The Troubles at S.V.B.

The easy money environment of the last few years has been blamed for difficulties at S.V.B. and its peers. Their failure is likely to bring stricter scrutiny to banking, meaning things are unlikely to be as easy in the period ahead. The remaining questions are, how many more are out there and will the tide go out far enough to expose them? When investors think things are flawless, optimism rides high and goodbyes can be hard to find.