The Banking Collapse Of 2023 Is Now Officially Bigger Than The Banking Collapse Of 2008

Authored by Michael Snyder via The Economic Collapse blog,

Yes, you read the headline correctly.

Collectively, the three big banks that have collapsed in 2023 had more assets than all 25 banks that collapsed in 2008 did. 

2008 saw the peak in terms of asset-size for bank failures ($373.6 billion with ‘only’ 25 failures), while 2010 saw the peak in number of banks failing (157 vs 25 in 2008).

So far in 2023, 3 banks have failed with combined assets of $548.5 billion.

Even including the $170.9 billion in assets from failed banks in 2009, 2023 is still worse than the two ‘great financial crisis’ years combined.

Source: ObservableHQ.com

Unfortunately, the banking collapse of 2023 is far from over. 

We still have eight more months to go before this year is done, and many more banks are currently teetering on the brink of disaster.  Executives at those banks are telling us not to worry, but of course executives at First Republic were issuing similar assurances just last week.  Personally, I had heard that First Republic supposedly had enough reserves to keep going for months.  But that was a lie, and now First Republic is toast.  The following comes from the official statement that the FDIC issued when it took over the bank…

First Republic Bank, San Francisco, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC is entering into a purchase and assumption agreement with JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all of the deposits and substantially all of the assets of First Republic Bank.

JPMorgan Chase Bank, National Association submitted a bid for all of First Republic Bank’s deposits. As part of the transaction, First Republic Bank’s 84 offices in eight states will reopen as branches of JPMorgan Chase Bank, National Association, today during normal business hours. All depositors of First Republic Bank will become depositors of JPMorgan Chase Bank, National Association, and will have full access to all of their deposits.

The government was not going to allow just anyone to snap up the assets of First Republic.

READ MORE HERE

By Published On: May 3, 2023Categories: UncategorizedComments Off on The Banking Collapse Of 2023 Is Now Officially Bigger Than The Banking Collapse Of 2008

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About the Author: Patriotman

Patriotman currently ekes out a survivalist lifestyle in a suburban northeastern state as best as he can. He has varied experience in political science, public policy, biological sciences, and higher education. Proudly Catholic and an Eagle Scout, he has no military experience and thus offers a relatable perspective for the average suburban prepper who is preparing for troubled times on the horizon with less than ideal teams and in less than ideal locations. Brushbeater Store Page: http://bit.ly/BrushbeaterStore

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