YMH No. 25 | A Complete List of Bank Failures 1934 to Now
More Bank Failures than You Can Shake a Stick AtThis week, we have been investigating U.S. bank failures. No need to worry. We are not suggesting that more banks will fail or anything like that. Rather, we wanted to understand more about banking. "Money is of interest to most people but why should banking be of interest to anyone who is not a banker? Both money and banking play crucial roles in promoting the production of goods and services, on which everyone’s standard of living depends, and they are crucial factors in the ability of the economy as a whole to maintain full employment of its people and resources. While money is not wealth —otherwise the government could make us all twice as rich by simply printing twice as much money—a well-designed and well-maintained monetary system facilitates the production and distribution of wealth," wrote Thomas Sowell in his book, Basic Economics. So we began our investigation, building a table of every U.S. bank failure from 1934 to now. To Sowell's point here are lessons to be learned from the banking system, including those banks that have failed. For example, what if insuring banks actually causes them to take on more risk? Sowell, himself, argued this. And was that not part of the problem with the recent Silicon Valley failure? Perhaps we speculate too much here, in this particular post, since our purpose was to offer up a list of U.S. bank failures from 1934 through June 2023. |
5 Money Saving Tips for Your Journey Out of DebtAmid an escalating tide of personal debt, the average American adult is now shouldering a staggering $58,604 in debt, according to recent studies. With an astounding 77 percent of U.S. households grappling with some form of debt, the issue has evolved from an individual plight into a ubiquitous financial struggle. The total consumer debt balance surged to a jaw-dropping $16.38 trillion in 2022, a significant rise from the previous year's total of $15.31 trillion. In the face of such daunting numbers, many find themselves overwhelmed, unsure of where to begin on their journey toward financial stability. Yet, amidst the seemingly endless cycle of debt, there exists a ray of hope. With a little work and the management of your personal finances, it's possible to regain control over debt and set the foundation for a stable, debt-free future.
Side Hustles & Extra IncomeWe've been fairly heavy with economics and debt in this issue, so we wanted to share some of our favorite articles around earning extra income, running a side hustle, or starting a business.
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