Is this the first time since the 20's and 30's that banks are failing?

Nope. There was the savings and loan scandal in the 80s. Here is one account.

There were some Savings & Loans that failed in the 80s, but I think the government ended up bailing them out.

@marina that link is incredible- I do not remember anything about it and I was alive then- albeit not very mature.

“Some of the seized assets were a buffalo sperm bank, a racehorse with syphilis, and a kitty litter mine.” Sounds like a bad divorce settlement.

I would be afraid to ask how the racehorse got syphilis. I thought that was a human disease only.

@Marina I won’t go there either- nor would I want to delve into the particulars of a buffalo sperm bank or what the government ended up doing with any of the above.

Well you may remember this guy ?

Some what responsible for the collapse of Barings Bank (personal bank to HM The Queen) in 1995.

I’m watching Fox News right now. They were talking to a Professor at a University in NY who said that this very thing happened 6 times between the Civil War and WWII. The “thing” being related to banks lending to subprime buyers and then getting caught short when those people can’t pay.