She was never at risk of drowning. But it didn’t feel like that to her.
You may identify with her panic right now.
“It’s such a perfect analogy for how people can get really stressed in a situation that they’re just not comfortable in,” said Anthony Saglimbene, chief market strategist for Ameriprise Financial. “And I would say the last year in the market and certainly, what’s happened over the last week with some of the banks, it’s an uncomfortable situation.”
How the latest bank failures size up against the nation’s biggest banks
The Federal Reserve has been raising interest rates to beat back inflation. That, in turn, is making your credit card debt more expensive. But if the Fed doesn’t tame inflation, consumer goods and services will stay too expensive.
If you’re invested in the stock market, your retirement savings may have dwindled because of a host of economic and global issues, including a war in Ukraine.
And if that weren’t enough, the recent failures of California-based Silicon Valley Bank and New York-based Signature Bank have rattled the financial services industry. Then Credit Suisse disclosed “material weakness” in its financial reporting, causing its stock to tumble and creating more concern about the banking sector.
You might wonder if there is more to come, especially if you recall the chaos of the savings and loan crisis, the demise of Washington Mutual during