by Peter Schiff, Schiff Gold:

The demise of Silicon Valley Bank and Signature Bank was just the tip of the iceberg. As it turns out, hundreds of banks are at risk. This explains why the Federal Reserve and US Treasury rushed to provide what is effectively a bailout for the entire banking system.

In the first week, the Federal Reserve handed out more than $300 billion in loans through its newly created Bank Term Funding Program (BTFP).

According to a Washington Post report, banks would face unprecedented losses if they were forced to liquidate their bond portfolios as SVB did.