The Biden administration’s scramble to prevent financial contagion from the crash of Silicon Valley Bank is both an attempt to shield a resilient but still-vulnerable economy and to prevent grave political fallout.
The Treasury Department and federal regulators insisted there was no systemic risk to the banking system as a whole that could cause a repeat of the cataclysmic 2008 meltdown as they raced against the opening of Asian markets with measures to head off a run on small or regional US banks.
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