If you care about the mechanics of what happened with the banks and some of the implications of raising interest rates cause, it's worth a few reads.
TLDR interest rate hike caused bank asset to be in a position of unrealized losses, if forced to liquidate those assets to cover cash withdrawls, they lose money and risk insolvency.
The FED came up with BTFP program to allow them to collateralize assets for loans, instead of selling them at a loss.
2023 is not like 2009
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