier . With passion , conviction , and a zest for life , illustrated by award-winning images and film , Cristina will share the hard-won wisdom she ’ s gleaned from documenting the far reaches of our planet and its people for decades . She challenges us to redefine our answers to “ What is enough ?”.
OMAR EL AKKAD
JOURNALIST & AUTHOR MARCH 23 , 2023 | 7PM
S C A N Q R T O BUY TICKETS
S C A N Q R T O BUY TICKETS
According to BBC at least 59 migrants , including 12 children , have died and dozens more are feared missing after their boat sank in rough seas off southern Italy . Omar El-Akkad writes about a similar tragedy in his book " What Strange Paradise ." It is a visceral account of a refugee ' s journey and their desperate struggles to escape their
homelands from violence , poverty and corruption . Born in Egypt , grew up in Qatar and now lives in the United States . His journalism career covered the start of the war on terror , and over the following decade he reported from Afghanistan , Guantanamo Bay and many other places around the world . His writing has appeared in The New York Times and Le Monde . He is the author of two books " What Strange Paradise and " American War ".
All programs are held at Newport Beach Public Library info @ nbplf . foundation | 949-717-3892 | www . nbplf . foundation
Photo by Cristina Mittermeier
THE COACH HOUSE www . thecoachhouse . com
TICKETS and DINNER RESERVATIONS : 949-496-8930
3 / 17 THE FENIANS 3 / 19 GLENN MILLER ORCHESTRA 3 / 23 PETTY CASH
( Johnny Cash & Tom PeTTy TribuTe ) 3 / 24 SUPER DIAMOND
3 / 25
( neil DiamonD TribuTe )
GENE LOVES 3 / 25 GENE LOVES JEZEBEL / JEZEBEL
BOW WOW WOW 3 / 26 BIG MOUNTAIN 3 / 31 BEATLES VS STONES 4 / 1 ROBBY KRIEGER
& THE SOUL SAVAGES 4 / 5 DUANE BETTS
3 / 26
& PALMETTO MOTEL
BIG 4 / 6 COLIN HAY Acoustic
MOUNTAIN 4 / 7 G . LOVE & SPECIAL SAUCE
4 / 8 WILD CHILD ( The Doors TribuTe ) 4 / 13 ISRAEL VIBRATIONS 4 / 14 QRST ( Queen , rush , sTyx TribuTe ) 4 / 15 THE 5TH DIMENSION 4 / 16 HERMAN ’ S HERMITS
4 / 5 feaTuring PETER NOONE
DUANE BETTS 4 / 21 BRITAIN ’ S FINEST ( beaTles TribuTe ) & Palmetto Motel 4 / 22 STEVE TYRELL
4 / 23 TONY BENNETT SONGBOOK ( TribuTe feaT . mark Verabian )
4 / 28 SKELETON CREW ( graTeful DeaD TribuTe ) 4 / 29 CREAM OF CLAPTON
4 / 7 4 / 30 STEVE DEAN / G . LOVE &
JAMES KELLY BAND
SPECIAL SAUCE 5 / 2 BETH HART 5 / 3 MORGAN JAMES 5 / 5 OINGO BOINGO
FORMER MEMBERS 5 / 7 METALACHI 5 / 11 BLOOD BROTHERS feat . Mike
4 / 13
Zito and Albert Castiglia
ISRAEL 5 / 12 QUEEN NATION ( Queen TribuTe )
VIBRATIONS 5 / 13 THE ENGLISH BEAT
5 / 14 HALEY REINHART 5 / 19 JOHN CAFFERTY
& The BEAVER BROWN BAND 5 / 21 LET ’ S HANG ON !
( frankie Valli & The four seasons TribuTe )
4 / 15 6 / 1 TOAD THE WET SPROCKET THE 5TH 6 / 3 JUDY COLLINS
DIMENSION 6 / 8 BLACK SABBITCH
( all female blaCk sabbaTh TribuTe ) 6 / 9 AL Di MEOLA 6 / 16 AL JARDINE and His Endless Summer Band 6 / 17 AMBROSIA
4 / 16 6 / 18 PURE PRAIRIE LEAGUE HERMAN ’ S 7 / 1 MICK ADAMS & THE STONES
HERMITS 7 / 15 SHINE ON – Pink floyD exPerienCe
7 / 19 THE JERRY DOUGLAS BAND 7 / 22 Y & T 7 / 28 SPACE ODDITY ( DaViD bowie TribuTe ) 7 / 29 KIDS OF CHARLEMAGNE
( sTeely Dan TribuTe )
4 / 22 8 / 4 PABLO CRUISE
STEVE 8 / 18 SPYRO GYRA
TYRELL 8 / 19 MADELEINE PEYROUX 9 / 8 ULI JON ROTH 9 / 22 AL STEWART /
The Empty Pockets 10 / 7 RONDSTADT REVIVAL
( linDa ronDsTaDT TribuTe )
5 / 3 10 / 15 JOURNEYMAN ( eriC ClaPTon TribuTe )
MORGAN 10 / 27 PIANO MEN : generaTions
JAMES
( billy Joel anD elTon John TribuTe )
866.468.3399 33157 Camino Capistrano | San Juan Capistrano
Like Us on facebook . com / coachhouseconcerthall | follow us on Twitter @ coach _ house