On the Verge of a Banking Industry Apocalypse?

May 05, 2023

by Michael Snyder The Economic Collapse Blog

Every time that they tell us that everything is fine, things just seem to get even worse. This banking crisis was supposed to be “over” after Silicon Valley Bank and Signature Bank collapsed. It wasn’t. Then it was supposed to be “over” after First Republic collapsed. It wasn’t. By now, most of you already know about what has been happening to PacWest, Western Alliance, First Horizon and countless other regional bank stocks. In all my years, I have never seen banking stocks fall so quickly. If this avalanche continues to pick up momentum, pretty soon we will have to stop talking about a “banking industry crisis” and start talking about a “banking industry apocalypse”.

Ironically, I think that CNN has actually summarized the current state of affairs better than anyone else…