Not sure I’d call this the second largest in history. 9,000 banks failed in the 1930s leading into Great Depression. You read that right: nine thousand.
Discussion
I think 30 is just a first wave in a larger crisis that's about to spiral out of control. I reckon many banks would be operating in a similar fashion --- bought treasuries trusting FED projections while having ZERO reserves
Is this stat only in the US? That means there were more than 9,000 banking institutions in the US in 1930? That’s wild if that’s true but I find it hard to believe.
9,000 banks failed - $7 billion in depositors' assets.
Which would be about $125 billion today in adjusted dollars.