The 2023 Bank Collapses Are Only the Beginning

Job openings are down one and a half million in just three months, while layoffs soared to 1.8 million on the month. We can expect more bank collapses to go with the jobs collapses unless we get a deficit miracle out of the debt ceiling showdown. Even the bottom feeders are slinking off as Toronto Dominion, Canada's second biggest bank, scrapped plans to buy first horizon from Memphis.