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- The Banking Crisis Gets Worse! $1.7 Trillion in Unrealized Losses Loom as U.S. Banks Rapidly Bleed Deposits
The Banking Crisis Gets Worse! $1.7 Trillion in Unrealized Losses Loom as U.S. Banks Rapidly Bleed Deposits
by Michael Snyder The Economic Collapse Blog
If our banking system can’t find a way to turn things around, our entire economy will soon be in a world of hurt. When banks get into trouble, they start getting really tight with their money. That means fewer mortgages, fewer commercial real estate loans, fewer auto loans and fewer credit cards being issued. So it should greatly concern all of us that U.S. banks are bleeding deposits at an absolutely staggering pace right now. During the week ending March 15th, 98.4 billion dollars was pulled out of U.S. banks. That was really bad, but we just learned that things got even worse the next week. During the week ending March 22nd, 126 billion dollars was pulled out of U.S. banks…
Depositors drained another $126 billion from U.S. banks during the week ending March 22, according to new Federal Reserve data. This time the outflow came from the nation’s largest institutions.