Smaller American banks don’t have the ability to go “all out” like most Australian banks, hence why many of them fall apart, according to Sky News Business Editor Ross Greenwood.
“Well, what happens when the Silicon Valley Bank basically folds and there’s a run on that bank is that people look for other circumstances that are similar,” he told Sky News host Peta Credlin.
“That’s what they’ve done in the United States, there’s a reason some of the small banks and regional banks in America basically fell apart. “Just a small thing people might not know is people in the United States, as compared with Australia, there are 4,157 banks in America, many of them on very narrow state boundaries, so therefore, they don’t really have the ability to go all out like most of our banks do here in Australia.”
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