Bank Pandemonium: the Silicon Valley Bank Meltdown
You’ve no doubt heard about last week’s meltdown of Silicon Valley Bank which, despite not being a household name, is one of the largest banks in the country and serves a substantial number of business clients, particularly those connected to VC. The bank’s collapse is already yielding widespread repercussions across the economy, including fear of bank runs throughout the world. Many are now calling for a bank bailout (even if they don’t like to use that term anymore, that’s what it is), meaning taxpayers would end up covering the losses for bank leadership’s failures. Some have even floated the idea