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In 2007, 25 banks failed and needed to be bailed out. The damage totaled 526 BILLION DOLLARS, over a 12-month period. But today’s bank crisis isn’t too far behind. In this clip, Glenn shares today’s banking crisis numbers that seem to be SCARILY similar to 2007, before the 2008 crisis hit. What do these numbers mean, how is the Federal Reserve to blame, and what’s coming next for America’s economic outlook? Glenn discusses it all in this clip…
What Would You Do If Pharmacies Couldn’t Provide You With Crucial Medications or Antibiotics?
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Todays banking crisis is not at all similar to that of 2008. Then you had hundreds of billions or trillions of mortgage loans, where repayment stopped because house prices went below the mortgage balance.
Today banks are in trouble because their DEPOSIT base is walking because there is a large spread between what the bank pays on deposits and what the US Treasury is paying on short dated paper. This forces them to sell their RISK FREE US Treasuries they hold as reserves, at a LOSS. On risk free securities.
This is all because inflation has driven rates 500 basis points higher in a little over a year.
And that is because of massive government spending directly into the real economy as a result of the planned demolition of society starting with the US Sponsored, man-made COVID virus. A tsunami in a pond, which will continue to throw tsunamis for at least a generation
Add to that that COVID and no more working downtown and rising crime is going to cause MANY lease renewals in downtown areas to not be renewed, and there you WILL have loan defaults, but the lease renewal process takes years to play out
So this is much more like the S&L Crisis of the late 1980s and early 1990s which killed off roughly a third of the S&L “banks”