Three Banks Have Now Collapsed. A Progressive Economist Explains Why.
There is a banking crisis underway and the problems are spreading, says Gerald Epstein.
Three banks in the U.S. (Silicon Valley Bank, Signature Bank and Silvergate) have collapsed since early March. The collapses of Silicon Valley Bank and Signature Bank are the two biggest bank failures since 2008. Silicon Valley Bank had deep ties to the high-tech industry while Signature Bank and Silvergate were some of the world’s biggest crypto-friendly banks. So, why are banks collapsing now?