Last week I said the 2nd wave of the banking crisis is about to start, resulting in a 'credit crunch' similar to 2008, well, here we are, another bank has just collapsed!
PacWest Bancorp was purchased by Bank of California for rock bottom prices last week, as a collapse was imminent, it seems the FED is trying to encourage these small, regional banks, to become too big to fail.
This is resulting in bank CEO's tightening lending, which will lead to more bankruptcies, layoff, and a recession worse than 2008.
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