'Big Short' Steve Eisman says today's bank turmoil is nowhere close to a repeat of the 2008 financial crisis
The banking panic that has spawned headlines for the past few weeks is no return to the 2008 financial crisis, Steve Eisman toldRather, it's a problem confined to a handful of regional lenders of a similar type to Silicon Valley Bank, he added.
Portrayed in"The Big Short" for his global financial crisis predictions, the Neuberger Berman senior portfolio manager said the current turmoil is manageable, and does not pose a systemic risk. "Back then, you were dealing with the largest banks in the country and, had they failed, the economy would have crashed." he said."This is a situation that is really confined to a bunch of regional banks who have very concentrated deposit relationships that are mostly above the $250,000 limit, and they made some very bad bets."
He added:"Put this way — when JPMorgan goes down, Planet Earth burns. When First Republic, if it were to go down, it's a problem, but it's a handle-able problem." Asked why banks are now under renewed pressure despite tougher post-2008 regulations, Eisman pointed to the 2018 easing of someBut he also cited the 2017 resignation of top Federal Reserve regulation official
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