The banking system is facing a crisis and Fintwit is having a field day talking about it.
On Saturday, the billionaire entrepreneur and tech CEO Elon Musk commented on a tweet by Zero Hedge. The blog has shared a series of charts underlining the importance of small and medium banks, which have been most impacted by the recent banking crisis.
The charts show that small medium banks account for about
The tweet raised the possibility of another great depression if the Fed doesn't contain the regional bank collapse.
This is a serious risk, according to Musk. The CEO of Tesla TSLA offered a couple of solutions over the weekend after Y Combinator co-founder Paul Graham shared a Washington Post story about the terrifyingly fragile condition of several banks.
He suggested that the Federal Deposit Insurance CorporationFederal Deposit Insurance Corporation do unlimited coverage of deposits to prevent bank runs and that the Treasury stop issuing ridiculously high-yield bills that make parking money in low-interest savings accounts unviable.
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