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“Fear is the big problem now,” says former FDIC chair
Sheila Bair, a top banking regulator during the 2008 global financial crisis, said she hopes “people keep their head” after SVB’s collapse, adding that she believes that the problem facing the banking sector is more about fear than bank insolvency.
Appearing on CNN This Morning, Bair told anchor Poppy Harlow that it’s “not clear” if more banks will fail, but said that the Silicon Valley Bank was embroiled in an “unusual situation.”
“I do hope people keep their head,” Bair said. “I think most of these regional banks are just fine, but it concerns me that everybody is getting tagged with the same problems Silicon Valley Bank had and that was an unusual situation.”
“I do think fear is the problem now, not so much bank solvency trouble,” she added. “I don’t see any pervasive problems in our banking system,” she added.
Bair also reiterated that the Federal Reserve needs to halt its war on inflation.
“The Fed needs to hit pause and assess the full impact of its actions so far before raising short rates further,” Bair, the former chair of the Federal Deposit Insurance Corporation, previously told CNN.
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