Bob Michele (JP Morgan's CIO) on Bloomberg this morning talking about the Fed's emergency BTFP interventions & the liquidity crisis in banks.
He also specifically mentioned Truist Bank 😬
Truist Bank has over $500 billion in assets & could be on the verge of failure along with Charles Schwab
(twitter.com)
💥 BANK COLLAPSE 💥
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Is that what happened in 2008? I honestly don't know.
Yeah, many people went homeless because the banks called on them to pay off the remainder of their loan immediately (and of course many couldn't).
Watch "The Big Short" whenever you get the chance.
Oh gosh, that's horrible. I did not know that. Alright, I will, thanks.