Beware the overdose.
This past week a major U.S. bank failed. Silicon Valley Bank, or SVB, was the nation’s 16th largest banking institution and catered primarily to Tech start-ups. They went bust by rolling the dice on a risky, short-sighted investment strategy, in this case, long-term bonds while interest rates were rising. The bet went south and it took about 48 hours before one of the planet’s largest banks was functionally bankrupt. There’s nothing unusual about this, and that’s the problem.
Don’t miss an issue of our Opinion newsletter! Get it delivered each Wednesday right into your inbox by adding your email below and hitting"subscribe."Capitalism going up, socialism going down. And government is usually all too eager to help. Deregulation of the banks is one of the rare bipartisan issues in Washington. After Wall St. did its best to initiate the end times in 2008, Congress managed to pass the Dodd-Frank act putting restrictions on the banks.
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