Should I be worried about all the bank failures?

Post Reports

The Washington Post

Daily News, Politics, News

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🗓️ 20 March 2023

⏱️ 19 minutes

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Summary

Are we in the middle of a financial crisis? Today’s show breaks down the latest bank crises — from Credit Suisse to First Republic.

Another week, another banking calamity.

On Sunday, Swiss banking giant UBS came to the rescue of its rival, Credit Suisse. It was the first near-collapse of a European bank on the heels of three regional bank implosions in the United States.

Economics reporter Abha Bhattarai helps us decipher all the bank failures over the past couple of weeks. And as the Federal Reserve meets this week, Abha explains how its interest rate hikes have contributed to the instability of the financial sector.

Transcript

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0:00.0	Okay, so Abba, a question that's on my mind right now, are we in the middle of a financial
0:08.7	crisis?
0:09.7	I'm not sure if we're in the middle of one, but we certainly seem to be at the beginning
0:13.5	of one.
0:14.5	Abba botterized an economics correspondent for the post, and she's been reporting on the
0:22.0	fallout of three American bank crises.
0:25.6	SVB is now the biggest American bank to fail since the 2008 financial crisis.
0:31.6	Regulators today abruptly closed signature bank.
0:34.3	As comes, his first republic stock was dropping dramatically, and concern was growing about
0:39.6	another potential collapse.
0:42.2	But then, over the weekend, another bank was closed to collapsing.
0:46.8	And this time, it was in Switzerland.
0:49.0	Today, Swiss banking giant UBS agreed to an emergency rescue deal for rival Credit
0:54.5	Swiss.
0:55.5	The first few dominoes have definitely fallen.
0:58.1	We're waiting to see what's next.
0:59.9	The government has been very quick to swoop in with new regulatory measures, with new
1:04.2	emergency lending measures to stop this from getting worse, but there's still a lot of
1:08.4	fear out there that this is just the beginning, and we could start to see other banks go down
1:12.9	as well.
1:16.2	From the newsroom of the Washington Post, this is Post Reports.
1:20.4	It's Monday, March 20.
	...

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