SPECIAL Market Update March 20, 2023Submitted by Corrigan Financial, Inc on March 23rd, 2023
Just last week, we had the second and third biggest bank failures in U.S. history – Silicon Valley Bank (SVB) and Signature Bank. Last night, we learned that UBS agreed to take over Credit Suisse … the first megamerger of systemically important banks since 2008. Coincidentally, fifteen years-ago to the month, the Federal Reserve rescued Bear Stearns. That was the first shoe to drop in what would eventually become the Great Recession of 2008/2009.