Is the U.S. Financial System in Peril? Created by m.moebs on 3/14/2023 8:56:58 AM
Last Friday the $209 billion Asset Silicon Valley Bank was taken over by the Federal Reserve. This is the second largest bank failure in U.S. history. For some, this takes us back to the 2008 Great Recession and 1930’s Great Depression when many banks, credit unions, and thrifts failed.
Fortunately, the U.S. has deposit insurance backed by the full faith of the U.S. Government.
Congress had a special Zoom meeting on Sunday, probably when you might have been watching the Academy Awards festivities. 200 Representatives and Senators attended who could be reached quickly. The President and Treasury Secretary said the U.S. Government would go beyond the deposit insurance fund to reaffirm the stability of the U.S. financial system. READ FULL ARTICLE