'Big Short' investor Michael Burry predicted a cash crunch. A top JPMorgan banker says that painful problem is fueling a banking crisis

• Michael Burry's warning about mounting pressure on household budgets is looking prescient.
• JPMorgan banker Bob Michele said businesses and consumers are "burning cash in a big way."
• Americans are weathering a painful mix of historic inflation and much higher borrowing costs.

Michael Burry warned last year that US consumers would run short of money in the face of historic inflation and surging borrowing costs. That's exactly what's happening now, a top JPMorgan executive told Bloomberg on Wednesday.