Amnesia over America’s banking crisis of 2023 may prove perilous
- It is not good for capitalism when bankers and others who knowingly take risks pay no price when such a risk materializes.
Almost a year after the mini banking crisis in the US, it is worth revisiting the episode. Was it just a tempest in a teacup? Was there really a systemic threat, or was it just a problem with a few banks? Should the interventions by the US Federal Reserve and Treasury worry or comfort us?