Elon Musk sees 'serious risk' of another Great Depression if the Fed doesn't stem the collapse of regional banks after SVB failure
, a lender to tech startups and the first to be taken over by regulators since the financial crisis in 2008.
Small- and mid-sized banks account for 50% of commercial and industrial lending and 60% of residential real estate lending, among other loans, Zero Hedge noted with accompanying charts. "If the Fed does not contain the regional bank collapse, there will be another great depression," it wrote, referring to the economic crisis that ran from 1929 through 1939. In 1933, at the height of the Great Depression, roughly 25% of the 12.8 million people that made up the US labor force were out of work,This wasn't the first time Musk has chimed in on his own social media platform about SVB's collapse.
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