A banking crisis struck the United States in March 2023, when several large banks failed. Among the key causes were the real estate market meltdown and a large number of loan defaults. As a result, non-performing loans increased significantly, and many banks were unable to pay their financial responsibilities. Despite government efforts to pump capital into banks, some failed, sparking widespread fear among clients who lost savings and were unable to access their accounts. The crisis precipitated a recession and resulted in significant job losses throughout the US economy.
