Article

2023-03-27 Economy

American banker: problems of US banks bring the country closer to recession

Direct Translation via Google Translate. Edited.
[REGNUM] The head of the Minneapolis Fed acknowledged the danger of a recession in the United States

The problems that the US banking system is experiencing could have a negative impact on the real estate market and construction and bring the US economy closer to recession. This was stated on March 26 by the head of the Federal Reserve Bank (FRB) of Minneapolis, Neil Kashkari, on the air of CBS News .

He confirmed that the problems of US banks, affecting the construction sector, "absolutely" bring the country closer to a recession.

According to the banker, it is still unknown whether the current difficulties in the financial sector will lead to a massive collapse in lending and how much they can affect the national economy.

Kashkari acknowledged that the US banking regulator is not perfect and could be wrong.

He stressed that the country's banking system continues to face "fundamental challenges" and "regulatory difficulties."

Recall that within five days after the 16th largest US bank Silicon Valley Bank (SVB) went bankrupt on March 10, American depositors urgently withdrew almost $100 billion from their bank accounts.

Posted by badanov 2023-03-27 00:00|| || Front Page|| [11129 views ] Top

#1 First Citizens will buy troubled Silicon Valley Bank after tech lender collapsed earlier this month and clients withdrew $42billion in a single day

Posted by Skidmark 2023-03-27 06:49|| 2023-03-27 06:49|| Front Page Top

#2 Maybe if you allow these things to fail and only pay off the depositors iaw FDIC limits, it might start to encourage bank leadership and investors to act 'conservatively', the old fashion way, like the banks of the post Depression era.

Posted by Procopius2k 2023-03-27 08:38|| 2023-03-27 08:38|| Front Page Top

#3 I'd argue it's the opposite. We've been in a recession for some time, and one of the effects is bank closures.

Posted by Angstrom 2023-03-27 12:24|| 2023-03-27 12:24|| Front Page Top

#4 The Feds are tightening the screws on the crypto scammers...documents filed today on Binance and its fearless ~~scammer~~ leader "CZ".

Posted by DooDahMan 2023-03-27 13:57|| 2023-03-27 13:57|| Front Page Top

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