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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If everything goes bust, there's nobody to collect the debts so everything goes back to 0. The debts would even be erased.
However, I think the time it'll take for this to happen will be long and painful so people who get in a mountain of debt will suffer much more.