In Washington, D.C., this week, there were more reassurances that America’s banking system is sound. When it comes to the financial system, it falls apart if people don’t have faith in it, experts said.
“It’s not about econometrics, or macro and micro economics. It’s about consumer psychology,” says Ian Lee of Carleton University.
There were hints of that this week with two runs on U.S. regional banks and investors rocked by concerns about the long-term viability of long-troubled Credit Suisse.
Anne Gaviola has more.
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