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Another Zombie Bites the Dust
by James Rickards Daily Reckoning
Another one bites the dust…
First Republic Bank closed yesterday, with the majority of its operations sold to JPMorgan Chase at fire-sale prices.
It was the second-largest bank failure in U.S. history. It was also the third bank failure in just six weeks, following Silicon Valley Bank (SVB) and Signature Bank.
First Republic’s failure isn’t surprising. First Republic has been a zombie for a while. As I warned last month when the bank closures began, the crisis was far from over.
Veterans of such crises (and I include myself in that category) know that once the dominoes start falling, they keep falling until some government intervention of a particularly draconian kind is imposed.