The Pour Over Today - Monday, March 13, 2023

Episode Date: March 13, 2023

Today, we’re talking about the largest bank failure since 2008, China’s President Xi Jinping’s latest moves, the U.S. labor market, and other top stories for Monday, March 13th. Stay informed while remaining focused on Christ with The Pour Over. Sponsored by When God Seems Gone: Finding Hope When Nothing Makes Sense

Today, we're talking about the largest bank failure since 2008, China's President Xi Jinping's latest moves, the U.S. labor market, and other top stories for Monday, March 13th. Stay informed while remaining focused on Christ with The Pour-Over. Here's the verse of the week. For the wages of sin is death, but the free gift of God is eternal life in Christ Jesus our Lord. Romans chapter 6 6 verse 23. Let's get started with some espresso shots.

Silicon Valley Bank or SVB, a prominent tech startup lender founded in 1983, collapsed on Friday, prompting the FDIC to take over its $175 billion of assets. prompting the FDIC to take over its $175 billion of assets. It was the largest U.S. bank failure since 2008. You may be wondering how this happened. Wednesday, SVB announced that it sold some of its assets at nearly a $2 billion loss. Its stock fell 60% the next day, and, without George Bailey around to calm everyone down, customers started pulling their deposits, triggering a run on the bank. Then trouble spread, forcing regulators to shut down New York-based Signature Bank yesterday

afternoon. Last night, regulators unveiled a plan assuring all depositors would have access to all their money today, though made clear the banks themselves are closing, not being bailed out, and no tax dollars are being used. Jesus doesn't promise that our lives will be free from trouble, including unforeseen financial problems. He rather urges us to build our life on the rock of his word so that when troubles do come, our lives don't fall apart. Matthew chapter 7 verses 24 through 25 say, Therefore everyone who hears these words of mine and puts them into practice is like a wise man who built his house on the rock. The rain came down, the streams rose, and the winds blew and beat against that house. Yet it did not fall because it had the foundation on the rock.

Xi Jinping doesn't appear tempted by retirement. The 69-year-old Chinese leader was awarded a third five-year term as president after successfully scrapping the two-year term limit from the constitution. He won the National People's Congress vote for the role, 2,952 to 0. He was the only option. Xi kicked off his third term with a foreign policy win. China brokered a deal between Iran and Saudi Arabia, ending a seven-year feud rooted largely in religious differences. The agreement to play

nice may also help bring an end to Yemen's civil war, long seen as a proxy war between Saudi Arabia, which is backed the Sunni government, and Iran, which is backed the Shia Houthi rebels. The U.S. was informed of, but not invited to, negotiations, a sign of China's growing influence. Our hope is never contingent on an election or foreign policy outcome. It's much more secure than that. Regardless of whether things get worse or better during your lifetime, everything eventually ends well for followers of Christ. Job chapter 12 verse 10 says,

The life of every living thing is in his hand, as well as the breath of all humanity. The U.S. labor market is still chugging. The Bureau of Labor Statistics announced that the U.S. added another 311,000 jobs last month, keeping the better-than-expected streak alive. Excitement was, however, tempered by a rise in unemployment, 3.6% up from 3.4% in January, and slower wage growth. The mixed news brought mixed opinions, and traders are split 50-50 on whether the Fed will raise rates by 0.5 or 0.25 percentage points later this month. Meanwhile, some companies are looking to shed some more employees. Meta, fresh off 13% workforce reduction, is reportedly planning to cut another 13% over the next few months. GM, while not laying anyone off, has launched a voluntary separation

program and has strongly encouraged 58,000 salaried employees to consider taking the payout. Regardless of whether the broader economy is struggling or thriving, Christians should seek to give generously of our time, talents, and resources to those in greater need. Reach out to your local church and see where help is needed. Hebrews chapter 13 verse 16 says, don't neglect to do what is good and to share for God is pleased with such sacrifices. This episode is sponsored by the book, When God Seems Gone, Finding Hope When Nothing Makes Sense. What do you do when it feels like God isn't there? When the state of the world, our own suffering, or the struggles of those we know suggest that God is absent. When you've experienced soul-crushing silence from heaven despite your fervent

supplications. One thing you should do is get a copy of When God Seems Gone, Finding Hope When Nothing Makes Sense. Adam Mabry uses the book of Habakkuk as well as his own personal experience of deep suffering to examine the art of lament, helping Christians cry out to God from a place of faith and hope. There are very practical suggestions for keeping your faith in darkness. Our listeners get 25% off with code TPO. Find a link in our show notes. In other brews, here's a rapid round of updates. The University of Alabama is a basketball school? Selection Sunday revealed the Crimson Tide as the NCAA's men's tournament number one overall seed. Keeping it in conference, defending champ South Carolina is the number one overall seed in the women's tournament.

Play-in games start tomorrow and Wednesday, and the tournaments officially start at the end of the week. Congress unanimously passed a bill, yes, you heard that right, requiring the Biden administration to declassify all information regarding the origins of COVID-19, including any links to China's Wuhan virology lab. If signed, the administration would submit unclassified reports to Congress, with redactions only as necessary to protect sources and methods. Former VP Mike Pence said former President Trump was wrong for his role in the January 6th riot, among other criticisms, at a D.C. media dinner Saturday. Meanwhile, Trump has been invited to testify before a

Manhattan grand jury about hush money payments made to adult actress Stormy Daniels, indicating prosecutors are nearing the end of their investigation. Hipsters, you've done it. According to the Recording Industry Association of America, vinyl records outsold CDs in 2022, the first time since 1987. Streaming still accounts for 84% of music revenue, but physical formats have seen an increase lately. Could 8-tracks be next? Youngsters, ask your parents or grandparents what those are. The 95th Academy Awards took place at the Dolby Theatre last night. Everything Everywhere All at Once was the big winner, taking home seven Oscars, including Best Picture, Best Director, and three of the four acting categories.

There were naturally multiple Will Smith references by host Jimmy Kimmel, but nothing that broke the internet this time. That's all we have for today. Thanks so much for listening. If you're listening on the Apple Podcasts app, give us a 5-star rating and drop a review. If you're listening on Spotify, give us a follow and hit the notification bell to never miss a new episode. We appreciate your support and hope you have a great day. We'll see you on Wednesday.