I think he might be right. I don't have a nice tidy source for you, but the issue is that these banks only had to have fractional reserves, and their 'safe' investments in bonds got fucked because of the FED raising interest rates, and their 'risky' investments are in inflated real estate that's about to pop.

Which means the banks aren't solvent, and the only thing preventing a collapse is people ignoring the situation. Every bank that customers have withdrawn their money from en masse has fallen because they don't have the money to cover withdrawals.

It's scary.