Banks failing is pretty rare, not 30 times a year.
“Silicon Valley Bank is no more. It’s the first bank backed by the Federal Deposit Insurance Corp. to fail since 2020.”
https://www.marketplace.org/2023/03/10/how-silicon-valley-ba...
“Silicon Valley Bank is no more. It’s the first bank backed by the Federal Deposit Insurance Corp. to fail since 2020.”
https://www.marketplace.org/2023/03/10/how-silicon-valley-ba...
.. at some point, we're gonna have to step back and take a look at how we're doing business. Something about our whole way of organizing society is busted.
https://www.fdic.gov/bank/historical/bank/
Finance is inherently an opportunist, if not outright criminal, industry which explodes regularly causing huge economic and political damage.
The thing is failed banks don’t mean depositors lose all their money. The point of banking regulation is fail fast so banks are taken out when they still have 98% of their depositors money not 8%. People with under 250k are made whole and people above that have already been compensated for their risk by higher interest rates.
It doesn’t always work perfectly, but in many cases a failed bank just means people come in on Monday and there is a new sign on the building with little else changed.
And, of those 562, in how many of them did the depositors lose money?