Bank crisis survivors remember how fast the dominoes can fall

Bloomberg/Justin Lee, Kathering Greifend, Vildana Hajric and Isabelle Lee/3-20-2023

“Steve Chiavarone doesn’t want to scare anyone, but what he remembers most from the last banking crisis was how sure most people were that it wouldn’t happen.”

USAGOLD note: An inside look at what it is like to be on the front lines of the investment business during a financial storm…… Now, like then, the prevailing view is that the crisis will be contained. Some will see that attitude as an acute case of denial. We recall Queen Elizabeth’s query at the London School of Economics with respect to the 2008 financial crisis: “Why did nobody see it coming?…If these things were so large, how come everyone missed them?”