The Government's Response to the Silicon Valley Bank Crisis

Timothy Stanley: It wasn't even obvious whether this one was too big to fail. He says the government just kind of make up the rules as it goes along in a crisis like this. The FDIC can provide insurance for more than just $250,000 and then levy a tax on the rest of the banking system - that's how an exception is framed. This is not unknown in constitutional law, where you can have temporaryexceptional clauses such as those used by military dictatorships or states' new police powers.