The dramatic meltdown of Silicon Valley Bank is proving one thing for sure – the biggest systemic risk to the United States lies not in its banking system but in its polarized politics.
So far, the Biden administration’s frantic effort to contain the California bank’s woes seems to have worked. There was no Monday morning run on the banks after the federal government agreed to guarantee deposits at SVB and another shuttered bank, although future failures can’t be ruled out.
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