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Americans needn’t worry about the safety of their money at the bank, financial and investment expert David Bahnsen says.
Three large American banks have collapsed since the beginning of the year, but “there’s almost nothing in common at all with these three banks closing, relative to all the 2008 closings,” says Bahnsen, founder and chief investment officer of the wealth management company The Bahnsen Group.
When banks fail, as they did in 2008, it’s usually because of “people not paying back something they owe,” Bahnsen says, adding that’s not the case with the recent bank failures.
Bahnsen, whose company manages more than $4 billion in client assets, says Silicon Valley Bank, Signature Bank, and First Republic Bank were “totally ill-prepared for the idea of interest rates flying higher, as they have.”
Bahnsen joins “The Daily Signal Podcast” to explain the effect the Federal Reserve’s interest-rate hikes have had on America’s banks and what it means for the financial health of the country.
Bahnsen also explains why he, as a JPMorgan Chase shareholder, has proposed a resolution calling on the bank to investigate whether it is discriminating against clients because of their religious or political views.
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