US Banking system remains "sound and resilient"

A direct quote from the minutes of the March 2023 Federal Reserve Open Market Committee meeting is:

Participants agreed that the US banking system remained sound and resilient.

Does this give you a warm and fuzzy feeling? Is the above quote the new "inflation is transitory" meme? I humbly ask this esteemed group for its insightes.

Thank you in advance for the well thought-out, civilized and insightful discussion that I'm sure will ensue.

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MarineBob · 56-60, M

Banks used to invest in t bills and bonds now its crypto

masterofyou · 70-79, M

@MarineBob what is cripto backed on??? Nothing!!!!!!!

Roundandroundwego · 61-69

@MarineBob we built this city...
We built this city..
Okay no city, just enriches some dude.

whowasthatmaskedman · 70-79, M

@masterofyou Thats true. But pretty soon thats what the $US is going to be backed on too.😷

PicturesOfABetterTomorrow · 41-45, M

@MarineBob What exactly are you basing that on? Crypto exchanges are not banks... that is part of the problem.

whowasthatmaskedman · 70-79, M

@PicturesOfABetterTomorrow In the meantine, another San Francisco Bank is collapsing😷