The banking industry has been in the spotlight over the last few weeks following the fallout over the failure of the Silicon Valley Bank.
However, the stock market overall has not been impacted all that much according to local financial advisor Howie Pentony.
“You would think that the market has done poorly if you were just guessing, but the stock market has done just fine. It’s actually up a tad,” Pentony said. “Obviously the financial sector is down. Banks going under is never good news, but so far it has not hurt the market.”
Pentony also shares the sentiment of some of those who testified earlier this week in front of the Senate—these bank failures were a classic case of mismanagement.
“The bank problem in my opinion has been because there was no oversight. Nobody was watching these people. Everybody’s jumping on board now, but where were these people who are supposed to be watching the banks when they got in trouble?”
Pentony says that there should be no concerns for people who have their money in the bank at the moment.
