be over if Congress stepped up with a backstop that made bank deposits safe again. "Uninsured deposits present," Reynolds wrote.
be over if Congress stepped up with a backstop that made bank deposits safe again. "Uninsured deposits present," Reynolds wrote. Reynolds' proposed policy response: guaranteeing all bank deposits for two years while limiting how much risk banks can take based on the amount of uninsured deposits they have. Sounds extremely reasonable.such a solution coming out of Congress.
"Ironically, if they did a blanket guarantee now, it probably wouldn't cost taxpayers a dime," longtime bank investor Ben Mackovak, who runs Strategic Value Bank Partners, told me, because it would stop the deposit flight. But after meeting with lawmakers earlier this week, he concluded "there is no appetite to do anything with FDIC insurance until there is another bank failure.
we are now setting ourselves up for more banks to fail, which will worsen the outcome for the U.S. economy."A 2024 slowdown was already on the horizon,given ongoing regional lenders' turmoil and their sizeable participation in commercial construction lending ," wrote Baird analysts, who cut both names to "underperform." They note the architectural billings index has already been in the sub-50 contraction zone for five months, with "a perfect track record of predicting downturns" in spending--and this wasMeantime, just because the acute phase of deposit flight has ended, doesn't mean it won't resume again, more slowly, in the weeks and months to come.
The Fed is over-tightening in the face of a looming downturn, and Congress won't do anything until panic resumes and more banks go under. We've been at such junctures before, and they don't end well for the U.S. economy.
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