More Problems With The Banks: Wells Fargo, Bank of America Have All Had Their Ratings Downgraded

More Problems With The Banks: Wells Fargo, Bank of America Have All Had Their Ratings Downgraded

Nov. 24, 2023

Epic Economist

This has been a rough year for American Banks. Back in March, we saw the collapse of three US banks within a week. That was the biggest banking failure to hit the US since the 2008 financial crisis.

By the time the fallout from the Great Recession was over, 600 banks had failed.

But what if I tell you that we are staring at the same fate now?

On study on the fragility of the U.S. banking system found that 186 more banks are at risk of failure even if only half of their uninsured depositors decide to withdraw their funds.

As we see banks mired in problems all around us, the taxpayers are losing faith in this country’s financial institutions. And there's a solid justification behind this sentiment.

However, this drop in confidence may lay the foundations for even bigger problems. You see, when banks fail, trust in institutions is a far greater loss than any temporary monetary loss.

When the public sees that the Federal Reserve is taking the same pre-recession measures that it took in 2008, they have no choice but to hold on to what they have.

However, the common citizen is unfortunately playing a losing game. Because when financial institutions get into trouble, they immediately transfer that trouble to the consumer. The first sign of this switch is a Credit Crunch that you may have noticed in recent weeks.

America's Banks are in a spot of bother and it matters immensely to the welfare of the general public. We often hear that banks are the beating heart of the economy and when they suffer, the whole country feels the pain.

What's shocking is that the mainstream media continues to ignore the signs and shows no urgency to report the plight of millions who are just scraping by.

Original: https://youtu.be/cP_68dzdThg

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