Sorry, there are no quick fixes for the pickle we’re in except possibly trying to avoid the sins of the past.
marking the second-largest bank failure in US history. In our Fed chair’s world, First Republic is just another one-off, like Signature and Silicon Valley banks before it.
Not long after Powell’s assurances, regional-bank stocks began to crash. Fox Business’s Eleanor Terrett and Charlie Brady reported that just in the past week,For the year, regional-bank stocks are down 34.6% — compared to an 8.1% rise in the S&P 500. Ditto for Treasury Secretary Janet Yellen, another player in the bank regulatory apparatus. For weeks now, she’s also been telling the markets things are fine with our banks. Logic suggested quite the opposite, particularly at the regional-bank level where management collectively appears to have drunk from the same cup of Kool-Aid.
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