'We’ve got a huge systemic crisis.'
"We’ve got a huge systemic crisis," former comptroller of the currency Gene Ludwig tells Axios."We have to do something about deposit insurance. The notion that deposit insurance creates moral hazard is one of the biggest canards in the world."
"Some mid-size banks are in very tenuous situations," adds Klaros co-founder Michele Alt. "In recent weeks, depositors have moved an estimated $550 billion out of small banks and into big institutions and money market funds."The Dodd-Frank banking reforms of 2010 made it more difficult for regulators like the FDIC to unilaterally guarantee deposits in the way they did in 2008.a bank run nearly as fast or as dangerous as the one that hit Silicon Valley Bank.
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