It’s hard to fault anyone who saw news of Silicon Valley Bank’s failure in March and had flashbacks to the onset of the Great Recession.
It wasn’t hard to imagine the bank’s failures leading to troubles for hundreds if not thousands of businesses and their employees. Add in the failures of Signature Bank and First Republic, plus recent news that PacWest is considering a sale, many are worried about a contagion in the banking sector, which would have a devastating impact on the economy.
Nearly half of Americans say they are concerned about the safety of their money at banks or other financial institutions, according to a recent Gallup poll.
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