Yellen's Confidence in Financial Stability Shaken by Bank Panic and Unprotected Deposits.

Treasury Secretary Janet Yellen's 2017 statement that she did not "believe" another financial crisis like the 2008 crash would happen in our lifetime has resurfaced as a banking crisis looms in America and globally. Yellen had cited the changes in the financial system that made it safer for all parties involved, including the Fed's annual stress testing practices. However, the recent collapse of Silicon Valley Bank and the rush on the Fed by banks taking advantage of the emergency lending program have ignited the big, red, blinking crisis sign. Banks borrowed $11.9 billion from the new emergency backstop known as the Bank Term Funding Program, and $152.8 billion from the discount window, which is up from $4.58 billion the previous week and smashes the record of $111 billion hit during the 2008 financial crisis.