Hundreds More Banks Risk Failing This Summer: Nothing Was Fixed Warns Top Economist
“At this point, we have a banking system that is sick. I mean, it’s just crippled,” says Peter St. Onge, a former MBA professor and Ph.D. economist. In an exclusive interview with Daniela Cambone, St. Onge delivers a stark warning about the fragility of the US banking system, revealing the alarming dependence on the Treasury and Federal Reserve for financial survival. Without their support, he asserts, “the entire US banking system for sure would be bankrupt.”
St. Onge also criticizes politicians for being woefully out of touch with the real issues facing ordinary Americans. “They don’t even appear to be paying attention to what the people want. They’re going after farmers for cow farts when the issue is that the median voter can’t afford to go to McDonald’s. I mean, they’re just almost comically out of touch,” he remarks. Watch the interview to learn more about his views.
📖 CHAPTERS:
00:00 Regional banks risk
4:44 Bailout
8:01 Assets in the banks
12:12 Jobs number
17:48 Reality for consumers
22:20 Crypto and Donald Trump
24:30 El Salvador
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