Steven Kelly on the Silicon Valley Bank Collapse and Its Implications for Financial Policy
Macro Musings with David Beckworth
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Is This a Systemic Event?
"This was a run on SVB's business model. That's why the runs that we saw were not on everybody with available for sales, securities losses," he says. "In a world where policymakers had infinite authority to fight crises, infinite discretion, it probably would have been optimal to let the fire burn a little bit longer."
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