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Americans are pulling hundreds of billions of dollars out of banks at the fastest pace in nearly 39 years as many economic experts are beginning to predict a repeat of the 2008 “Great Recession.”
According to an analysis of the most recent data from the Federal Deposit Insurance Corporation (FDIC), “ depositors took a total of $472 billion out of their accounts in the first quarter of this year – shattering a 39 year record,” the Daily Hodl reported .
“The quarterly decline is the largest reduction reported in the QBP since data collection began in 1984. This was the fourth consecutive quarter that the industry reported lower levels of total deposits,” the FDIC report said.
According to the FDIC, the “primary driver” behind the withdrawal of deposits was the movement of uninsured deposits as individuals sought to safeguard funds exceeding the FDIC-insured limit of $250,000. Interestingly, during the same period, the […]
Excerpt Sourced From: redwave.press
