After the latest instability in the financial sector, headlined by the collapse of Silicon Valley Bank and Signature Bank as well as Credit Suisse’s forced sale to UBS, some investors were concerned that “contagion” could spread through the financial system like it did after the subprime mortgage crisis some 15 years ago. But now that the dust has settled, with regulators stepping in to backstop depositors and industry CEOs pointing the finger at a few black sheep lenders, most experts believe that banks’ recent issues were nothing like 2008, and the impact on the economy won’t be nearly as severe.
Now, billionaire investor Howard Marks is chiming in, too, arguing Monday that while comparisons to the Global Financial Crisis (GFC) have been common in recent weeks, they just don’t make sense.
