82 The US banking system is so fucked that the 13th largest bank is about to go under and nobody is surprised. First Republic Bank had $200B in deposits in the fall, now they are worthless. (media.kotakuinaction2.win) posted 1 year ago by BidenIsAGroomer 1 year ago by BidenIsAGroomer +82 / -0 35 comments download share 35 comments share download save hide report block hide replies
They normally COMPLETELY wipe out shareholders when they do something like this.
In Europe they also wiped out credit suisse’s AT1 bondholders.
But even with those losses the government/fed has to print a ton of money to keep these banks operating. Its like we learned nothing from 2008.
The government learned it worked.
The upper class were saved and the job market in Seattle plummeted. Then, when everyone who wasn't upper class complained, the politicians aimed them at stuff like Republicans, or small businesses.