Michael Burry Compares Current Banking Turmoil to Panic of 1907 — Highlights Markets Bottoming
Knickerbocker Trust Company was one of the largest trust companies in the U.S. Its failure in October 1907 triggered a financial panic and led to a loss of confidence in the entire banking system. Burry’s tweet came after several major banks in the U.S. failed, including Silicon Valley Bank and Signature Bank. The former was closed down by regulators last Friday and the latter by the New York State Department of Financial Services a couple of days later.
Well if JPMorgan could help avert a financial crisis in 1907, maybe they can help us get a grip on this weekend's Game of Thrones finale too.
the markets may have bottomed out
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1907 was also early stirrings of decolonialization. The flag of Indian independence flew for the first time at the Second International in Stuttgart that year.
Well, at least we know history repeats itself, thanks for the heads up Michael!
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