Another issue is whether people are willing to take haircuts

Posted on: March 23, 2023 at 13:29:22 CT

if their banks fail. The US explicitly refused to rule out such a possibility when European banks were doing so to their customers in the aftermath of the crash that started in 2007 resulting in "The Great Recession".

Of course the US embarked upon the greatest money printing backed bailout in the history of the world to pull everyone's fat out of the fire:

https://www.youtube.com/watch?v=3dl1y-zBAFg

https://www.ksdk.com/article/life/vintage-ksdk/st-louis-barbers-union-raises-haircut-prices-1996/63-bf50492e-097b-4eac-98b9-cef2dd9cd7ac